Global electronic marketplace operator Tradeweb saw its total trading volume for the month of June hit $29.3 trillion, while its average daily volume (ADV) for the month was $1.38 trillion, an increase of 10.8% year-over-year (YoY).
For Q2 2023 total trading volume was $81 trillion and ADV was $1.3 trillion, an increase of 10.2% YoY.
ADV for US government bonds was up 12.6% YoY to $139.7 billion while European government bond ADV was up 16.7% YoY to $43 billion.
The firm reported strong growth in retail and institutional US government bond volumes with higher interest rates continuing to drive trading in the retail market.
Additionally, US and European government bond volumes were supported by sustained rates market volatility.
While market uncertainty and volatility weighed on overall activity, institutional specified pool trading had its second highest volume month ever due to growing client engagement.
Municipal bonds ADV was down 18.0% YoY to $314 million. While institutional and retail client activity remained healthy, Tradeweb municipal volumes reflected a broader decline in municipal market volumes given relative yield dynamics and limited new issuance.
Credit derivatives ADV was down 53.5% YoY to $7.7bn with a significant tightening of credit spreads leading to a steep decline in overall broader swap execution facility (SEF) market activity.
©Markets Media Europe 2023
