Tradeweb Sees Records of $1.51tn in ADV for March 2023

Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported total trading volume for March 2023 of $34.7 trillion (tn). Average daily volume (ADV) for the month was a record $1.51tn, an increase of 23.0% year-over-year (YoY). 

For the first quarter of 2023, total trading volume was $85.3tn and ADV was a record $1.36tn, an increase of 16.2% YoY, with preliminary average variable fees per million dollars of volume traded of $2.71.

March 2023 Highlights

Rates

• U.S. government bond ADV was up 1.5% YoY to $150.9 billion (bn). European government bond ADV was up 11.8% to $42.4bn.

• Mortgage ADV was down 10.6% YoY to $166.2bn.

• Swaps/swaptions ≥ 1-year ADV was up 42.2% YoY to $355.0bn and total rates derivatives ADV was up 51.7% to $609.1bn.

Credit

• Fully electronic U.S. credit ADV was up 18.2% YoY to $4.4bn and European credit ADV was down 14.9% to $1.8bn.

• Municipal bonds ADV was up 6.3% YoY to $285 million (mm).

• Credit derivatives ADV was up 11.9% YoY to $39.4bn. 

Equities

• U.S. ETF ADV was up 2.6% YoY to $8.5bn and European ETF ADV was down 25.8% to $2.8bn.

Money Markets

• Repurchase agreement ADV was up 23.0% YoY to $444.5bn.