Sign In  |  Register  |  About Los Altos  |  Contact Us

Los Altos, CA
September 01, 2020 1:26pm
7-Day Forecast | Traffic
  • Search Hotels in Los Altos

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Tradeweb Reports December 2022 Total Trading Volume of $21.2 Trillion and Average Daily Volume of $1.02 Trillion

December 2022 ADV up 11.6% YoY

Fourth Quarter 2022 ADV down 4.1% YoY

Full Year 2022 ADV up 9.9% YoY

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for December 2022 of $21.2 trillion (tn). Average daily volume (ADV) for the month was $1.02tn, an increase of 11.6 percent (%) year-over-year (YoY). For the fourth quarter of 2022, total trading volume was $65.8tn and ADV was $1.07tn, a decrease of 4.1% YoY, with preliminary average variable fees per million dollars of volume traded of $3.00.1

Billy Hult, Tradeweb CEO, said: “Despite a complex backdrop of inflation, rates volatility, geopolitical risk and a strong U.S. dollar, we saw an increase of nearly 10 percent in our average daily volumes year-over-year in 2022. While rates volumes reflected these headwinds in the early part of the fourth quarter, we finished the year with a strong December across our global platform. The growth we experienced was broad-based across our markets, and reflected stronger client engagement in an array of tools and protocols including portfolio trading, request-for-quote (RFQ) and request-for-market (RFM).”

Record Highlights (See table below for the full breakdown of volumes)

December 2022:

  • Record share of TRACE in fully electronic U.S. High Grade credit

Fourth quarter 2022:

  • Record ADV and record share of TRACE in fully electronic U.S. High Grade credit
  • Record ADV in U.S. credit Tradeweb AllTrade®
  • Record ADV in institutional and retail municipal bond trading
  • Record ADV in retail U.S. government bonds, U.S. credit and money markets
  • Record ADV in U.S. institutional ETFs
  • Record ADV in sessions-based trading across global cash bonds

Full year 2022:

  • Record ADV in global portfolio trading
  • Record ADV in U.S. credit Tradeweb AllTrade®
  • Record ADV in U.S. credit request-for-quote (RFQ)
  • Record ADV in emerging markets interest rate swaps
  • Record share of fully electronic U.S. High Grade and U.S. High Yield TRACE
  • Record ADV in global institutional ETFs

December 2022 Highlights

RATES

  • U.S. government bond ADV was up 0.3% YoY to $114.1 billion (bn). European government bond ADV was up 25.5% to $27.5bn.
    • Higher U.S. retail government bond activity was offset by declines in wholesale trading, as overall industry volumes declined. Higher interest rates continued to drive volumes in the retail market. Strong European government bond trading was driven by heightened rates market volatility.
  • Mortgage ADV was down 13.0% YoY to $130.6bn.
    • Historically high mortgage rates and inflation continued to weigh on issuance and trading activity in the sector.
  • Swaps/swaptions ≥ 1-year ADV was up 13.0% YoY to $186.8bn and total rates derivatives ADV was up 19.1% to $316.7bn.
    • Swaps/swaptions ≥ 1-year volumes were supported by strong activity in global inflation and emerging markets swaps, with robust client adoption of the request-for-market (RFM) protocol.

CREDIT

  • Fully electronic U.S. Credit ADV was up 29.7% YoY to $3.6bn and European credit ADV was up 17.7% to $1.3bn.
    • U.S. and European credit volumes reflected continued client adoption across Tradeweb protocols, including RFQ, Tradeweb AllTrade® and portfolio trading. Tradeweb captured a record 14.8% share of fully electronic U.S. High Grade TRACE, and 6.7% share of fully electronic U.S. High Yield TRACE.
  • Municipal bonds ADV was up 141.5% YoY to $437 million (mm).
    • Strong municipal volumes reflected robust institutional and retail client activity. Market volatility and elevated interest rates continued to boost volumes overall.
  • Credit derivatives ADV was down 6.7% YoY to $7.9bn.
    • Subdued credit market volatility weighed on volumes.

EQUITIES

  • U.S. ETF ADV was down 3.8% YoY to $7.6bn and European ETF ADV was down 6.6% to $2.4bn.
    • An increase of 25.3% YoY in global institutional client activity, driven by further adoption of Tradeweb’s RFQ protocol, was more than offset by lower activity in the wholesale market.

