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 October 2025 of $65.4 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 20.7 percent (%) year-over-year (YoY).
Record Highlights:
For October of 2025, Tradeweb records included:
- ADV in U.S. swaps/swaptions < 1-year
October 2025 Highlights
rates
- U.S. government bond ADV was up 4.0% YoY to $229.4 billion (bn). European government bond ADV was up 18.2% YoY to $63.2bn.
- US. government bond ADV was led by strong growth in the institutional client channel, which saw its second-best volume month ever. Robust 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 2.1% YoY to $253.9bn.
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- To-Be-Announced (TBA) activity was driven by increased dollar-roll trading and elevated participation from mortgage originators YoY. Tradeweb’s specified pool platform recorded strong volumes, supported by continued client adoption, setting a new monthly record for total accounts executing on the platform.
- Swaps/swaptions ≥ 1-year ADV was up 20.3% YoY to $501.1bn and total rates derivatives ADV was up 44.7% YoY to $1.1tn.
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- Swaps/swaptions ≥ 1-year volumes were supported by continued global tariff tension, central bank rate cuts, and a 39% 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 6.6% YoY to $7.9bn and European credit ADV was up 15.7% YoY to $2.9bn.
- U.S. credit volumes were driven by continued client adoption of Tradeweb protocols, most notably in Portfolio Trading (PT), Tradeweb AllTrade® and request-for-quote (RFQ). Tradeweb captured 17.4% and 7.9% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.3% total share of U.S. high grade TRACE and 10.0% total share of U.S. high yield TRACE. European credit volumes were driven by continued adoption of Tradeweb’s Automated Intelligent Execution (AiEX) tool and PT. Cash credit PT ADV increased by 26.3% YoY, with non-comp PT ADV up 51.5% 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 24.6% YoY to $490 million (mm).
- Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was down 1.3%1
- Credit derivatives ADV was up 57.2% YoY to $21.4bn.
- 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 51.2% YoY to $9.9bn and International ETF ADV was up 32.0% YoY to $3.7bn.
- Strong global ETF volumes were driven by continued expansion of the global platform’s client base as well as adoption of our automated rules-based RFQ trading protocol.
money markets
- Repo ADV was up 16.5% YoY to $790.6bn.
- 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 near zero for the majority of the month, despite an increase in balances toward month-end. 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 down 8.0% YoY to $271.3bn.
- Other money markets activity was lower YoY, driven by certain ICD clients continuing to rebuild their money market fund balances following share buyback activity in the market and increased business-related spend earlier this year. This decline was partially offset by the addition of 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.
1Based on data from MSRB.
