Tradeweb Reports June 2023 Total Trading Volume of $29.3 Trillion and Average Daily Volume of $1.38 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 June 2023 of $29.3 trillion (tn). Average daily volume (ADV) for the month was $1.38tn, an increase of 10.8 percent (%) year-over-year (YoY). For the second quarter of 2023, total trading volume was $81.0tn and ADV was $1.30tn, an increase of 10.2% YoY, with preliminary average variable fees per million dollars of volume traded of $2.60.¹

In June 2023, Tradeweb records included:

• Share of TRACE in fully electronic U.S. High Grade credit
• ADV in global repurchase agreements

For the second quarter of 2023, Tradeweb records included:

• Share of TRACE in fully electronic U.S. High Grade credit
• ADV in global repurchase agreements
• ADV in equity convertibles/swaps/options

June 2023 Highlights

RATES

• U.S. government bond ADV was up 12.6% YoY to $139.7 billion (bn). European government bond ADV was up 16.7% YoY to $43.0bn.
  • Growth in retail and institutional U.S. government bond volumes was strong. Higher interest rates continued to drive trading in the retail market. U.S. and European government bond volumes were supported by sustained rates market volatility.
• Mortgage ADV was down 2.7% YoY to $169.9bn.
  • While market uncertainty and volatility weighed on overall activity, institutional specified pool trading had its second highest volume month ever due to growing client engagement.
• Swaps/swaptions ≥ 1-year ADV was up 11.7% YoY to $280.4bn and total rates derivatives ADV was up 10.9% YoY to $462.4bn.
  • Higher volume in swaps/swaptions ≥ 1-year was driven in part by heightened interest rate volatility, particularly in shorter dated instruments, and a 30% YoY increase in compression activity. Shorter dated, lower duration instruments in swaps/swaptions ≥ 1-year have a lower fee per million. Strong volumes were driven by record activity in emerging markets swaps and global inflation swaps as well as record client activity in the request-for-market (RFM) protocol.

CREDIT