Tradeweb Reports February 2024 Total Trading Volume of $37.9 Trillion and Average Daily Volume of $1.87 Trillion - Seite 2

• Fully electronic U.S. credit ADV was up 49.9% YoY to $7.7bn and European credit ADV was up 4.7% YoY to $2.3bn.
  • Strong U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade. Tradeweb captured 17.5% share of fully electronic U.S. High Grade TRACE, and 6.6% share of fully electronic U.S. High Yield TRACE. Strong European credit volumes were supported by continued growth in client use of Tradeweb Automated Intelligent Execution (AiEX) and portfolio trading.

• Municipal bonds ADV was down 4.4% YoY to $322 million (mm).
  • Volumes slightly outperformed the broader market, which was down more than 5% YoY. Retail activity was more resilient than institutional flows, as Muni/U.S. Treasury ratios remained unattractive.

• Credit derivatives ADV was down 23.1% YoY to $8.1bn.
  • Tight credit spreads and low market volatility led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.

EQUITIES

• U.S. ETF ADV was up 20.6% YoY to $8.7bn and European ETF ADV was up 7.0% YoY to $3.0bn.
  • U.S. and European ETF growth was driven by continued institutional client adoption of ETF trading via Tradeweb’s electronic RFQ as well as an uptick in the use of our ETF portfolio trading functionality.

MONEY MARKETS

• Repurchase agreement ADV was up 33.8% YoY to $550.3bn.
  • Increased client engagement with Tradeweb’s electronic repo trading protocols drove record global repo activity. The combination of quantitative tightening, heightened collateral supply, and current rates market activity shifted more balances from the Federal Reserve’s reverse repo facility to money markets. Retail money markets activity was strong as interest rates remained elevated and market expectations for rate cuts moved further into 2024.

Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.