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 November 2025 of $56.8 trillion (tn). Average daily volume (ADV) for the month was $2.9tn, an increase of 22.3 percent (%) year-over-year (YoY).
Record Highlights:
For November of 2025, Tradeweb records included:
- ADV in European government bonds
- ADV in rates futures
- ADV in repurchase agreements (repo)
- ADV in other money markets
November 2025 Highlights
Rates
- U.S. government bond ADV was up 2.7% YoY at $252.7 billion (bn). European government bond ADV was up 33.1% YoY to $70.7bn.
- U.S. government bond ADV was led by strong growth in the institutional client channel, which achieved a record. Record 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 2% YoY to $277.2bn.
- The increase in To-Be-Announced (TBA) activity was primarily driven by heightened trading from real-money accounts and increased participation from mortgage originators. Tradeweb’s specified pool platform reported strong volumes driven by expanding client and dealer adoption, setting another monthly record for the total number of accounts on the platform.
- Swaps/swaptions ≥ 1-year ADV was up 4% YoY to $495.7bn and total rates derivatives ADV was up 41.5% YoY to $1.1tn.
- Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by continued uncertainty around central bank policy and pending rate cuts, as well as a 10% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 to-date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 3Q25.
Credit
- Fully electronic U.S. credit ADV was up 9% YoY to $8.5bn and European credit ADV was up 16.5% YoY to $2.9bn.
- 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 17.1% and 8.4% share of fully electronic U.S. high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 24.5% total share of U.S. high grade TRACE and 10.2% total share of U.S. high yield TRACE. European credit volumes were driven by continued adoption of Tradeweb’s Automated Intelligent Execution (AiEX) tool, which saw record activity in November. Cash credit PT ADV increased by 5% YoY, with non-comp PT ADV down 10% 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 17.4% YoY to $480 million (mm).
- Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which remained flat1
- Credit derivatives ADV was up 46.5% YoY to $19.8bn.
- 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 32.2% YoY to $11.3bn and International ETF ADV was down 0.2% YoY to $3.3bn.
- U.S. ETFs reported strong growth YoY on the institutional and wholesale platforms. On the institutional platform, 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 17.9% YoY to $828.4bn.
- 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. In Europe, strong activity continued despite ongoing central bank balance sheet reduction putting some mild upward pressure on European funding levels.
- Other Money Markets ADV was up 0.7% YoY to $304.4bn.
- Record other money markets activity was driven by record ICD money market fund balances, aided by recent debt issuance from several large clients that replenished liquidity after periods of elevated capex, share buybacks, and dividend activity had reduced cash earlier in the year, alongside addition from 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.
- Based on data from MSRB.
