Tradeweb Reports December 2025 Total Trading Volume Of $63.0 Trillion And Average Daily Volume Of $2.8 Trillion

• December 2025 ADV up 27.5% YoY
• Fourth Quarter 2025 ADV up 23.3% YoY
• Full Year 2025 ADV up 16.9% YoY

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 December 2025 of $63.0 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 27.5 percent (%) year-over-year (YoY). For the fourth quarter of 2025, total trading volume was $185.3tn and ADV was $2.8tn, an increase of 23.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.04[1] and total preliminary fixed fees for rates, credit, equities and money markets of $95.8 million (mm)[1]

Tradeweb CEO Billy Hult said: “Tradeweb capped off an active fourth quarter with solid ADV momentum through December. Client engagement was broad-based, particularly in European government bonds, global swaps, and repo, as markets responded to macro developments and year-end positioning. With our global footprint, diversified product mix, and continued momentum in electronic adoption, we feel good about where Tradeweb is headed as market structure continues to evolve into 2026 and beyond.”

Record Highlights:

For the fourth quarter of 2025, Tradeweb records included:

• ADV in European government bonds
• ADV in swaps/swaptions≥1Y
• ADV in US ETFs
• ADV in repurchase agreements

For the full year of 2025, Tradeweb records included:

• ADV in US government bonds
• ADV in European government bonds
• ADV in mortgages
• ADV in swaps/swaptions≥1Y
• ADV in US high-grade - fully electronic
• ADV in US high-yield - fully electronic
• ADV in US high-yield - electronically processed
• ADV in European credit bonds
• ADV in municipal bonds
• ADV in credit swaps
• ADV in US ETFs
• ADV in International ETFs
• ADV in convertibles/swaps/options
• ADV in repurchase agreements

December 2025 Highlights

rates   

• U.S. government bond ADV was up 5.7% YoY to $222.1 billion (bn). European government bond ADV was up 46.5% YoY to $53.4bn.
  • U.S. government bond ADV was led by strong growth in the institutional client channel. 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.
• Mortgage ADV was up 10.0% YoY to $220.2bn.
  • The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in trading from real-money accounts and increased dollar roll activity. Tradeweb’s specified pool platform saw strong ADV growth of over 20%, supported by ongoing expansion in client and dealer participation.
• Swaps/swaptions ≥ 1-year ADV was up 39.5% YoY to $572.4bn and total rates derivatives ADV was up 64.5% YoY to $1.1tn.
  • Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by a positive outlook on the U.S. macro environment and the continued shift in central bank policy, as well as a 34% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 3Q25.

credit 

• Fully electronic U.S. credit ADV was up 8.1% YoY to $7.5bn and European credit ADV was up 16.6% YoY to $2.1bn.
  • 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 a record 20.5% share of fully electronic U.S. high grade TRACE and 8.0% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 27.4% total share of U.S. high grade TRACE and 9.9% total share of U.S. high yield TRACE. European credit volumes were driven by a diverse set of trading protocols. Cash credit PT ADV decreased by 1% YoY, with non-comp PT ADV down 37% 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 10.4% YoY to $509 million.
  • Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was down 1.9%[2]

• Credit derivatives ADV was up 4.1% YoY to $11.1bn.
  • 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 9.2% YoY to $10.3bn and International ETF ADV was flat YoY at $3.3bn.
  • U.S. ETFs reported strong growth YoY across our institutional and wholesale offerings. On the institutional side, adoption of our automated rules-based RFQ protocol continued to grow, accompanied by an expanding client base. On the wholesale side, our client base also expanded and we saw higher market volatility YoY.

money markets   

• Repo ADV was up 15.6% YoY to $787.7bn.
  • Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility (RRP) remained close to zero for a majority of the month, with a small spike at month end. In Europe, strong activity was driven primarily by dealers actively managing balance sheet and regulatory constraints into year-end, with funding levels remaining orderly.
• Other Money Markets ADV was down 2.3% YoY to $297.0bn.
  • Other money markets ADV declined primarily due to ICD as energy and utility clients deployed liquidity to fund infrastructure projects and ongoing shareholder returns.

YoY Volume for December 2025, Q4 2025 and Full Year (FY) 2025

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.