Tradeweb Reports March 2024 Total Trading Volume of $36.2 Trillion and Average Daily Volume of $1.81 Trillion - Seite 2

• Fully electronic U.S. credit ADV was up 69.1% YoY to $7.5bn and European credit ADV was up 52.7% YoY to $2.8bn.
  • 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 18% share of fully electronic U.S. High Grade TRACE, and 6.3% share of fully electronic U.S. High Yield TRACE. Record European credit volumes were supported by continued growth in client use of Tradeweb Automated Intelligent Execution (AiEX) and portfolio trading.
• Municipal bonds ADV was up 13.9% YoY to $325 million (mm).
  • Volumes outpaced the broader market, which was down more than 5%³ YoY. Both retail and institutional activity were healthy amid increased issuance and improved fund flows.
• Credit derivatives ADV was down 10.0% YoY to $35.5bn.
  • 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 23.4% YoY to $10.5bn and European ETF ADV was up 8.2% YoY to $3.0bn.
  • U.S. and European institutional ETF volumes continued to grow as more clients embraced Tradeweb’s electronic RFQ protocol. U.S. wholesale ETF volumes also continued to move higher as the customer base expanded.

MONEY MARKETS

• Repurchase agreement ADV was up 29.0% YoY to $576.3bn.
  • 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.

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.