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 August 2025 of $54.1 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.5tn, an increase of 11.3 percent (%) year-over-year (YoY).
August 2025 Highlights
rates
- U.S. government bond ADV was down 3.9% YoY to $219.2 billion (bn). European government bond ADV was up 20.4% YoY to $44.3bn.
- U.S. government bond volumes declined YoY due to weaker activity in the wholesale and retail client channels, partially offset by growth in the institutional client channel. Robust European government bond ADV was driven by strong volumes in our institutional and wholesale client channels.
- Mortgage ADV was up 0.6% YoY to $232.1bn.
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- The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in wholesale activity YoY, which was partially offset by a decline in institutional activity. Tradeweb’s specified pool platform recorded its strongest monthly ADV of the year, driven by accelerated client participation and expanded liquidity provider coverage.
- Swaps/swaptions ≥ 1-year ADV was up 8.0% YoY to $434.5bn and total rates derivatives ADV was up 20.8% YoY to $878.5bn.
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- Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by central bank rate cut speculations, as well as economic data prints. This was partially offset by a 2% YoY decline in compression activity, which carries a relatively lower fee per million. 3QTD compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 2Q25.
credit
- Fully electronic U.S. credit ADV was up 3.6% YoY to $6.7bn and European credit ADV was up 23.8% YoY to $1.8bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured 17.9% and 7.5% share of fully electronic U.S. high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 24.6% total share of U.S. high grade TRACE and 9.6% total share of U.S. high yield TRACE for the month. European credit volumes were supported by robust growth in PT and RFQ, with Tradeweb’s Automated Intelligent Execution (AiEX) tool continuing to build strong momentum YoY. Cash credit PT ADV increased by 14.9% YoY, with non-comp PT ADV up 33.7% 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 up 37.3% YoY to $538 million (mm).
- Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 5% YoY.[2]
- Credit derivatives ADV was down 37.1% YoY to $11.7bn.
- Lower credit market volatility led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
equities
- U.S. ETF ADV was up 15.7% YoY to $8.4bn and European ETF ADV was down 7.0% YoY to $2.5bn.
- U.S. ETF growth was driven by continued institutional ETF adoption as well as increased trading in our wholesale equity businesses. European ETF volumes were lower alongside a reduction in market volatility YoY.
money markets
- Repo ADV was up 16.6% YoY to $750.4bn.
- Global repo trading activity was supported by increased client participation across the platform. 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 at relatively low levels throughout most of the month, despite a small increase into month-end. In Europe, volumes were driven by increased government bond issuance, as well as market volatility.
- Other Money Markets ADV was down 2.0% YoY to $276.6bn.
- Other money markets activity was lower YoY, driven by certain ICD clients continuing to rebuild their money market fund balances following share buyback activity in the market and increased business-related spend earlier this year. This decline was partially offset by the addition of new clients.
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.