MONEY MARKETS

  • Repurchase Agreement ADV was up 20.7% YoY to $379.0bn.
    • Continued client adoption of Tradeweb’s electronic trading solutions drove Global Repo activity, despite significant volatility in money markets and sustained elevated usage of the Federal Reserve’s reverse repo facility. Retail money markets activity reflected our second-best month since November 2022 as interest rates remained elevated.

YoY Volume for December 2022, Q4 2022 and Full Year (FY) 2022

 

 

December 2022

Q4 2022

FY 2022

Asset

Class

Product

ADV

(USD mm)

YoY

ADV

(USD mm)

YoY

ADV

(USD mm)

YoY

Rates

Cash

276,621

-4.19%

318,193

-7.91%

342,748

-0.54%

U.S. Government Bonds

114,071

0.32%

126,182

-6.54%

132,808

10.28%

European Government Bonds

27,518

25.50%

33,305

7.44%

35,242

15.69%

Mortgages

130,567

-13.03%

153,847

-12.34%

169,715

-10.40%

Other Government Bonds

4,465

50.56%

4,859

21.88%

4,982

15.50%

Derivatives

316,729

19.09%

311,015

-18.90%

341,949

16.52%

Swaps/Swaptions ≥ 1Y

186,804

12.96%

201,759

0.63%

209,048

18.98%

Swaps/Swaptions < 1Y

128,342

28.51%

107,597

-40.93%

131,173

12.18%

Futures

1,584

121.21%

1,659

91.27%

1,728

107.54%

Total

 

593,350

6.97%

629,208

-13.69%

684,696

7.30%

Credit

Cash

8,179

23.79%

10,120

14.50%

10,094

8.75%

U.S. High Grade - Fully Electronic

3,091

39.61%

3,633

28.24%

3,316

18.93%

U.S. High Grade - Electronically Processed

2,113

40.33%

2,595

28.66%

2,639

21.04%

U.S. High Yield - Fully Electronic

471

-11.38%

582

-12.40%

616

15.36%

U.S. High Yield - Electronically Processed

188

-13.96%

288

-8.14%

351

5.58%

European Credit

1,297

17.66%

1,591

-0.38%

1,710

-5.90%

Municipal Bonds

437

141.49%

458

149.86%

364

93.08%

Chinese Bonds

521

-34.56%

863

-24.35%

990

-25.61%

Other Credit Bonds

61

4.88%

111

21.87%

109

-1.81%

Derivatives

7,915

-6.67%

11,443

15.75%

17,618

44.04%

Swaps

7,915

-6.67%

11,443

15.75%

17,618

44.04%

Total

 

16,094

6.67%

21,563

15.16%

27,711

28.82%

Equities

Cash

10,011

-4.48%

9,595

11.85%

10,266

23.06%

U.S. ETFs

7,569

-3.77%

7,314

19.21%

7,456

27.03%

Europe ETFs

2,442

-6.61%

2,281

-6.63%

2,809

13.64%

Derivatives

7,658

-9.30%

7,637

3.11%

7,520

2.43%

Convertibles/Swaps/Options

4,161

36.20%

4,377

26.68%

3,858

10.81%

Futures

3,497

-35.10%

3,260

-17.50%

3,662

-5.12%

Total

 

17,668

-6.63%

17,233

7.80%

17,785

13.41%

Money Markets

Cash

395,123

20.76%

400,884

14.28%

399,203

13.19%

Repurchase Agreements (Repo)

379,028

20.72%

383,070

13.73%

381,049

12.49%

Other Money Markets

16,095

21.74%

17,813

27.39%

18,154

30.25%

Total

 

395,123

20.76%

400,884

14.28%

399,203

13.19%

 

 

 

 

 

 

 

 

 

 

ADV

(USD mm)

YoY

ADV

(USD mm)

YoY

ADV

(USD mm)

YoY

 

Total

1,022,235

11.61%

1,068,888

-4.10%

1,129,396

9.87%

*Bolded numbers indicate a record for the Tradeweb platform

Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1.0 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.

Market and Industry Data

This press release and the complete report include estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

1 See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of average variable fees per million dollars of volume traded for each underlying asset class.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 LosAltos.com & California Media Partners, LLC. All rights reserved.