Tradeweb Markets reported total trading volume for August 2023 of $33T. Average daily volume, ADV, for the month was $1.44Tan increase of 41.2% year-over-year, YoY, including foreign exchange tailwinds. In August 2023, Tradeweb records included: U.S. government bond ADV was up 14.9% YoY to $142.7B. European government bond ADV was up 19.6% YoY to $32.9B. Growth was driven by strong activity across all client sectors. Higher interest rates continued to drive trading in the retail market. U.S. and European government bond volumes were supported by sustained rates market volatility. Mortgage ADV was up 11.0% YoY to $174.4B. Overall trading activity was supported by relative value trading, despite continued sluggish origination. Client engagement in specified pool trading remained strong. Swaps/swaptions = 1-year ADV was up 125.4% YoY to $381.8bn and total rates derivatives ADV was up 89.0% YoY to $535.9B.
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