Press release
Tradeweb Reports November 2025 Total Trading Volume of $56.8 Trillion and Average Daily Volume of $2.9 Trillion
November 2025 ADV up 22.3% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nNovember 2025 ADV up 22.3% 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 November 2025 of $56.8 trillion (tn). Average daily volume (ADV) for the month was $2.9tn, an increase of 22.3 percent (%) year-over-year (YoY).\n\nRecord Highlights:\n\nFor November of 2025, Tradeweb records included:\n\n\nADV in European government bonds\n\n\nADV in rates futures\n\n\nADV in repurchase agreements (repo)\n\n\nADV in other money markets\n\n\nNovember 2025 Highlights\n\nRATES\n\n\nU.S. government bond ADV was up 2.7% YoY at $252.7 billion (bn). European government bond ADV was up 33.1% YoY to $70.7bn.\n\n\nU.S. government bond ADV was led by strong growth in the institutional client channel, which achieved a record. Record 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\nMortgage ADV was up 20.2% YoY to $277.2bn.\n\n\nThe increase in To-Be-Announced (TBA) activity was primarily driven by heightened trading from real-money accounts and increased participation from mortgage originators. Tradeweb’s specified pool platform reported strong volumes driven by expanding client and dealer adoption, setting another monthly record for the total number of accounts on the platform.\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 16.4% YoY to $495.7bn and total rates derivatives ADV was up 41.5% YoY to $1.1tn.\n\n\nSwaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by continued uncertainty around central bank policy and pending rate cuts, as well as a 10% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 to-date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 3Q25.\n\n\n\n\nCREDIT\n\n\nFully electronic U.S. credit ADV was up 13.9% YoY to $8.5bn and European credit ADV was up 16.5% YoY to $2.9bn.\n\n\nU.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and ...