Tradeweb Reports December 2025 Total Trading Volume of $63.0 Trillion and Average Daily Volume of $2.8 Trillion
Fourth Quarter 2025 ADV up 23.3% YoY
Full Year 2025 ADV up 16.9% YoY
Tradeweb CEO
Record Highlights:
For the fourth quarter of 2025, Tradeweb records included:
- ADV in European government bonds
- ADV in swaps/swaptions≥1Y
- ADV in US ETFs
- ADV in repurchase agreements
For the full year of 2025, Tradeweb records included:
- ADV in US government bonds
- ADV in European government bonds
- ADV in mortgages
- ADV in swaps/swaptions≥1Y
- ADV in US high-grade - fully electronic
- ADV in US high-yield - fully electronic
- ADV in US high-yield - electronically processed
- ADV in European credit bonds
- ADV in municipal bonds
- ADV in credit swaps
- ADV in US ETFs
- ADV in International ETFs
- ADV in convertibles/swaps/options
- ADV in repurchase agreements
RATES
-
U.S. government bond ADV was up 5.7% YoY to$222.1 billion (bn). European government bond ADV was up 46.5% YoY to$53.4bn .U.S. government bond ADV was led by strong growth in the institutional client channel. European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. Strong activity in theU.S. andEurope was supported by an increased number of clients trading across a diverse set of trading protocols.
-
Mortgage ADV was up 10.0% YoY to
$220.2bn .- The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in trading from real-money accounts and increased dollar roll activity. Tradeweb’s specified pool platform saw strong ADV growth of over 20%, supported by ongoing expansion in client and dealer participation.
-
Swaps/swaptions ≥ 1-year ADV was up 39.5% YoY to
$572.4bn and total rates derivatives ADV was up 64.5% YoY to$1 .1tn.-
Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by a positive outlook on the
U.S. macro environment and the continued shift in central bank policy, as well as a 34% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 3Q25.
-
Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by a positive outlook on the
CREDIT
-
Fully electronic
U.S. credit ADV was up 8.1% YoY to$7.5bn and European credit ADV was up 16.6% YoY to$2.1bn .U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured a record 20.5% share of fully electronicU.S. high grade TRACE and 8.0% share ofU.S. high yield TRACE, as measured by Tradeweb. We also reported 27.4% total share ofU.S. high grade TRACE and 9.9% total share ofU.S. high yield TRACE. European credit volumes were driven by a diverse set of trading protocols. Cash credit PT ADV decreased by 1% YoY, with non-comp PT ADV down 37% 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 10.4% YoY to
$509 million .- Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was down 1.9%2 YoY.
-
Credit derivatives ADV was up 4.1% YoY to
$11.1bn .- 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 9.2% YoY to$10.3bn and International ETF ADV was flat YoY at$3.3bn .U.S. ETFs reported strong growth YoY across our institutional and wholesale offerings. On the institutional side, adoption of our automated rules-based RFQ protocol continued to grow, accompanied by an expanding client base. On the wholesale side, our client base also expanded and we saw higher market volatility YoY.
MONEY MARKETS
-
Repo ADV was up 15.6% YoY to
$787.7bn .-
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 close to zero for a majority of the month, with a small spike at month end. InEurope , strong activity was driven primarily by dealers actively managing balance sheet and regulatory constraints into year-end, with funding levels remaining orderly.
-
Record global repo trading activity was supported by increased client participation across the platform. In the
-
Other Money Markets ADV was down 2.3% YoY to
$297.0bn .- Other money markets ADV declined primarily due to ICD as energy and utility clients deployed liquidity to fund infrastructure projects and ongoing shareholder returns.
