Tradeweb Reports September 2023 Total Trading Volume of $31.8 Trillion and Record Average Daily Volume of $1.57 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 September 2023 of $31.8 trillion (tn). Average daily volume (ADV) for the month was a record $1.57tn, an increase of 30.8 percent (%) year-over-year (YoY). For the third quarter of 2023, total trading volume was $90.4tn and ADV was a record $1.42tn, an increase of 29.6% YoY, with preliminary average variable fees per million dollars of volume traded of $2.51.¹

In September 2023², Tradeweb records included:
• ADV in global repurchase agreements

For the third quarter of 2023, Tradeweb records included:
• Share of TRACE in fully electronic U.S. High Grade credit
• Share of TRACE in fully electronic U.S. High Yield credit
• ADV in fully electronic U.S. High Grade credit
• ADV in global repurchase agreements
• ADV in Chinese bonds
• ADV in swaps/swaptions ≥ 1-year

September 2023 Highlights

RATES

• U.S. government bond ADV was up 12.4% YoY to $145.3 billion (bn). European government bond ADV was up 1.9% YoY to $42.4bn.
  • U.S. government bond volumes were supported by growth across all client sectors. 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 up 12.0% YoY to $181.6bn.
  • Overall trading activity remained high, despite a backdrop of rising rates and broader market volatility. Client engagement in specified pool trading remained robust, continuing to drive strong YoY growth.
• Swaps/swaptions ≥ 1-year ADV was up 30.0% YoY to $335.3bn and total rates derivatives ADV was up 45.3% YoY to $570.9bn.
  • Higher volume in swaps/swaptions ≥ 1-year was driven in part by heightened interest rate volatility, particularly in shorter dated instruments, and a 44% YoY increase in compression activity. Shorter dated, lower duration instruments in swaps/swaptions ≥ 1-year have a lower fee per million. Robust volumes were driven by continued strong activity in global inflation swaps and the request-for-market (RFM) protocol as well as record activity in emerging markets swaps.

CREDIT