Tradeweb Reports October Total Trading Volume of $19.4 Trillion

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 October of $19.4 trillion (tn). Average daily volume (ADV) for the month of October was $910.8 billion (bn), up 28.8 percent (%) year over year (YoY) and Tradeweb’s second-highest month ever.

Tradeweb CEO Lee Olesky commented on October trading volumes: “Tradeweb’s strategic focus on growing our credit trading platform continued to show stellar results in the U.S. and Europe, including both higher trading volumes and stronger adoption across a wide array of trading tools and protocols. Our solid performance also extended beyond credit, as U.S. Treasuries, European Govies and Mortgages benefitted from higher issuance and Repos saw a boost thanks to new dealers and participants trading on our platform.”

Tradeweb captured record TRACE share in U.S. High Grade of 19.2% (including 9.4% fully electronic) and record TRACE share in U.S. High Yield of 5.9% (including 3.6% fully electronic). Monthly ADV records were set in U.S. High Yield and Repurchase Agreements, as well as portfolio trading.

RATES

• U.S. government bond ADV was up 7.6% YoY to $83.9bn, and European government bond ADV was up 34.0% YoY to $27.3bn.
  • Trading activity in U.S Treasuries continued apace, with increased activity executed via firm streams by institutional and wholesale clients. Higher global government bond issuances, the U.S. election and rising volatility all contributed to robust secondary trading.
• Mortgage ADV was up 20.7% YoY to $215.0bn.
  • Low mortgage rates continued to support new home sales and refinancing activity continued to drive origination, furthering trends that began this past summer.
• Rates derivatives ADV was up 3.8% YoY to $208.4bn.
  • Macro uncertainty helped drive higher volumes. As the market shifted to alternative risk-free rates (RFRs) from Libor based rates, this drove a new record in trading of those swaps. In particular, we saw a noted rise in SOFR trading this month, with tenors out to 10 years.

CREDIT