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 February 2025 of $50.3 trillion (tn)1. Average daily volume (ADV) for the month was $2.49tn, an increase of 33.1 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of February was up 18.2% YoY.
In February 2025, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in fully electronic U.S. high yield credit
- ADV in European credit
February 2025 Highlights
RATES
- U.S. government bond ADV was up 21.3% YoY to $252.2 billion (bn). European government bond ADV was up 12.7% YoY to $57.4bn.
- U.S. and European government bond activity remained strong in February. Record U.S. Treasuries ADV was led by record activity across the institutional and wholesale client channels, while European government bond ADV was driven by strong volumes across our institutional client channel. A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.
- Mortgage ADV was up 21.0% YoY to $227.7bn.
- To-Be-Announced (TBA) activity was primarily driven by strong roll volumes and increased trading activity from fast-money accounts. Tradeweb’s specified pool platform reported strong volumes driven by a YoY increase in the number of clients executing on the platform.
- Swaps/swaptions ≥ 1-year ADV was up 0.2% YoY to $503.4bn and total rates derivatives ADV was up 9.9% YoY to $867.6bn.
- Swaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by market volatility as a result of policy changes by the U.S. federal administration, as well as the recent election in Germany. This was partially offset by a 26% YoY decline in compression activity, which carries a relatively lower fee per million. 1Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 4Q24.
CREDIT
- Fully electronic U.S. credit ADV was up 11.8% YoY to $8.6bn and European credit ADV was up 24.6% YoY to $2.9bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading. Tradeweb captured 17.8% and 7.3% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. Record European credit volumes were driven by further client adoption of Portfolio Trading, RFQ and Tradeweb AllTrade® protocols. Automation adoption through AiEX continued to drive growth across U.S. and European credit.
- Municipal bonds ADV was up 26.9% YoY to $408 million (mm).
- Municipal bond volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately 9% YoY2.
- Credit derivatives ADV was up 67.6% YoY to $13.6bn.
- Increased hedge fund and systematic account activity, 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 down 12.2% YoY to $7.7bn and European ETF ADV was up 23.5% YoY to $3.6bn.
- European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ protocol. U.S. ETF volumes were lower YoY primarily due to reduced SPY volumes in the market, which disproportionally impacted our U.S. ETF wholesale business.
MONEY MARKETS
- Repo ADV was up 30.1% YoY to $716.1bn.
- Global repo trading activity was supported by increased client participation across the platform, driving record European repo activity. In the U.S., volumes were driven by the continued unwinding of the Fed’s balance sheet and reduced balances in the reverse repo facility (RRP).
- Other Money Markets ADV was up YoY to $299.5bn.
- Other money markets volume growth was driven by the inclusion of ICD volumes in February 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.
