Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of February 2026 of $61.8 trillion (tn). Average daily volume ("ADV") for the month was $3.1tn, an increase of 23.4 percent (%) year-over-year (YoY).
Record Highlights:
For February of 2026, Tradeweb records included:
- ADV in fully electronic U.S. high grade credit
- ADV in global repurchase agreements
- ADV in other money markets
February 2026 Highlights
rates
- U.S. government bond ADV was up 6.4% YoY to $268.4 billion (bn). European government bond ADV was up 34.5% YoY to $77.3bn.
- U.S. government bond ADV was led by record volume 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 9.4% YoY to $249.2bn.
- To-Be-Announced ("TBA") growth was primarily driven by asset managers and originators. Tradeweb’s specified pool platform saw higher trading activity YoY supported by continued growth in client adoption, which increased over 20% YoY.
- Swaps/swaptions ≥ 1-year ADV was up 10.2% YoY to $554.5bn and total rates derivatives ADV was up 38.9% YoY to $1.2tn.
- Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by evolving U.S. inflation expectations, shifting global monetary policy outlooks, and elevated geopolitical risk. This was partially offset by a 3% YoY decline in compression activity, which carries a relatively lower fee per million ("FPM"). 1Q26 to-date compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 4Q25.
credit
- Fully electronic U.S. credit ADV was up 13.1% YoY to $9.8bn and European credit ADV was up 21.1% YoY to $3.5bn.
- U.S. credit volumes were driven by record ADV in fully electronic U.S. high grade credit, as well as increased client adoption of Tradeweb protocols, most notably in Request-for-Quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 18.0% share of fully electronic U.S. high grade TRACE and 6.6% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 25.5% total share of U.S. high grade TRACE and 9.3% total share of U.S. high yield TRACE. Strong European credit volumes were driven by increased adoption of protocols YoY, including record volume in Tradeweb's Automated Intelligent Execution ("AiEX") tool. Global cash credit PT ADV increased by 32% YoY, with non-comp PT ADV up 106% 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 11.9% YoY to $457 million.
- Municipal bonds reported growth across the retail and institutional platforms, outpacing the broader market, which was up 1.5%[1]
- Credit derivatives ADV was up 89.0% YoY to $25.6bn.
- 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 40.3% YoY to $10.8bn and International ETF ADV was up 32.2% YoY to $4.8bn.
- Strong global ETF volumes were driven by robust activity in our institutional and wholesale channels as the client base widened and clients' adoption of our automated trading functionality continued to grow.
money markets
- Repo ADV was up 21.0% YoY to $866.4bn.
- Record global repo ADV was supported by increased client participation across the platform YoY. In the U.S., strong growth continued to be 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, despite broadly steady policy rates, increased volatility and higher demand for short term funding led to strong activity.
- Other Money Markets ADV was up 5.3% YoY to $315.1bn.
- Record other money markets ADV was driven by record ICD Portal activity, as well as new client additions. This was partially offset by activity moving from commercial paper and discount notes into repo and T-bills 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] Based on data from MSRB.