|
1 |
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. |
|
2 |
Based on data from MSRB. |
|
YoY Volume for |
|||||||
|
Asset Class |
|
|
Q4 2025 |
FY 2025 |
|||
|
Product |
ADV (USD mm) |
YoY |
ADV (USD mm) |
YoY |
ADV (USD mm) |
YoY |
|
|
Rates |
Cash |
506,053 |
11.4% |
556,909 |
9.4% |
549,040 |
13.5% |
|
|
|
222,106 |
5.7% |
233,591 |
3.9% |
237,195 |
11.6% |
|
|
European Government Bonds |
53,363 |
46.5% |
62,299 |
29.7% |
57,446 |
23.0% |
|
|
Mortgages |
220,197 |
10.0% |
248,701 |
9.7% |
242,794 |
13.3% |
|
|
Other Government Bonds |
10,386 |
39.8% |
12,317 |
33.7% |
11,605 |
15.1% |
|
|
Derivatives |
1,135,885 |
64.5% |
1,117,054 |
50.0% |
955,070 |
21.9% |
|
|
Swaps/Swaptions ≥ 1Y |
572,360 |
39.5% |
523,152 |
25.5% |
503,487 |
10.4% |
|
|
Swaps/Swaptions < 1Y |
556,918 |
102.7% |
583,556 |
82.1% |
442,605 |
39.0% |
|
|
Futures |
6,607 |
21.7% |
10,346 |
44.1% |
8,978 |
3.6% |
|
Total |
|
1,641,937 |
43.4% |
1,673,963 |
33.5% |
1,504,110 |
18.7% |
|
Credit |
Cash |
14,345 |
8.2% |
16,251 |
10.2% |
17,203 |
7.3% |
|
|
|
6,729 |
8.5% |
6,929 |
6.8% |
7,185 |
10.0% |
|
|
|
2,338 |
-10.0% |
2,900 |
-6.9% |
3,163 |
4.8% |
|
|
|
800 |
5.5% |
1,019 |
28.5% |
993 |
28.6% |
|
|
|
187 |
4.3% |
246 |
12.1% |
299 |
12.3% |
|
|
European Credit |
2,077 |
16.6% |
2,636 |
15.6% |
2,625 |
13.7% |
|
|
Municipal Bonds |
509 |
10.4% |
494 |
17.3% |
485 |
29.8% |
|
|
Chinese Bonds |
1,409 |
33.3% |
1,653 |
41.8% |
2,109 |
-15.9% |
|
|
Other Credit Bonds |
297 |
32.0% |
374 |
39.0% |
344 |
30.9% |
|
|
Derivatives |
11,119 |
4.1% |
17,391 |
37.9% |
23,301 |
32.0% |
|
|
Swaps |
11,119 |
4.1% |
17,391 |
37.9% |
23,301 |
32.0% |
|
Total |
|
25,465 |
6.3% |
33,642 |
22.9% |
40,504 |
20.2% |
|
Equities |
Cash |
13,618 |
6.8% |
13,919 |
23.6% |
12,973 |
17.8% |
|
|
|
10,269 |
9.2% |
10,433 |
28.7% |
9,437 |
15.4% |
|
|
International ETFs |
3,349 |
—% |
3,486 |
10.3% |
3,537 |
24.6% |
|
|
Derivatives |
14,838 |
2.4% |
13,254 |
7.8% |
13,860 |
9.0% |
|
|
Convertibles/Swaps/Options |
9,953 |
0.7% |
9,118 |
2.4% |
10,068 |
10.4% |
|
|
Futures |
4,885 |
5.9% |
4,136 |
22.1% |
3,792 |
5.4% |
|
Total |
|
28,456 |
4.4% |
27,173 |
15.3% |
26,834 |
13.1% |
| Money Markets |
Cash |
1,084,708 |
10.1% |
1,092,105 |
10.5% |
1,053,381 |
14.4% |
|
Repurchase Agreements (Repo) |
787,717 |
15.6% |
801,365 |
16.5% |
770,095 |
23.5% |
|
|
|
Other Money Markets |
296,991 |
-2.3% |
290,740 |
-3.2% |
283,286 |
-4.6% |
|
Total |
|
1,084,708 |
10.1% |
1,092,105 |
10.5% |
1,053,381 |
14.4% |
|
|
|
|
|
|
|
|
|
|
|
|
ADV (USD mm) |
YoY |
ADV (USD mm) |
YoY |
ADV (USD mm) |
YoY |
|
|
Total |
2,780,566 |
27.5% |
2,826,883 |
23.3% |
2,624,828 |
16.9% |
|
*Bolded numbers indicate a record for the Tradeweb platform |
|||||||
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
Basis of Presentation
All reported amounts are presented in
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
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
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260107975574/en/
Media:
+1 646 767 4677
Daniel.Noonan@Tradeweb.com
+1 646 767 4941
Savannah.Steele@Tradeweb.com
Investor:
+1 646 430 6027
Ashley.Serrao@Tradeweb.com
+1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Source:
