Global operator of electronic marketplaces Tradeweb Markets Inc. has released its monthly trading metrics for November 2022.
The NASDAQ-listed company’s trading volume for the period rose by 8.9% MoM, reaching $23.2 trillion, compared to October‘s $21.3 trillion.
During last month, the average daily volume (ADV) stood at $1.13 trillion, up by 7.6% on monthly basis.
The ADV also dropped by 3.7% in November, compared to the same period in 2021.
Tradeweb Markets also announced a share repurchase program, which was approved by its board of directors.
The broker authorized the repurchase of $300 million in shares of its Class A common stock.
The official announcement further detailed that the program has no termination date and can be discontinued at any time.
Sara Furber, Chief Financial Officer, Tradeweb, commented:
Sara Furber
We believe this share repurchase program is a timely and appropriate use of capital resources, reflecting the Board’s and management’s confidence in our business, the company’s strong balance sheet, and the strong cash-generative nature of our business.
The new program will permit us to continue to offset annual dilution from stock-based compensation plans, as well as opportunistically repurchase our stock. The program is an important part of our overall capital management strategy to return value to shareholders, which includes investments in the business, M&A opportunities, share repurchases, and our regular quarterly dividend.
