Latest news with #TRACE
Business Wire
3 days ago
- Business
- Business Wire
Tradeweb Reports May 2025 Total Trading Volume of
NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of May 2025 of $55.4 trillion (tn) 1. Average daily volume (ADV) for the month was $2.5tn, an increase of 33.3 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of May was up 20.3% YoY. In May 2025, Tradeweb records included: ADV in global repurchase agreements May 2025 Highlights RATES U.S. government bond ADV was up 22.6% YoY to $236.0 billion (bn). European government bond ADV was up 22.6% YoY to $50.8bn. U.S. government bond ADV was led by strong activity across the institutional and wholesale client channels. Robust European government bond ADV was driven by strong volumes in our institutional client channel. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 16.8% YoY to $230.2bn. To-Be-Announced (TBA) activity was primarily driven by strong roll volume and elevated trading activity from real and fast money accounts. Tradeweb's specified pool platform reported strong volumes driven by a record number of clients executing on the platform. Swaps/swaptions ≥ 1-year ADV was up 1.6% YoY to $492.0bn and total rates derivatives ADV was up 13.5% YoY to $890.3bn. Swaps/swaptions ≥ 1-year saw strong increases in risk trading activity YoY driven by market volatility due to changes in U.S. tariff policy and an active Treasury yield curve. This was partially offset by a 21% YoY decline in compression activity, which carries a relatively lower fee per million. Quarter to date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25. CREDIT Fully electronic U.S. credit ADV was up 25.0% YoY to $8.3bn and European credit ADV was up 8.6% YoY to $2.4bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 17.8% and 8.3% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.3% total share of U.S. high grade TRACE and 11.0% total share of U.S. high yield TRACE. European credit volumes in May were driven by heightened use of Tradeweb AllTrade® and continued client engagement in our Automated Intelligent Execution (AiEX) tool. Municipal bonds ADV was up 38.3% YoY to $494 million (mm). Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 13.6% YoY. 2 Credit derivatives ADV was up 94.9% YoY to $17.0bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. EQUITIES U.S. ETF ADV was up 43.4% YoY to $8.8bn and European ETF ADV was up 42.6% YoY to $3.3bn. U.S. and European ETF volumes were supported by a growing client base and increased adoption of Tradeweb's AiEX tool. On the Tradeweb institutional platform, U.S. ETF and European ETF volumes were up 84.9% YoY and 42.7% YoY, respectively. MONEY MARKETS Repo ADV was up 28.8% YoY to $779.7bn. Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed's balance sheet unwind, in addition to balances in the Fed's reverse repo facility (RRP) remaining at relatively low levels. In Europe, volumes were driven by increased government bond issuance as well as market volatility. Other Money Markets ADV was up YoY to $269.5bn. Other money markets volume growth was driven by the inclusion of ICD volumes in May 2025. Please refer to the report posted to for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes. About Tradeweb Markets Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to Basis of Presentation All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release. Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated. Market and Industry Data This release and the complete report include estimates regarding market and industry data that we prepared based on our management's knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading 'Risk Factors' in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release. 1 Tradeweb acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the date of the acquisition. 2 Based on data from MSRB.
