Tradeweb Reports Record ADV of $1.57Tn for September 2023

Tradeweb Markets Inc. (Tradeweb), a leading, global operator of electronic marketplaces for rates, credit, equities, and money markets, revealed its total trading volume of $31.8 trillion for September 2023, dropping by 3.8% on a MoM basis (August 2023: $33.0 trillion) and rising by 26.5% on a YoY basis (September 2022: $25.1 trillion).

Average daily volume (ADV) for the month came in at $1.57 trillion, hitting a record high, an increase of 8.9% compared to $1.44 trillion in the prior month and an increase of 30.8% compared to $1.20 trillion in the same month of last year.

For the third quarter of 2023, total trading volume was $90.4 trillion and ADV was a record $1.42 trillion, an increase of 29.6% YoY, with preliminary average variable fees per million dollars of volume traded of $2.51.

Trading Overview for September 2023:

Rates

• U.S. government bond ADV was up 12.4% YoY to $145.3 billion. 

• European government bond ADV was up 1.9% YoY to $42.4 billion.

• Mortgage ADV was up 12.0% YoY to $181.6 billion.

• Swaps/swaptions ≥ 1-year ADV was up 30.0% YoY to $335.3 billion.

• Total rates derivatives ADV was up 45.3% YoY to $570.9 billion.

CREDIT

• Fully electronic U.S. credit ADV was up 14.3% YoY to $4.9 billion. Tradeweb's share of fully electronic U.S. High Grade and U.S. High Yield TRACE was 15.8%, and 7.7%, respectively.

• European credit ADV was up 22.6% YoY to $2.1 billion.

• Municipal bonds ADV was down 7.1% YoY to $357 million.

• Credit derivatives ADV was down 1.1% YoY to $36.6 billion.

EQUITIES

• U.S. ETF ADV was down 2.9% YoY to $7.4 billion.

• European ETF ADV was down 8.8% YoY to $2.2 billion.

MONEY MARKETS

• Repurchase agreement ADV was up 38.9% YoY to $529.6 billion.