Bringing you live news and features since 2006 

Tradeweb reports November 2023 total trading volume of USD38.2trn and record Average Daily Volume of USD1.80trn

RELATED TOPICS​

Tradeweb Markets Inc, global operator of electronic marketplaces for rates, credit, equities and money markets, has reported total trading volume for November 2023 of USD38.2 trillion. Average daily volume (ADV) for the month was a record USD1.80 trillion, an increase of 59.2 per cent year-over-year (YoY).

In November 2023, Tradeweb records included:

ADV in U.S. government bonds

ADV in European government bonds

ADV in swaps/swaptions ≥ 1-year

ADV in fully electronic U.S. High Grade credit

ADV European credit

ADV in equity convertibles/swaps/options

ADV global repurchase agreements

November 2023 Highlights

 RATES   

   

US government bond ADV was up 19.5 per cent YoY to USD163.7 billion. European government bond ADV was up 30.5 per cent YoY to USD44.8bn.

Record US government bond volumes were supported by growth across all client sectors, increased adoption across a diverse set of trading protocols on the institutional platform and sustained rates market volatility. Higher interest rates continued to drive trading in the retail market. Record European government bond volumes were supported by sustained rates market volatility and strong volumes by hedge fund accounts.

Mortgage ADV was up 16.7 per cent YoY to USD188.3 billion.

Strong To-Be-Announced (TBA) volumes were driven by increased participation from hedge fund accounts as well as elevated roll activity. Specified pool activity increased >200 per cent YoY with an uptick in origination trading on the platform. 

Swaps/swaptions ≥ 1-year ADV was up 178.4 per cent YoY to USD580.8 billion and total rates derivatives ADV was up 132.6 per cent YoY to USD795.1 billion.

Record volume in swaps/swaptions ≥ 1-year was driven in part by increased client activity and a 242 per cent YoY increase in compression activity, which carries a lower fee per million.

Quarter-to-date compression activity is running higher than 3Q23. Robust volumes were also driven by strong activity in global inflation swaps, the request-for-market (RFM) protocol and emerging market swaps.

CREDIT   

   

Fully electronic U.S. credit ADV was up 32.0 per cent YoY to USD6.1 bilion and European credit ADV was up 29.7 per cent YoY to USD2.3 billion.

Strong US credit volumes, most notably record ADV in fully electronic US High Grade activity, reflected continued client adoption in Tradeweb protocols, including request-for-quote (RFQ), as well as record adoption in Tradeweb AllTrade and portfolio trading. Tradeweb’s share of fully electronic U.S. High Grade and U.S. High Yield TRACE was 16.7 per cent, and 7.0 per cent, respectively. Record European credit volumes were supported by strong activity in portfolio trading and Tradeweb Automated Intelligent Execution (AiEX).

·         Municipal bonds ADV was down 0.2 per cent YoY to USD475 million (mm).

While retail municipal bond activity remained somewhat muted against a broader backdrop of lower yields, a robust tax lost harvesting month by institutional asset managers kept flows in this part of the market significantly more positive.

Credit derivatives ADV was down 7.8 per cent YoY to USD9.8 billion. 

Tighter credit spreads led to lower overall swap execution facility (SEF) market activity.

EQUITIES   

   

US ETF ADV was up 4.5 per cent YoY to USD7.0 billion and European ETF ADV was up 10.0 per cent YoY to USD2.6 billion.

Institutional client engagement in US ETFs remained robust, with a 4.5 per cent increase in platform volumes YoY. European ETFs were up as broader market volumes remained relatively flat.

   MONEY MARKETS   

   

·         Repurchase agreement ADV was up 35.2 per cent YoY to USD534.7 billion.

Increased client adoption of Tradeweb’s electronic trading solutions drove record global repo activity, the firm writes. Current US market conditions shifted demand from the Federal Reserve’s reverse repo facility to money markets. Retail money markets activity continued to be strong as interest rates remained elevated.

Latest News

Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..

Related Articles

Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by