Tradeweb Results Presentation Deck
Asset
Class
Rates
Total
Credit
Quarterly Volumes
Total
Equities
Total
Money
Markets
Total
Product
Cash
Derivatives
Cash
Cash
U.S. Government Bonds¹
European Government Bonds
Mortgages
Other Goverment Bonds
Cash
Swaps/Swaptions> 1Y
Swaps/Swaptions 1Y
Derivatives
Total
Futures
U.S. High Grade - Fully Electronic
U.S. High Grade - Electronically Processed
U.S. High Yield-Fully Electronic
U.S. High Yield - Electronically Processed
European Credit
Municipal Bonds
Chinese Bonds
Other Credit Bonds
Swaps
Derivatives
U.S. ETFS
European ETFs
Convertibles/Swaps/Options
Futures
Repurchase Agreements (Repo)
Other Money Markets
Q2 2022
ADV (USD mm)
341,351
131,936
35,429
168,603
5,384
367,604
221,191
145,004
1,410
708,956
10,173
3,256
2,652
653
353
1,741
394
1,001
123
16,477
16,477
26,650
9,945
7,201
2,743
6,761
3,273
3,488
16,706
424,016
405,685
18,332
424,016
ADV (USD mm)
1,176,328
PRODUCT CATEGORIES INCLUDE
U.S. Government Bonds: U.S. Treasury bills, notes and bonds, and Treasury Inflation-protected Securities.
Mortgages: To-be-announced mortgage-backed securities, specified pools, collateralized mortgage obligations,
commercial mortgage-backed securities, other mortgage derivatives and other asset-backed securities.
Other vemment Bonds: Japanese, Canadian, Australian and New Zealand government bonds, covered bonds
(including Pfandbriefe), other government-guaranteed securities, supranational, sub-sovereign and agency
bonds/debentures.
Rates Futures: Govemment bond futures leg of exchange for physicals (EFPs).
U.S. High Grade and High Yield: All TRACE-reported corporates, excluding convertibles
(see page 27 for segmentation methodology).
Chinese Bonds: Chinese Interbank Bond Market (CIBM) instruments-government and corporate - transacted via
Bond Connect Company Limited (BCCL).
19 2022 Tradeweb Markets LLC. All rights reserved.
Volume (USD mm)
21,125,468
8,180,022
2,161,176
10,453,372
330,898
22,616,945
13,602,492
8,927,045
87,408
43,742,413
624,892
201,877
164,397
40,488
21,910
106,178
24,444
58.041
7,556
1,013,032
1,013,032
1,637,924
613,836
446,492
167,344
418,547
202,579
215,968
1,032,383
26,207,624
25,071,439
1,136,185
26,207,624
Volume (USD mm)
72,620,344
Q1 2022
ADV (USD mm)
387,495
149,564
38,940
193,844
5,146
361,041
210,550
148,430
2,060
748,535
10,782
3,083
2,838
773
410
2,085
249
1,252
91
22,420
22,420
33,202
12,766
9,050
3,716
8,683
3,370
5,314
21,449
371,741
353,983
17,758
371,741
ADV (USD mm)
1,174,927
Volume (USD mm)
24,059,846
9,272,997
2,453,215
12,018,341
315,293
22,531,757
13,143,966
9,260,040
127,751
46,591,603
665,593
191,135
175,975
47,948
25,393
131,336
15,449
72,641
5,715
Other Credit Bonds: Other developed market (including non-TRACE-reported bonds, preferreds
and structured notes), developing and emerging market corporate and government bonds.
Credit Swaps: Index and single name credit default swaps.
ETF: Exchange traded funds (ETFs), ETF leg of EFPs, and net asset value trades.
1,401,929
1,401,929
2,067,522
795,179
561,085
234,094
539,189
209,391
329,798
1,334,368
23,117,722
22,016,336
1,101,386
23,117,722
Volume (USD mm)
73,111,215
Convertibles/Swaps/Options: Convertible bonds, equity swaps, call and put strategies, and other equity derivatives
excluding futures.
Equities Futures: Equity futures including the futures leg of EFPs.
Other Money Markets: Agency discount notes, commercial paper, certificates of deposits (including structured CDs),
and deposits. Starting in February 2019, Canadian Commercial Paper effected on Tradeweb by non-Canadian clients
have been added to these volumes.
Q2 2021
ADV (USD mm)
318,996
106,904
30,515
177,443
4,135
256,648
165,825
89,975
848
575,644
9,519
2,857
2,231
477
359
1,911
193
1,373
118
8,566
8,566
18,085
8,239
5,885
2,355
7,815
3,850
3,965
16,055
366,978
353,361
13,617
366,978
ADV (USD mm)
976,762
Volume (USD mm)
20,346,393
6,841,840
1,891,937
11,356,322
256,293
16,209,757
10,441,873
5,713,635
54,248
36,556,150
599,766
182,873
142,770
30,506
22,975
118,454
12,367
82,377
7,444
540,584
540,584
1,140,350
516,731
370,742
145,988
490,800
241,047
249,752
1,007,530
23,326,831
22,456,390
870,441
23,326,831
Volume (USD mm)
62,030,861
Tradeweb
QoQ
ADV
-11.91%
-11.79%
-9.02%
-13.02%
4.62%
1.82%
5.05%
-2.31%
-31.58%
-5.29%
-5.64%
5.62%
-6.58%
-15.56%
-13.72%
-16.50%
58.23%
-20.10%
35.22%
-26.51%
-26.51%
-19.73%
-22.10%
-20.42%
-26.17%
-22.14%
-2.86%
-34.36%
-22.11%
14.06%
14.61%
3.23%
14.06%
QoQ
0.12%
YoY
Volumes for Mortgages represent current face value at time of trade.
Volumes can reflect cancellations and corrections that occur after prior postings.
U.S. government bond volumes have been updated as a result of a reclassification of certain U.S. Treasury
transactions.
ADV
7.01%
23.42%
16.10%
-4.98%
30.20%
43.23%
33.39%
61.16%
66.31%
23.16%
6.87%
13.95%
18.86%
37.00%
-1.56%
-8.89%
104.04%
-27.11%
4.27%
92.34%
92.34%
47.36%
20.70%
22.37%
16.51%
-13.49%
-14.97%
-12.05%
4.06%
15.54%
14.81%
34.62%
15.54%
YoY
20.43%
VOLUMES
Volumes include Tradeweb, Dealerweb and Tradeweb Direct. Except with respect to U.S. Treasuries, both sides of a
trade are included in volume totals where the trade is fully-anonymous and a Tradeweb broker-dealer is the matched
principal counterparty. Riskless principal trades on Tradeweb Direct are single-count.
All volumes converted to U.S. Dollars.
¹ U.S. government bonds volumes include wholesale U.S. Treasury volumes from the Nasdaq Fixed Income business
Tradeweb acquired on June 25, 2021. 2Q22 and 1Q22 include a full quarter of volumes.View entire presentation