Yahoo
03-05-2025
- Business
- Yahoo
Bond Investing and Due Diligence
When you buy a bond, you're loaning money to the bond's issuer -- which could be a corporation, a local municipality, a government agency or the federal government -- with the intention of receiving back your initial investment and, in most cases, interest. But not all bonds are created equal. Before buying a bond, you should assess the many characteristics that are associated with these fixed-income securities, including maturity, security provisions, yield, call status, tax treatment and credit rating. Performing this due diligence will allow you to better gauge the likelihood of timely interest payments, principal repayment and overall suitability with your investing needs. Certain bonds -- notably U.S. Treasury securities -- are generally considered low risk since they're backed by the U.S. government. But this low risk status doesn't apply to other bonds. The type of bond, its credit rating, security provisions and whether you plan to hold it to maturity all shape the scope of your due diligence and the specific risks you need to evaluate. That's why it's important to consider when you expect to need access to the funds, as well as your investment goals and risk tolerance, before deciding which bonds to purchase. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » After you determine your investing preferences, you can then start the due diligence process. Review creditworthiness. Knowing how much debt an issuer has already offered can provide you with insights into their financial health and plays a major role in determining a bond's credit rating -- one of the most important measures of an issuer's ability to repay its debt. Bonds are evaluated by credit rating agencies. Those that have registered with and operate under the regulatory standards prescribed by the Securities and Exchange Commission (SEC) are known as Nationally Recognized Statistical Rating Organizations (NRSROs). Each NRSRO has its own rating systems to determine the ability of an issuer to make interest payments and pay back its debt in full at maturity. You can find a list of the current NRSROs and links to their websites at Credit ratings also impact a bond's yield -- issuers of high-yield bonds often have lower credit ratings, which typically means these bonds come with greater risk. Access real-time data. FINRA's Fixed Income Data offers an easy way to access real-time data and credit ratings for corporate and agency bonds, as well as important educational information. This data is provided by TRACE -- Trade Reporting and Compliance Engine -- which is FINRA's fixed income market price reporting and dissemination service. TRACE collects and disseminates time of execution, price, yield and transaction size for eligible fixed income securities, including public and private corporate bonds, agency debt, and securitized products such as asset-backed securities and mortgage-backed securities. You can search Fixed Income Data by product category for information about specific fixed income securities and view trade activity and volumes to help you compare and evaluate investments. Note that some bonds may have limited secondary market trading, an important consideration that can impact liquidity if you want to sell the bond before maturity. Monitor financial markets. Bond prices and interest rates have an inverse relationship, so it's vital to monitor economic activity and to understand how economic indicators impact interest rate decisions by the Federal Reserve. Stronger economic data, or higher inflation readings, could send bond prices lower if markets are anticipating higher interest rates. Conversely, if economic prints are weak, or weaker than expected, bond prices could rise as markets expect lower interest rates. These events impact a bond's duration -- the measure of the degree to which a bond investment is likely to change in value if interest rates were to rise or fall. Assess the bond's taxable status. Different bonds have varying types of tax treatment. Understanding if you'll need to pay taxes on a bond's interest or dividends is critical as it can significantly impact your after-tax return. Consider consulting with a tax and/or investment professional about your personal circumstances before making investment decisions. In addition to FINRA's Fixed Income Data, you can learn more about the different types of bonds using the following resources. Corporate Bonds -- The SEC's EDGAR database provides free public access to corporate information, allowing you to research a public company's financial information and operations. Corporate bonds, if publicly offered, must be registered with the SEC and will have their quarterly and annual reports posted online. These reports, along with balance sheets and income statements, can provide insights into a company's financial health, including debt schedules and debt ratios. Municipal Bonds -- EMMA, a free source of data for virtually all municipal bonds, is operated by the Municipal Securities Rulemaking Board (MSRB) and is designated by the SEC as the official source for municipal securities data and disclosure documents. Government Bonds -- TreasuryDirect has information about U.S. Treasury bonds, including rates, calculators, and auction results, as well as the ability to buy or redeem Treasury savings bonds and notes. Agency Bonds -- The Securities Industry and Financial Markets Association (SIFMA) provides free resources on government agency and government-sponsored entity bonds, including issuance, trading volume and yield data. One of the primary risks of investing in bonds is the risk of the issuer failing to fulfill its obligation to pay the interest payments or the principal as agreed, also known as a default. A default could cause you to lose all or a substantial part of your investment, making an issuer's creditworthiness a vital consideration, Generally, the lower the credit rating, the higher the risk of default. As creditors, bondholders may have priority over other obligations of the issuers in the event of a default. You should carefully review a bond's offering documents to find out the issuer's terms and conditions in the event of a default. The fees you pay for buying or selling a bond depend on a number of factors, including