Press release
Tradeweb Reports April 2025 Total Trading Volume of $57.8 Trillion and Average Daily Volume of $2.7 Trillion
April 2025 ADV up 38.6% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates,
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nApril 2025 ADV up 38.6% YoY\n\n NEW YORK--(BUSINESS WIRE)--\nTradeweb 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 April 2025 of $57.8 trillion (tn)1. Average daily volume (ADV) for the month was $2.7tn, an increase of 38.6 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of April was up 25.9% YoY.\n\nIn April 2025, Tradeweb records included:\n\n\nADV in U.S. government bonds\n\n\nADV in fully electronic U.S. high yield credit\n\n\nADV in municipal bonds\n\n\nADV in U.S. ETFs\n\n\nADV in European ETFs\n\n\nADV in global repurchase agreements\n\n\nApril 2025 Highlights\n\nRATES\n\n\nU.S. government bond ADV was up 41.5% YoY to $290.4 billion (bn). European government bond ADV was up 29.1% YoY to $58.9bn.\n\n\nRecord U.S. government bond ADV was led by record activity across the institutional and wholesale client channels. On April 9, Tradeweb facilitated record single-day volume of $472.5bn in U.S. government bonds following the U.S. federal administration’s tariff announcements. Robust European government bond ADV was driven by strong volumes across 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.\n\n\n\n\nMortgage ADV was up 12.6% YoY to $232.2bn.\n\n\nTo-Be-Announced (TBA) activity was primarily driven by heightened volatility and increased trading activity from the originator community. Tradeweb’s specified pool platform reported strong volumes driven by a growing number of clients executing on the platform.\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 10.1% YoY to $523.8bn and total rates derivatives ADV was up 22.1% YoY to $971.9bn.\n\n\nSwaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by significant volatility in global rates markets, due to geopolitical tensions, regulatory uncertainties and shifts in investor sentiment. This was partially offset by an 18% YoY decline in compression activity, which carries a relatively lower fee per million. April compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25.\n\n\n\n\nCREDIT\n\n\nF...