Tradeweb Reports Record March Trading Volume

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported a record average daily volume (ADV) of $1.0 trillion (trn) in aggregate for the month of March 2020, an increase of 41.5 percent (%) year over year (YoY). For the first quarter of 2020, Tradeweb reported record ADV of $897.8 billion (bn), up 39.0 % YoY, and preliminary average variable fees per million dollars of volume traded of $2.65.

Lee Olesky, Tradeweb CEO, said: “It is especially critical during times of uncertainty that markets operate reliably and efficiently. We remain focused on the safety of our people and ensuring that Tradeweb clients trade with confidence wherever they are in the world. In March we saw clients adapt to market volatility and remote working by adjusting how they traded — taking advantage of our multi-asset class and multi-protocol electronic offerings to find the best approach. More than 18,000 institutional and dealer users worldwide relied on our platform over the month, which is about the same as six months ago when the environment was very different.”

Activity on Tradeweb trading platforms included exceptionally high volumes across asset classes in March, and a new record for daily volume was set on March 3, with more than $1.5trn traded.

RATES

• U.S. government bond ADV was up 14.7% YoY to $96.4bn, and European government bond ADV was up 27.3% YoY to $31.6bn, a new record.
  • Customers navigated the material fluctuations in government bid-ask spreads using a range of protocols including list trading, axes and streams to efficiently access liquidity across trade sizes. Wholesale session trading was more muted during periods of extreme price volatility and began to see more uptake as conditions started to stabilize during the last week of the month.
• Mortgage ADV was up 20.0% YoY to $215.1bn.
  • Volume was driven by a very active TBA market. In addition, electronic specified pool trading for Agency MBS proved increasingly necessary for dispersed traders.
• Rates derivatives ADV was up 70.5% YoY to $319.2bn, another record.
  • Clients used both outright trading and compression to move significant risk on the platform and we saw record activity in Multi-Asset Packages.

CREDIT