Tradeweb Reports Record September 2025 Total Trading Volume of $63.7 Trillion and Record Average Daily Volume of $2.9 Trillion

| Tradeweb Markets

September 2025 ADV up 10.0% YoY

Third Quarter 2025 ADV up 11.8% YoY

NEW YORK--(BUSINESS WIRE)--Oct. 6, 2025-- Tradeweb Markets Inc. (Nasdaq: TW), 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 2025 of $63.7 trillion (tn)1. Average daily volume (ADV) for the month was a record $2.9tn, an increase of 10.0 percent (%) year-over-year (YoY). For the third quarter of 2025, total trading volume was a record $172.8tn and ADV was a record $2.6tn, an increase of 11.8% YoY (14.5% YoY excluding the impact of ICD), with preliminary average variable fees per million dollars of volume traded of $2.16 and total preliminary fixed fees for rates, credit, equities and money markets of $95.5 million (mm)2.

Tradeweb CEO Billy Hult said: “Tradeweb reported record ADV for both September and the third quarter, with double-digit growth in each over the year-ago period. September was active across all asset classes, helping us finish the quarter with strong momentum. Our markets remained resilient despite depressed rate volatility, with strong client engagement across various tools and protocols including RFQ and our automated solution AiEX.”

Record Highlights:

For September of 2025, Tradeweb records included:

  • ADV in mortgages
  • ADV in U.S. swaps/swaptions ≥ 1-year
  • ADV in U.S. swaps/swaptions < 1-year
  • ADV in equity convertibles/swaps/options
  • ADV in global repurchase agreements

For the third quarter of 2025, Tradeweb records included:

  • ADV in mortgages
  • ADV in U.S. swaps/swaptions < 1-year
  • ADV in municipal bonds
  • ADV in equity convertibles/swaps/options
  • ADV in global repurchase agreements

September 2025 Highlights

RATES

  • U.S. government bond ADV was up 3.5% YoY to $240.2 billion (bn). European government bond ADV was up 27.3% YoY to $63.0bn.
    • U.S. government bond ADV was led by growth in the institutional client channel, which achieved its second highest month ever. Robust European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. 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 21.5% YoY to $291.9bn.
    • Record To-Be-Announced (TBA) activity was primarily driven by elevated trading from real-money accounts and a sharp increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes supported by higher origination activity and broader client adoption.
  • Swaps/swaptions ≥ 1-year ADV was up 6.1% YoY to $611.2bn and total rates derivatives ADV was up 8.1% YoY to $1.1tn.
    • Record swaps/swaptions ≥ 1-year volumes were supported by a strong increase in risk trading activity YoY driven by economic data and central bank policy decisions. This was partially offset by a 15% YoY decline in compression activity, which carries a relatively lower fee per million. 3Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 2Q25.

CREDIT

  • Fully electronic U.S. credit ADV was down 0.9% YoY to $8.6bn and European credit ADV was up 4.2% YoY to $2.9bn.
    • U.S. credit volumes were driven by continued client adoption of Tradeweb protocols, most notably in Tradeweb AllTrade® and request-for-quote (RFQ), which were offset by a decline in Portfolio Trading (PT). Tradeweb captured 18.0% and 7.2% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.2% total share of U.S. high grade TRACE and 9.5% total share of U.S. high yield TRACE. European credit volumes were driven by record Tradeweb Automated Intelligent Execution (AiEX) activity. Cash credit PT ADV decreased by 12.6% YoY, with non-comp PT ADV down 35.9% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall.
  • Municipal bonds ADV was up 35.3% YoY to $521 mm.
    • Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 17.7%3 YoY.
  • Credit derivatives ADV was up 1.8% YoY to $55.9bn.
    • Increased hedge fund and systematic account activity, 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 34.4% YoY to $10.2bn and European ETF ADV was up 22.2% YoY to $3.7bn.
    • Strong global ETF volumes were driven by robust activity in our institutional and wholesale channels, as more clients continued to embrace the RFQ protocol, as well as our Tradeweb AiEX solution, which reached a record in adoption in the U.S.

MONEY MARKETS

  • Repo ADV was up 19.2% YoY to $811.7bn.
    • 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. Additionally, balances in the Fed’s reverse repo facility (RRP) remained at relatively low levels throughout most of the month, despite a small increase into month-end. In Europe, central banks deployed repo operations more aggressively to provide liquidity amid tightening macro conditions.
  • Other Money Markets ADV was down 11.5% YoY to $267.7bn.
    • Other money markets activity was lower YoY, driven by certain ICD clients continuing to rebuild their money market fund balances following share buyback activity in the market and increased business-related spend earlier this year. This decline was partially offset by the addition of new clients.

Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ 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 $2.4 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

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 See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of preliminary average variable fees per million dollars of volume traded for each underlying asset class, as well as preliminary fixed fees by asset class.
3 Based on data from MSRB.

 

Media contacts:
Daniel Noonan, Tradeweb
+1 646 767 4677
Daniel.Noonan@Tradeweb.com

Savannah Steele, Tradeweb
+1 646 767 4941
Savannah.Steele@Tradeweb.com

Investor contact:
Ashley Serrao, Tradeweb
+1 646 430 6027
Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb
+1 646 767 4864
Sameer.Murukutla@Tradeweb.com

Source: Tradeweb Markets Inc.