Tradeweb’s Volume Rises 9% to $23.2trn in November

Tradeweb Markets, a NASDAQ-listed operator of electronic marketplaces for rates, credit, equities and money markets, generated a turnover of $23.2 trillion in November 2022. This represents a 9% gain from its $21.3 trillion turnover in October.

Additionally, the operator’s average daily volume (ADV) increased 7% to $1.13 trillion, which is an increase from $1.05 trillion in October but down 3.7% year-over-year (YoY).

Today we reported total November 2022 trading volume of $23.2tn and average daily volume of $1.13tn.

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— Tradeweb (@Tradeweb) December 5, 2022

Tradeweb’s performance in November reflects the undulating turnover volumes the operator has been recording since July. In July, the operator’s total trading volume declined -16% to $22 trillion, then it grew by 6% to $23.4 trillion in August and shot up by 7.3% to $25.1 trillion in September. However, in October, Tradeweb lost this two-month gain, relapsing to $21.3 trillion before returning a gain last month (November).

Market-by-Market Analysis

In the rates market, the ADV of trades in US government bonds rose by 7% from $128.1 billion in October to $137 billion last month. However, the daily average dropped by -5.2% YoY. In contrast, daily average trades in European government bonds dropped -9% MoM and -1% YoY to $34.3 billion.

In the credit market, the ADV of fully electronic US credit rose by 4.5% MoM and 16.6% YoY to $4.6 billion while the European credit ADV jumped 6% to $1.8 billion but dropped -3.6% YoY. On the other hand, credit derivatives in this market slumped -33% to $15.9 billion, which is down from $10.7 billion in the prior month. Regardless, on a year-over-year basis, the November credit derivatives daily average represents an 8.4% increase.

In the equities market, the daily average volume of US exchange-traded funds dropped -13% to $6.7 billion but climbed 21.3% YoY. In the same vein, the European ETF ADV shot up 10% MoM to $2.3 billion but declined -6.3% YoY.

In the money markets, the ADV of repurchase agreements increased by 6% MoM and 13.6% YoY to $395.6 billion, which is up from $373.3 billion in the prior month.

“[In November], we continued to help our clients navigate a complex macroeconomic backdrop, including evolving central bank policy, sustained elevated volatility, economic concerns and a strong U.S. dollar (USD),” Tradeweb noted in a press statement.