Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported record total trading volume for the month of September 2024 of $56.1 trillion (tn)[1]. Average daily volume (ADV) for the month was a record $2.63tn, an increase of 68.3 percent (%) year-over-year (YoY).[2] For the third quarter of 2024, total trading volume was a record $147.5tn and ADV was a record $2.21tn, an increase of 55.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.29.[3] Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of September was up 50.3% YoY and total ADV for the third quarter of 2024 was up 42.7% YoY.

Tradeweb CEO Billy Hult said: “Looking at trading volume for the third quarter of 2024, this was our best quarter ever with record volumes in multiple asset classes. Average daily volume for the quarter climbed more than 55% YoY to a record $2.21tn (September ADV was up more than 68% YoY to a record $2.63tn), reflecting strong organic growth and solid contributions from our acquisitions of Yieldbroker, r8fin, and ICD. As the leading electronic trading marketplace for U.S. Treasuries and a global leader in swaps, we remained focused on growing market share while also benefiting from rates market volatility around central bank moves. Momentum in credit volumes also remained strong, with record ADV for the quarter in fully electronic U.S. high yield credit and record ADV for September in fully electronic U.S. high grade credit. The third quarter for Tradeweb culminated with broadly strong volumes in September reflecting continued momentum across asset classes.”

In September 2024, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in fully electronic U.S. high grade credit
• ADV in credit derivatives
• ADV in global repurchase agreements

For the third quarter of 2024, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in fully electronic U.S. high yield credit
• ADV in credit derivatives
• ADV in global repurchase agreements

September 2024 Highlights

rates

• U.S. government bond ADV was up 59.8% YoY to $232.2 billion (bn). European government bond ADV was up 16.7% YoY to $49.5bn.
  • Record U.S. government bond volumes were supported by record ADV in our institutional business, as well as strong growth in wholesale and retail volumes. Increased adoption across a wide range of protocols and favorable market conditions contributed to the increase in volume. The addition of r8fin continues to contribute positively to wholesale volumes. European government bonds reported strong double-digit volume growth, largely driven by a 30% YoY increase in UK Gilts activity. We continued to see an increased number of clients utilizing a variety of trading protocols on the platform.

• Mortgage ADV was up 32.3% YoY to $240.2bn.

• • Strong activity was driven by heightened volatility surrounding a pivotal September Fed meeting. Specified pool volumes reached a new record, surpassing the previous peak in August, driven by robust trading activity.

• Swaps/swaptions ≥ 1-year ADV was up 73.1% YoY to $576.3bn and total rates derivatives ADV was up 79.1% YoY to $1.02tn.

• • Strong volume in swaps/swaptions was driven by strong client demand around the September Fed meeting. Market volatility and hedging needs continued to be a focus across the overall market. Compression activity, which carries a lower fee per million, increased 95% YoY. 3Q24 compression activity as a percentage of swaps/swaptions was lower than 2Q24. Clients continued to utilize the request-for-market (RFM) protocol for risk transfers. Emerging markets swaps growth remained strong.

credit

• Fully electronic U.S. credit ADV was up 77.0% YoY to $8.6bn and European credit ADV was up 27.9% YoY to $2.7bn.
  • U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 18.1% and 7.4% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. European credit volumes were driven by record volumes in European portfolio trading and increased adoption of RFQ YoY.
• Municipal bonds ADV increased by 7.7% YoY to $385 million (mm).
  • Volume growth outpaced the broader market, which was flat YoY, led by strong retail activity which increased 10.4% YoY.
• Credit derivatives ADV was up 49.9% YoY to $54.9bn.
  • Increased hedge fund and systematic account activity, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.

equities

• U.S. ETF ADV was up 2.7% YoY to $7.6bn and European ETF ADV was up 39.8% YoY to $3.1bn.

• • U.S. institutional ETF volumes were up 25.3% YoY and European institutional ETF volumes were up 40.2% YoY, driven by a wide range of clients using an expanded set of trading functionalities across both platforms.

money markets

• Repo ADV was up 28.6% YoY to $681.0bn.
  • A continued increase in client activity on Tradeweb’s repo trading platform drove record global repo activity, led by record U.S. repo activity and growth in EMEA repo activity. The combination of quantitative tightening, increased collateral supply, and current rates market activity shifted more assets from the Fed’s reverse repo facility to money markets. Retail money markets activity remained strong as the Fed cut rates in September.
• Other Money Markets ADV was up YoY to $302.5bn.
  • Other money markets volume growth was driven by the inclusion of ICD volumes in September 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.

Source: Tradeweb