Tradeweb Reports May Trading Volume of $25 Trillion

Fixed-Income ETFs Expand in Europe

Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported trading volume for May 2022. Total trading volume for May 2022 was $25.0 trillion (tn). Average daily volume (ADV) for the month was $1.19tn, an increase of 21.4 percent (%) year-over-year (YoY).

In May, Tradeweb set new ADV records in fully electronic U.S. High Grade credit, Repurchase Agreements and municipal bond trading.


  • U.S. government bond ADV was up 29.4% YoY to $136.0 billion (bn),[1] and European government bond ADV was up 16.4% YoY to $36.0bn.
    • Trading in U.S. government bonds was supported by strong client activity in institutional and wholesale markets; the continued momentum of session-based trading and streaming protocols; and the addition of the Nasdaq Fixed Income business. Global government bond trading remained strong amidst heightened rates market volatility as yields continued to rise across developed markets.
  • Mortgage ADV was down 19.4% YoY to $150.3bn.
    • Declining issuance and rising yields continued to weigh on overall market activity.
  • Swaps/swaptions ≥ 1-year ADV was up 42.3% YoY to $214.9bn, and total rates derivatives ADV was up 59.0% YoY to $377.3bn.
    • Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, increased engagement from international clients and strong trading activity in emerging markets swaps. Ongoing market focus on evolving central bank policy continued to buoy overall market activity.


  • Fully electronic U.S. Credit ADV was up 32.8% YoY to $4.1bn and European credit ADV was down 0.9% YoY (up 9.1% YoY in EUR terms) to $1.7bn.
    • U.S. and European credit volumes reflected continued client adoption across all Tradeweb protocols, including RFQ, Tradeweb AllTrade and portfolio trading. Record ADV in U.S. High Grade was buoyed by record RFQ trading. Reported European volumes were impacted by a strong U.S. dollar. In May, Tradeweb captured fully electronic share of U.S. High Grade and U.S. High Yield TRACE of 13.7% and 5.8%, respectively.
  • Credit derivatives ADV was up 99.4% YoY to $16.9bn.
    • Market-wide volatility continued to boost volumes overall.


  • U.S. ETF ADV was up 33.5% YoY to $7.6bn and European ETF ADV was up 20.6% YoY to $2.7bn.
    • Growth in global institutional client trading, up 55.0% YoY, was driven by record activity in the U.S. and further adoption of RFQ as market volatility remained elevated.

Money Markets

  • Repurchase Agreement ADV was up 13.8% YoY to $420.3bn.
    • Increased client adoption of Tradeweb’s electronic trading solutions drove record Global Repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility continued to weigh on the overall repo market. Retail money markets activity remained measured in the low interest rate environment, despite its recent pickup.

For the complete report go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.

Source: Tradeweb

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