Press release
Tradeweb Reports May 2025 Total Trading Volume of $55.4 Trillion and Average Daily Volume of $2.5 Trillion
May 2025 ADV up 33.3% 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":"\nMay 2025 ADV up 33.3% YoY\n\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 May 2025 of $55.4 trillion (tn)1. Average daily volume (ADV) for the month was $2.5tn, an increase of 33.3 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of May was up 20.3% YoY.\n\n\nIn May 2025, Tradeweb records included:\n\n\n\nADV in global repurchase agreements\n\n\n\nMay 2025 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 22.6% YoY to $236.0 billion (bn). European government bond ADV was up 22.6% YoY to $50.8bn.\n\n\nU.S. government bond ADV was led by strong activity across the institutional and wholesale client channels. Robust European government bond ADV was driven by strong volumes in 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\n\n\nMortgage ADV was up 16.8% YoY to $230.2bn.\n\n\nTo-Be-Announced (TBA) activity was primarily driven by strong roll volume and elevated trading activity from real and fast money accounts. Tradeweb’s specified pool platform reported strong volumes driven by a record number of clients executing on the platform.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 1.6% YoY to $492.0bn and total rates derivatives ADV was up 13.5% YoY to $890.3bn.\n\n\nSwaps/swaptions ≥ 1-year saw strong increases in risk trading activity YoY driven by market volatility due to changes in U.S. tariff policy and an active Treasury yield curve. This was partially offset by a 21% YoY decline in compression activity, which carries a relatively lower fee per million. Quarter to date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 25.0% YoY to $8.3bn and European credit ADV was up 8.6% YoY to $2.4bn.\n\n\nU.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 17.8% and 8.3% share of fully electronic U.S high grade and U.S....