Tradeweb
Markets has announced that its total trading volume for June 2024 reached $37.5
trillion, with average daily volume (ADV) climbing to $1.94 trillion, marking
a 40.9% increase year-over-year (YoY). In the monthly perspective, volumes
also recorded a modest increase of 2% from the level of $1.90 trillion.
Tradeweb Reports Monthly
and Yearly Jump in Trading Volumes
The
company’s second-quarter performance was equally impressive, with total trading
volume hitting $121.0 trillion and ADV reaching $1.92 trillion, up 48.3%
compared to the same period last year. Preliminary average variable fees per
million dollars of volume traded stood at $2.43.
“Tradeweb in Q2 reported double-digit,
YoY volume growth in rates, credit, money markets, and equities,” Tradeweb CEO Billy
Hult commented. “The second quarter of 2024 culminated with a strong June, led
by a 54% YoY increase in rates ADV and continued momentum in credit ADV – up
67% YoY.”
Today we reported June 2024 trading volume of $37.5tn and average daily volume of $1.94tn. Read more here: https://t.co/bEobiJCGWn pic.twitter.com/lwM8f0e851
— Tradeweb (@Tradeweb) July 8, 2024
He added
that the company set new records for quarterly ADV in several key areas,
including U.S. government bonds, fully electronic US high yield, and repo
trading. June’s performance was particularly noteworthy, with rates ADV surging
54% YoY and credit ADV jumping 67% YoY.
In the
rates segment, US government bond ADV rose 50.8% YoY to $210.7 billion, while
European government bond ADV increased 17.4% YoY to $50.5 billion. The
company’s mortgage ADV also saw significant growth, up 22.9% YoY to $208.9
billion.
Credit
trading volumes showed robust growth as well. Fully electronic US credit ADV
increased 41.4% YoY to $7.0 billion, while European credit ADV rose 24.2% YoY
to $2.5 billion. Tradeweb captured an 18.9% share of fully electronic U.S. high-grade TRACE and an 8.1% share of fully electronic U.S. high-yield TRACE.
The
company’s repo ADV grew 20.8% YoY to $599.2 billion, driven by increased client
activity on Tradeweb’s electronic repo trading platform. However, US ETF ADV
experienced a slight decline, down 11.1% YoY to $8.1 billion, while European
ETF ADV increased 18.1% YoY to $2.8 billion.
Tradeweb’s Updates
Tradeweb
Markets announced significant updates to its executive
team in late June. Amy Clack has been named the new Chief Administrative
Officer (CAO), set to begin her role in August 2024. Concurrently, Thomas
Pluta, the current President, is scheduled to step down later this year.
Clack
brings over 25 years of financial services experience, transitioning from
her previous position in Wells Fargo’s Corporate and Investment Banking
division. Her prior roles include serving as the Chief Operating Officer for
Investment Banking and Capital Markets at Credit Suisse.
Additionally,
Tradeweb has broadened its collaboration with
FTSE Russell now to incorporate U.S. Treasury closing prices into their partnership.
Tradeweb
Markets has also introduced a new functionality that integrates its repurchase
agreement (repo) and interest rate swaps (IRS) platforms. This integration
is aimed at improving the execution workflow for these instruments, promising
enhanced efficiency for institutional clients in navigating various financial
markets including rates, credit, equities, and money markets.
This article was written by Damian Chmiel at www.financemagnates.com.
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