Tradeweb 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.
In April 2025, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in fully electronic U.S. high yield credit
- ADV in municipal bonds
- ADV in U.S. ETFs
- ADV in European ETFs
- ADV in global repurchase agreements
April 2025 Highlights
rates
- U.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.
- Record 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.
- Mortgage ADV was up 12.6% YoY to $232.2bn.
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- To-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.
- Swaps/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.
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- Swaps/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.
credit
- Fully electronic U.S. credit ADV was up 9.2% YoY to $8.8bn and European credit ADV was up 18.4% YoY to $2.7bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 16.7% and 8.4% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.6% total share of U.S. high grade TRACE and 10.8% total share of U.S. high yield TRACE. The first half of April was impacted by heightened volatility, which led to increased one-way flow in the wholesale channel and idiosyncratic client activity. However, activity normalized in U.S. high grade credit as the month progressed, with U.S. high grade credit market share reaching 18.8% in the second half of April. European credit volumes were driven by growth in Portfolio Trading and Tradeweb AllTrade®.
- Municipal bonds ADV was up 58.5% YoY to $550 million (mm).
- Municipal bonds saw strong growth across the retail and institutional platforms, reflecting growth relatively in-line with the overall market.
- Credit derivatives ADV was up 93.5% YoY to $29.6bn.
- Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
equities
- U.S. ETF ADV was up 62.7% YoY to $12.7bn and European ETF ADV was up 86.3% YoY to $5.3bn.
- Record U.S. and European ETF volumes were driven by increased activity in our Automated Intelligent Execution (AiEX) tool and elevated market volatility. On the Tradeweb institutional platform, U.S. ETF and European ETF volumes were up 122.5% and 86.6% YoY, respectively.
money markets
- Repo ADV was up 28.2% YoY to $766.7bn.
- Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the lasting effects of the Fed’s balance sheet unwind, combined with balances still remaining relatively low at the reverse repo facility. In Europe, volumes and market activity continued to grow and were primarily driven by volatility caused by the current geopolitical landscape.
- Other Money Markets ADV was up YoY to $268.7bn.
- Other money markets volume growth was driven by the inclusion of ICD volumes in April 2025.
Beginning with the publication of the March 2025 Monthly Activity Report press release, we included our overall share of U.S. credit volumes for high grade and high yield TRACE, in addition to breaking out our share of fully electronic portions of both. This mirrors what we have historically included in the full Monthly Activity Report and, we believe, provides a more transparent basis for understanding market share.
Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.
- Tradeweb acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the date of the acquisition.