Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of April 2026 of $62.2 trillion (tn). Average daily volume ("ADV") for the month was $2.9tn[1], an increase of 7.7 percent (%) year-over-year (YoY).
Record Highlights:
For April of 2026, Tradeweb records included:
- ADV in fully electronic U.S. high yield credit
- ADV in U.S. high yield - electronically processed credit
- ADV in repurchase agreements
April 2026 Highlights
rates
- U.S. government bond ADV was down 17.3% YoY to $240.2 billion (bn). European government bond ADV was up 5.2% YoY to $61.9bn.
- U.S. government bond ADV was lower YoY as industry volumes declined as compared to elevated volumes in April 2025. Despite that, institutional U.S. government bond volumes remained relatively flat YoY. Growth in European government bond ADV was driven by our institutional client channel, supported by ongoing geopolitical uncertainty across global markets. Trading activity across the U.S. and Europe remained resilient, with trading metrics remaining strong and clients engaging across a broad range of trading protocols.
- Mortgage ADV was up 7.0% YoY to $248.4bn.
- To-Be-Announced ("TBA") activity was primarily driven by real money accounts alongside heightened roll activity, even as rate volatility declined over the course of the month. Tradeweb’s specified pool platform saw increased volumes, supported by greater participation from the origination community and continued client adoption.
- Swaps/swaptions ≥ 1-year ADV was up 9.8% YoY to $575.1bn and total rates derivatives ADV was up 12.4% YoY to $1.1tn.
- Swaps/swaptions ≥ 1-year saw stable risk trading activity YoY, despite a tough comparison relative to April 2025, driven by ongoing geopolitical uncertainty, widening dispersion in monetary policy expectations affecting global interest rate markets and continued strong client engagement. This was supported by a 13% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). April compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 1Q26
credit
- Fully electronic U.S. credit ADV was up 3.9% YoY to $9.2bn and European credit ADV was up 7.2% YoY to $2.9bn.
- U.S. credit volumes were driven by continued client adoption of trading protocols, most notably in Request-for-Quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 17.9% share of fully electronic U.S. high grade TRACE and 8.9% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 24.3% total share of U.S. high grade TRACE and 11.9% total share of U.S. high yield TRACE. European credit volumes were driven by a record proportion of trades and volume executed via our Automated Intelligent Execution ("AiEX") tool this month. Global cash credit PT ADV increased by 4.0% YoY, with non-comp PT[2] ADV up 23.4% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall.
- Municipal bonds ADV was down 21.5% YoY to $432 million.
- Municipal bonds outperformed the broader market which was down 31.3%[3]
- Credit derivatives ADV was up3% YoY to $31.7bn.
- Increased hedge fund and systematic account activity YoY led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity.
equities
- U.S. ETF ADV was down 25.5% YoY to $9.4bn and International ETF ADV was down 9.0% YoY to $4.8bn.
- Equities volumes faced a tough comparison against strong April 2025 levels, when extreme volatility and elevated volumes followed the tariff announcements. Despite the relatively softer backdrop this month as compared to last year, active client count grew over 5.0% YoY, demonstrating continued platform momentum.
money markets
- Repo ADV was up 15.0% YoY to $881.4bn.
- Record global repo ADV was supported by increased client participation across the platform YoY. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility ("RRP") remained close to zero for the majority of the month, with a small spike at month end. In Europe, strong activity continued to be driven by geopolitical tensions which kept volatility and demand for funding high.
- Other Money Markets ADV was up 3.9% YoY to $279.1bn.
- Other money markets ADV was driven by Tradeweb ICD Portal activity from both existing and new client additions. This was partially offset by less client demand for commercial paper and discount notes YoY.
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.
[1] Day counts generally reflect all SIFMA trading days, where applicable. As recommended by SIFMA, Good Friday, April 3, 2026 was an official trading day for U.S. Fixed Income markets. However, due to holiday-abbreviated hours (markets closed at 12:00 PM EDT) and limited trading activity, we have excluded April 3, 2026 as a trading day for all U.S. products. All trading volume from the day is included in monthly totals.
[2] Non-comp PT defined as a portfolio trade sent to a single dealer.
[3] Based on data from MSRB.
