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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tradeweb Markets Inc | NASDAQ:TW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.85 | 0.79% | 107.94 | 95.65 | 120.00 | 108.29 | 106.5372 | 106.99 | 662,898 | 01:00:00 |
Month of December 2023 ADV up 43.3% YoY
Fourth Quarter 2023 ADV up 56.9% YoY
Full Year 2023 ADV up 27.6% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of December 2023 of $28.9 trillion (tn). Average daily volume (ADV) for the month was $1.46tn, an increase of 43.3 percent (%) year-over-year (YoY). For the fourth quarter of 2023, total trading volume was $104.4tn and ADV was $1.68tn, an increase of 56.9% YoY, with preliminary average variable fees per million dollars of volume traded of $2.54.1
Billy Hult, Tradeweb CEO, said: “Historic interest rate moves, geopolitical uncertainty and ongoing market volatility helped drive a 2023 resurgence in fixed income. Despite a challenging start to the year, we reported a 27.6% YoY increase in average daily volume for the full year and broke numerous volume records across rates, credit, equities and money markets. The fourth quarter was particularly strong in rates, and in December we reported a record 18.2% share of fully electronic U.S. High Grade TRACE for the month.”
Record Highlights (See table below for the full breakdown of volumes)
The month of December 2023 Tradeweb records included:
Fourth quarter 2023 Tradeweb records included:
Full year 2023 Tradeweb records included:
The month of December 2023 Highlights
RATES
CREDIT
EQUITIES
MONEY MARKETS
YoY Volume for the Month of December 2023, Q4 2023 and Full Year (FY) 2023
December 2023
Q4 2023
FY 2023
Asset Class
Product
ADV (USD mm)
YoY
ADV (USD mm)
YoY
ADV (USD mm)
YoY
Rates
Cash
375,734
35.83%
397,987
25.08%
366,586
6.95%
U.S. Government Bonds
159,512
39.84%
162,335
28.65%
145,996
9.93%
European Government Bonds
33,447
21.55%
40,491
21.58%
40,250
14.21%
Mortgages
175,080
34.09%
185,883
20.82%
173,449
2.20%
Other Government Bonds
7,694
72.31%
9,278
90.92%
6,892
38.32%
Derivatives
513,233
62.04%
689,759
121.78%
529,757
54.92%
Swaps/Swaptions ≥ 1Y
336,467
80.12%
462,960
129.46%
336,928
61.17%
Swaps/Swaptions < 1Y
173,761
35.39%
223,305
107.54%
190,628
45.33%
Futures
3,004
89.72%
3,494
110.94%
2,201
27.41%
Total
888,967
49.82%
1,087,746
72.88%
896,343
30.91%
Credit
Cash
12,500
52.84%
14,292
41.22%
12,376
22.61%
U.S. High Grade - Fully Electronic
5,059
63.51%
5,133
41.26%
4,362
31.55%
U.S. High Grade - Electronically Processed
2,236
5.82%
2,500
-3.67%
2,666
1.03%
U.S. High Yield - Fully Electronic
514
9.45%
642
10.48%
623
1.08%
U.S. High Yield - Electronically Processed
231
22.98%
300
4.42%
302
-13.89%
European Credit
1,637
26.17%
2,044
28.48%
1,979
15.73%
Municipal Bonds
414
-5.26%
455
-0.84%
352
-3.18%
Chinese Bonds
2,189
320.08%
2,984
245.75%
1,944
96.41%
Other Credit Bonds
220
274.22%
234
111.49%
148
36.19%
Derivatives
7,524
-4.94%
9,864
-13.80%
14,030
-20.36%
Swaps
7,524
-4.94%
9,864
-13.80%
14,030
-20.36%
Total
20,024
24.42%
24,155
12.02%
26,407
-4.71%
Equities
Cash
14,071
40.55%
11,054
15.20%
10,233
-0.32%
U.S. ETFs
10,918
44.25%
8,308
13.58%
7,731
3.68%
Europe ETFs
3,153
29.09%
2,746
20.38%
2,502
-10.94%
Derivatives
16,805
119.46%
12,481
63.43%
10,110
34.45%
Convertibles/Swaps/Options
10,853
160.86%
8,503
94.28%
6,799
76.24%
Futures
5,951
70.21%
3,979
22.03%
3,310
-9.61%
Total
30,875
74.75%
23,535
36.57%
20,343
14.38%
Money Markets
Cash
524,836
32.83%
541,403
35.05%
497,546
24.63%
Repurchase Agreements (Repo)
508,734
34.22%
524,267
36.86%
480,384
26.07%
Other Money Markets
16,102
0.05%
17,136
-3.81%
17,163
-5.46%
Total
524,836
32.83%
541,403
35.05%
497,546
24.63%
ADV (USD mm)
YoY
ADV (USD mm)
YoY
ADV (USD mm)
YoY
Total
1,464,703
43.28%
1,676,839
56.9%
1,440,639
27.56%
*Bolded numbers indicate a record for the Tradeweb platform
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.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1.4 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.
Basis of Presentation
All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars based on the monthly average foreign exchange rate for the prior month. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release.
Market and Industry Data
This press release and the complete report include estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
1 See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of average variable fees per million dollars of volume traded for each underlying asset class.
2 Based on data from MSRB
View source version on businesswire.com: https://www.businesswire.com/news/home/20240104878412/en/
Media contact: Daniel Noonan, Tradeweb +1 646 767 4677 Daniel.Noonan@Tradeweb.com
Investor contacts: Ashley Serrao, Tradeweb +1 646 430 6027 Ashley.Serrao@Tradeweb.com
Sameer Murukutla, Tradeweb +1 646 767 4864 Sameer.Murukutla@Tradeweb.com
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