- March 2026 ADV up 41.8% YoY
- First Quarter 2026 ADV up 31.4% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported record total trading volume for the month of March 2026 of $87.0 trillion (tn). Average daily volume ("ADV") for the month was a record $3.8tn, an increase of 41.8 percent (%) year-over-year ("YoY"). For the first quarter of 2026, total trading volume was a record $214.3tn and ADV was a record $3.3tn, an increase of 31.4% YoY, with preliminary average variable fees per million dollars of volume traded of $2.21[1] and total preliminary fixed fees for rates, credit, equities and money markets of $97.0 million (mm).[1]
Tradeweb CEO Billy Hult said: “Tradeweb delivered a record month and quarter, driven by heightened volatility and particularly strong momentum in credit and rates, alongside robust client engagement in equities and money markets. Our average daily volume in March 2026 more than doubled compared to two years earlier, increasing from $1.8 trillion in March 2024 to $3.8 trillion this year, with broad-based growth across asset classes. We are seeing clearly that when volatility rises, most clients are not stepping back from electronic execution – they are leaning in, staying automated and relying on the efficiency, transparency and resiliency of our network. Automation is playing an increasingly important role in this expansion, with adoption of Tradeweb AiEX continuing to accelerate as clients embed automated execution tools more deeply into their trading workflows. Against a challenging year-over-year comparison, our performance underscores the strength of our global platform, our diverse product mix and the long-term trajectory toward greater electronification across markets.”
Record Highlights:
For March of 2026, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in European government bonds
- ADV in mortgages
- ADV in swaps/swaptions ≥ 1-year
- ADV in swaps/swaptions < 1-year
- ADV in fully electronic U.S. high grade credit
- ADV in credit derivatives
- ADV in U.S. ETFs
- ADV in international ETFs
For the first quarter of 2026, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in European government bonds
- ADV in mortgages
- ADV in swaps/swaptions ≥ 1-year
- ADV in swaps/swaptions < 1-year
- ADV in futures
- ADV in fully electronic U.S. high grade credit
- ADV in U.S. high grade - electronically processed
- ADV in fully electronic U.S. high yield credit
- ADV in European credit
- ADV in credit derivatives
- ADV in U.S. ETFs
- ADV in international ETFs
- ADV in repurchase agreements
- ADV in other money markets
March 2026 Highlights
RATES
- U.S. government bond ADV was up 24.4% YoY to $310.1 billion (bn). European government bond ADV was up 27.4% YoY to $80.8bn.
- Record U.S. government bond ADV was driven by record institutional activity and strong wholesale activity. Similarly, European government bond ADV was driven by record volumes in our institutional client channel. 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 34.3% YoY to $315.8bn.
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- Record To-Be-Announced ("TBA") activity was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility. Tradeweb’s specified pool platform saw strong trading activity YoY, posting its second-highest monthly volume on record, reflecting continued growth in client adoption.
- Swaps/swaptions ≥ 1-year ADV was up 60.4% YoY to $949.8bn and total rates derivatives ADV was up 80.1% YoY to $1.8tn.
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- Record swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by overall inflationary and central bank policy concerns, due to global market sensitivity to geopolitical developments. This was supported by a 52% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). 1Q26 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 4Q25.
CREDIT
- Fully electronic U.S. credit ADV was up 12.3% YoY to $10.7bn and European credit ADV was up 3.2% YoY to $3.2bn.
- 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 17.6% share of fully electronic U.S. high grade TRACE and 8.3% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 24.4% total share of U.S. high grade TRACE and 10.3% total share of U.S. high yield TRACE. Strong European credit volumes were driven by growth in Portfolio Trading and increased adoption of our Automated Intelligent Execution ("AiEX") tool. Global cash credit PT ADV increased by 18.1% YoY, with non-comp PT[2] ADV up 17.5% 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 down 1.0% YoY to $421mm.
- Municipal bonds outperformed the broader market which was down 5%[3]
- Credit derivatives ADV was up 57.2% YoY to $96.2bn.
- 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 36.8% YoY to $13.8bn and International ETF ADV was up 48.5% YoY to $6.1bn.
- Record 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 15.9% YoY to $859.1bn.
- Global repo ADV was supported by increased client participation across the platform YoY. 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, with a small spike at month end. In Europe, with geopolitical tensions intensifying, we saw increased volatility and higher demand for short-term funding, which led to strong activity.
- Global repo ADV was supported by increased client participation across the platform YoY. 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, with a small spike at month end. In Europe, with geopolitical tensions intensifying, we saw increased volatility and higher demand for short-term funding, which led to strong activity.
- Other Money Markets ADV was up 0.3% YoY to $297.2bn.
- Other money markets ADV was driven by ICD Portal activity from existing clients and 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.
