Tradeweb Markets Inc. (NASDAQ: TW) began Friday sharply in the green. The company, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported record total trading volume for the month of September 2024 of $56.1 trillion (tn).
Average daily volume (ADV) for the month was a record $2.63tn, an increase of 68.3 percent (%) year-over-year (YoY). For the third quarter of 2024, total trading volume was a record $147.5tn and ADV was a record $2.21tn, an increase of 55.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.29.3 Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of September was up 50.3% YoY and total ADV for the third quarter of 2024 was up 42.7% YoY.
Tradeweb CEO Billy Hult said: “Looking at trading volume for the third quarter of 2024, this was our best quarter ever with record volumes in multiple asset classes. Average daily volume for the quarter climbed more than 55% YoY to a record $2.21tn (September ADV was up more than 68% YoY to a record $2.63tn), reflecting strong organic growth and solid contributions from our acquisitions of Yieldbroker, r8fin, and ICD.
As the leading electronic trading marketplace for U.S. Treasuries and a global leader in swaps, we remained focused on growing market share while also benefiting from rates market volatility around central bank moves.
“Momentum in credit volumes also remained strong, with record ADV for the quarter in fully electronic U.S. high yield credit and record ADV for September in fully electronic U.S. high grade credit. The third quarter for Tradeweb culminated with broadly strong volumes in September reflecting continued momentum across asset classes.”
TW shares hiked $5.08, or 4%, to $130.74.