Business
Tradeweb Reports February 2026 Total Trading Volume of $61.8 Trillion and Average Daily Volume of $3.1 Trillion
February 2026 ADV up 23.4% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes,
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nFebruary 2026 ADV up 23.4% YoY\n\n\n NEW YORK--(BUSINESS WIRE)--\nTradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of February 2026 of $61.8 trillion (tn). Average daily volume (\"ADV\") for the month was $3.1tn, an increase of 23.4 percent (%) year-over-year (YoY).\n\n\nRecord Highlights:\n\n\nFor February of 2026, Tradeweb records included:\n\n\n\nADV in fully electronic U.S. high grade credit\n\n\n\nADV in global repurchase agreements\n\n\n\nADV in other money markets\n\n\n\nFebruary 2026 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 6.4% YoY to $268.4 billion (bn). European government bond ADV was up 34.5% YoY to $77.3bn.\n\n\nU.S. government bond ADV was led by record volume in the institutional client channel. 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.\n\n\n\n\n\n\nMortgage ADV was up 9.4% YoY to $249.2bn.\n\n\nTo-Be-Announced (\"TBA\") growth was primarily driven by asset managers and originators. Tradeweb’s specified pool platform saw higher trading activity YoY supported by continued growth in client adoption, which increased over 20% YoY.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 10.2% YoY to $554.5bn and total rates derivatives ADV was up 38.9% YoY to $1.2tn.\n\n\nSwaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by evolving U.S. inflation expectations, shifting global monetary policy outlooks, and elevated geopolitical risk. This was partially offset by a 3% YoY decline in compression activity, which carries a relatively lower fee per million (\"FPM\"). 1Q26 to-date compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 4Q25.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 13.1% YoY to $9.8bn and European credit ADV was up 21.1% YoY to $3.5bn.\n\n\nU.S. credit volumes were driven by record ADV in fully electronic U.S. high grade credit, as well as increased client adoption of Tradeweb protocols, most notably in Request-for-Quote (\"RFQ\"), Portfolio Trading (\"PT\"), and Tradeweb AllTrade®. Tradeweb captured 18.0% sha...