Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported total trading volume for the month of October 2024 of $54.7 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.35tn, an increase of 34.1 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of October was up 18.4% YoY.

In October 2024, Tradeweb records included:

• ADV in European government bonds

October 2024 Highlights

Rates

• U.S. government bond ADV was up 34.9% YoY to $220.8 billion (bn). European government bond ADV was up 26.3% YoY to $53.4bn.
  • U.S. government bond volumes were supported by record volume in our institutional business, as well as strong growth in wholesale and retail volumes. Growth was supported by increased adoption across a wide range of protocols, heightened activity across a diverse set of client types, and favorable market conditions. Strong European government bond market activity, as well as a growing client base, contributed to record European government bond volumes on the platform.

• Mortgage ADV was up 28.2% YoY to $248.6bn.

• • To-Be-Announced (TBA) volumes hit a new record, fueled by continued strong dollar-roll activity and increased macro-rate volatility. October also set a record for the number of specified pool lists executed on the platform, underscoring the growing adoption of our offering.

• Swaps/swaptions ≥ 1-year ADV was down 9.4% YoY to $416.6bn and total rates derivatives ADV was up 5.9% YoY to $793.2bn.

• • Swaps/swaptions ≥ 1-year activity was down due to a 40% YoY decline in compression activity, which carries a lower fee per million. Quarter-to-date compression activity as a percentage of swaps/swaptions is trending lower than 3Q24. Strong risk trading volume in swaps/swaptions was driven by volatile markets in the run up to the UK budget and the U.S. election. 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 32.7% YoY to $7.4bn and European credit ADV was up 17.6% YoY to $2.5bn.
  • U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 17.3% and 7.0% 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 Tradeweb’s Automated Intelligent Execution tool (AiEX) and Tradeweb AllTrade®.
• Municipal bonds ADV was down 16.7% YoY to $394 million (mm).

• • Municipal bonds ADV was down YoY given lower tax-loss harvesting compared to the prior year as well as subdued secondary volumes due to record new issuance in October.

• Credit derivatives ADV was up 13.0% YoY to $13.6bn.

• • 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 down 9.0% YoY to $6.5bn and European ETF ADV was up 10.8% YoY to $2.8bn.
  • European ETF volumes were higher as clients continued to embrace our automated request-for-quote (RFQ) trading tools. U.S. secondary market volumes were muted due to investor sentiment leading up to the U.S. election.

Money Markets   

• Repo ADV was up 28.7% YoY to $678.4bn.
  • A continued increase in client activity on Tradeweb’s repo trading platform drove elevated global repo activity. The combination of elevated funding rates, an unwind of the Fed’s balance sheet, and current rates market activity continued to shift more assets from the Fed’s reverse repo facility to money markets. Retail money markets activity remained strong, as investors adjusted to the potential for continued rates cuts.
• Other Money Markets ADV was up YoY to $294.6bn.
  • Other money markets volume growth was driven by the inclusion of ICD volumes in October 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