radeweb 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 January 2025 of $54.6 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.44tn, an increase of 20.3 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of January was up 6.4% YoY.
In January 2025, Tradeweb records included:
- ADV in European government bonds
- ADV in mortgages
- ADV in global repurchase agreements
- ADV in equity convertibles/swaps/options
January 2025 Highlights
rates
- U.S. government bond ADV was up 14.3% YoY to $232.1 billion (bn). European government bond ADV was up 16.5% YoY to $58.4bn.
- U.S. and European government bond activity remained strong in January. U.S. Treasuries growth was led by robust activity across the institutional and wholesale client channels, while record 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 21.1% YoY to $265.7bn.
- Record To-Be-Announced (TBA) activity was primarily driven by an increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes, an increase of 44% YoY, driven by a record number of clients executing on the platform, surpassing the previous December 2024 record.
- Swaps/swaptions ≥ 1-year ADV was down 25.7% YoY to $439.2bn and total rates derivatives ADV was down 15.9% YoY to $779.8bn.
- Swaps/swaptions ≥ 1-year activity was lower YoY due to a 52% YoY decline in compression activity, which carries a relatively lower fee per million. January compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 4Q24. Strong risk trading volume in swaps/swaptions ≥ 1-year was driven by macroeconomic data and corporate issuance in the market.
credit
- Fully electronic U.S. credit ADV was up 5.0% YoY to $7.5bn and European credit ADV was down 3.9% YoY to $2.4bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ). Tradeweb captured 17.5% and 7.7% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. Heightened market volatility weighed on European credit volumes, primarily impacting Tradeweb’s European wholesale business. However, platform volumes improved throughout the month as client adoption of Tradeweb’s Automated Intelligent Execution (AiEX) tool, RFQ, portfolio trading and Tradeweb AllTrade® picked up.
- Municipal bonds ADV was up 26.2% YoY to $407 million (mm).
- Municipal bonds volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately 4.8% YoY[2].
- Credit derivatives ADV was up 60.2% YoY to $15.5bn.
- 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 15.7% YoY to $8.5bn and European ETF ADV was up 24.5% YoY to $3.2bn.
- European ETF volumes increased YoY as more clients embraced our automated rules- based RFQ. U.S. ETF volumes were lower YoY primarily due to reduced secondary volumes in the market, which disproportionally impacted our U.S. ETF wholesale business.
money markets
- Repo ADV was up 33.8% YoY to $730.9bn.
- Record global repo trading activity was supported by increased client participation across the platform. 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). In Europe, strong activity was driven by increased balances and heightened roll activity, despite a volatile market.
- Other Money Markets ADV was up YoY to $302.7bn.
- Other money markets volume growth was driven by the inclusion of ICD volumes in January 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.
