Tradeweb Sees YoY Growth in ADV Across Multiple Markets in March 2024

Tradeweb Markets Inc. (Tradeweb), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported total trading volume for the month of March 2024 of $36.2 trillion (tn). Average daily volume (ADV) for the month was $1.81tn, an increase of 19.9% year-over-year (YoY).

For the first quarter of 2024, total trading volume was $116.9tn and ADV was a record $1.90tn, an increase of 39.1% YoY, with preliminary average variable fees per million dollars of volume traded of $2.56.

Trading Overview for March 2024

Rates

• U.S. government bond ADV was up 27.2% YoY to $191.8 billion (bn).

• European government bond ADV was up 17.1% YoY to $49.7bn.

• Mortgage ADV was up 22.5% YoY to $203.9bn.

• Swaps/swaptions ≥ 1-year ADV was up 15.2% YoY to $409.0bn.

• Total rates derivatives ADV was up 10.8% YoY to $675.0bn.

Credit

• Fully electronic U.S. credit ADV was up 69.1% YoY to $7.5bn.

• European credit ADV was up 52.7% YoY to $2.8bn.

• Municipal bonds ADV was up 13.9% YoY to $325 million (mm).

• Credit derivatives ADV was down 10.0% YoY to $35.5bn.

Equities

• U.S. ETF ADV was up 23.4% YoY to $10.5bn.

• European ETF ADV was up 8.2% YoY to $3.0bn.

Money Markets

• Repurchase agreement ADV was up 29.0% YoY to $576.3bn.