Press release
Tradeweb Reports October 2025 Total Trading Volume of $65.4 Trillion and Average Daily Volume of $2.8 Trillion
October 2025 ADV up 20.7% 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":"\nOctober 2025 ADV up 20.7% 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 October 2025 of $65.4 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 20.7 percent (%) year-over-year (YoY).\n\nRecord Highlights:\n\nFor October of 2025, Tradeweb records included:\n\n\nADV in U.S. swaps/swaptions \n\nOctober 2025 Highlights\n\nRATES\n\n\nU.S. government bond ADV was up 4.0% YoY to $229.4 billion (bn). European government bond ADV was up 18.2% YoY to $63.2bn.\n\n\nU.S. government bond ADV was led by strong growth in the institutional client channel, which saw its second-best volume month ever. Robust 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 2.1% YoY to $253.9bn.\n\n\nTo-Be-Announced (TBA) activity was driven by increased dollar-roll trading and elevated participation from mortgage originators YoY. Tradeweb’s specified pool platform recorded strong volumes, supported by continued client adoption, setting a new monthly record for total accounts executing on the platform.\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 20.3% YoY to $501.1bn and total rates derivatives ADV was up 44.7% YoY to $1.1tn.\n\n\nSwaps/swaptions ≥ 1-year volumes were supported by continued global tariff tension, central bank rate cuts, and a 39% 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 6.6% YoY to $7.9bn and European credit ADV was up 15.7% YoY to $2.9bn.\n\n\nU.S. credit volumes were driven by continued client adoption of Tradeweb protocols, most notably in Portfolio Trading (PT), Tradeweb AllTrade® and request-for-quote (RFQ). Tradeweb captured 17.4% and 7.9% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.3% total share of U...