the role of your investment professional in the transaction, and these costs may not always be clearly disclosed until after the transaction is complete. Find out the fees associated with buying a bond by asking your investment professional or by reviewing the issuer's offering documents. Performing due diligence before investing in any product is an important step. For example, stocks have distinct characteristics from bonds that requires separate due diligence. Read more about due diligence for stocks. In addition, be sure to use FINRA's BrokerCheck tool to research investment professionals and brokerage firms you're considering working with. You can also refer to the SEC's Public Alert: Unregistered Soliciting Entities (PAUSE) site to research intermediaries who might be involved in the solicitation of an investment opportunity without being properly registered. Any entity that solicits U.S. investors to buy or sell securities for their own accounts must be registered with the SEC. Learn more about bonds and investing. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Bond Investing and Due Diligence was originally published by The Motley Fool
Yahoo
27-03-2025
- Yahoo
Virginia man arrested in Gwinnett County on 64 counts of child sex crime charges
The Gwinnett County Sheriff's Office Trafficking and Child Exploitation Unit (TRACE), arrested a Virginia man involved in a Internet Crimes Against Children (ICAC) investigation. Officials say on March 13, the Hampton Virginia Police Department contacted GCSO that Jaylin C. Chaney enticed a minor into sending explicit materials. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] Officials with the TRACE Unit found Chaney in Norcross and arrested him for warrants out of Virginia. Hampton PD is charging Chaney with 16 counts of possession of child pornography, 24 counts of solicitation of child pornography and 24 counts of use of a computer to commit a sex offense with a minor. TRENDING STORIES: Family says 'we're lost' after 3-year-old killed in Rome apartment fire 22-year-old says she started Floyd County wildfire because she was mad at her dad, report says Owner of Wellmade Flooring, 1 other, accused of trafficking people for labor servitude Chaney is currently being held in the Gwinnett County Jail without bond. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Associated Press
05-03-2025
- Business
- Associated Press
Report From FINRA Board of Governors Meeting
FINRA's Board of Governors met on February 25-26. The agenda included electing a new Board Chair, as well as discussions on FINRA's proposed Outside Business Activities rule, TRACE reporting timeframes, ongoing technology initiatives, and the proposed allocation of FINRA's 2024 fine monies. This press release features multimedia. View the full release here: Eric Noll (Photo: Business Wire) Eric Noll is stepping down as Chair to pursue an opportunity that would conflict with his role as a Public Governor. To succeed him, the Board elected Scott A. Curtis, who has served as a Governor and Large Firm Representative since 2023. 'It has been an honor and privilege to chair the FINRA Board of Governors,' said Noll, who had served as Chair since 2022. 'I am extremely proud of the work the Board has done in furthering FINRA's mission of protecting investors and ensuring market integrity.' 'We are incredibly grateful to Eric for his commitment to FINRA and our mission. His leadership and guidance have been vital as FINRA has continued to adapt and improve our policies and programs in pace with our dynamic capital markets and industry,' said FINRA CEO Robert Cook. 'I look forward to working with Scott, whose breadth of financial knowledge and leadership experience will be invaluable in his new role.' Curtis has been Chief Operating Officer of Raymond James Financial since 2024. Prior to that, he had been President of the firm's Private Client Group since 2018, leading the firm's domestic wealth management business. He has served the firm in senior leadership roles since 2003. Curtis earned his M.B.A. from the Ross School of Business at the University of Michigan and received a B.A. in Economics and English from Denison University. 'I am excited to continue building upon the work Eric led in providing strategic guidance for FINRA's essential role of protecting investors and safeguarding the integrity of the capital markets,' said Curtis. 'I look forward to working with the other Governors and FINRA's leadership team in this new capacity.' Additional Board Actions and Updates The Board appointed two new members to the National Adjudicatory Council, a committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings: Richard Kuhlman, Senior Vice President and Chief Legal Officer, Cambridge Investment Research, Inc. (Large Firm NAC Member); and Trinity Lee, President and Executive Director, Heim, Young & Associates, Inc. (Small Firm NAC member). Their engagement will provide essential support to FINRA's regulatory processes; we welcome the new members and look forward to their input. As is customary for the first meeting of the year, the Board approved the allocation of prior-year fine monies to various capital initiatives in accordance with FINRA's Financial Guiding Principles. Fines are collected and accounted for separately from monies designated in FINRA's operating budget, and their use is subject to special governance procedures, use restrictions and transparency requirements. As part of FINRA's financial transparency, the details about the allocations will be released in the upcoming Report on the Use of 2024 Fine Monies. The Board received a briefing on the examinations and investigations programs, including an update on an initiative to modernize the technology used by FINRA's examination staff. Consistent with FINRA's commitment to continuously improving its regulatory standards, the Board considered rule proposals to modernize requirements and eliminate unnecessary burdens while maintaining investor protection and market integrity: More information regarding the Board's operations, including the membership and responsibilities of its committees, is available here. About FINRA FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit SOURCE: FINRA Copyright Business Wire 2025. PUB: 03/05/2025 12:03 PM/DISC: 03/05/2025 12:03 PM
