Tradeweb Reports January 2024 Total Trading Volume of $42.6 Trillion and Record Average Daily Volume of $2.00 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 the month of January 2024 of $42.6 trillion (tn)¹. Average daily volume (ADV) for the month was a record $2.00tn, an increase of 74.6 percent (%) year-over-year (YoY).

In January 2024, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in European government bonds
• ADV in swaps/swaptions ≥ 1-year
• ADV in fully electronic U.S. High Grade credit
• ADV in European credit
• ADV in global repurchase agreements

January 2024 Highlights

RATES

• U.S. government bond ADV was up 33.7% YoY to $182.1 billion (bn). European government bond ADV was up 18.5% YoY to $50.1bn.
  • U.S.government bond volumes were supported by growth across all client sectors, including record volume on the institutional platform, as well as increased adoption across a diverse set of trading protocols and sustained rates market volatility. Higher interest rates continued to drive trading in the retail market on the short-end of the curve. Strong European government bond volumes were driven by sustained rates market volatility and new issuances in the primary market as well as increased client activity.

• Mortgage ADV was up 23.9% YoY to $219.5bn.
  • To-Be-Announced (TBA) platform volumes were supported by elevated roll trading activity as well as strong participation from the hedge fund community. Specified pool trading volumes were up 94.5% YoY, driven by increased client adoption and origination executed on the platform.

• Swaps/swaptions ≥ 1-year ADV was up 207.2% YoY to $590.8bn and total rates derivatives ADV was up 194.2% YoY to $922.7bn.
  • Strong volume in swaps/swaptions ≥ 1-year was driven by ongoing institutional client activity in response to current global central bank policy decisions, as well as a 379% YoY increase in compression activity, which carries a lower fee per million. Quarter-to-date compression activity is running higher than 4Q23. Clients continued to utilize the request-for-market (RFM) protocol for larger risk transfers, while inflation and emerging markets swap growth remained strong.

CREDIT