- September 2026 ADV up 29.0% YoY
- Third Quarter 2026 ADV up 22.4% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of September 2026 of $81.6 trillion (tn). Average daily volume ("ADV") for the month was $3.7tn, an increase of 29.0 percent (%) year-over-year ("YoY"). For the third quarter of 2026, total trading volume was $210.3tn and ADV was $3.2tn, an increase of 22.4% YoY, with preliminary average variable fees per million dollars of volume traded of $2.09[1] and total preliminary fixed fees for rates, credit, equities and money markets of $99.7 million (mm)1. Tradeweb opportunistically repurchased 2.0mm shares of Class A common stock for $210mm during the third quarter of 2026[2] given current share price levels, bringing year-to-date repurchases to 4.4mm shares for $449mm.
Tradeweb CEO Billy Hult said: “Tradeweb closed out another strong quarter, with third-quarter ADV up 22.4% year-over-year and growing momentum across our global business. Against a backdrop of rising yields, shifting rate expectations and elevated issuance, we saw increased client activity across fixed income, with particularly strong growth in government bonds and rates derivatives globally, alongside record fully electronic U.S. high grade credit activity in September. As investors navigate a rapidly changing fixed income landscape, they are increasingly looking to technology and a broader range of trading protocols to execute efficiently and manage risk. We see significant runway for that evolution and remain focused on building around how our clients want to trade.”
Record Highlights:
For September of 2026, Tradeweb records included:
- ADV in European government bonds
- ADV in fully electronic U.S. high grade credit
- ADV in municipal bonds
For the third quarter of 2026, Tradeweb records included:
- ADV in municipal bonds
September 2026 Highlights
rates
- U.S. government bond ADV was up 29.0% YoY to $309.8 billion (bn). European government bond ADV was up 29.2% YoY to $81.4bn.
- U.S. government bond ADV was driven by robust institutional and wholesale activity. Similarly, record European government bond ADV was driven by strong volumes in our institutional client channel. Activity in both the U.S. and Europe was supported by a growing number of clients trading across a diverse set of trading protocols.
- Mortgage ADV was down 7.8% YoY to $269.0bn.
- Overall Tradeweb TBA activity moderated YoY against an exceptionally strong prior-year comparison and the Federal Reserve's first rate increase since 2023. Tradeweb's specified pool platform set records for both trades executed and lists traded, supported by a 12% YoY increase in accounts executing.
- Swaps/swaptions ≥ 1-year ADV was up 51.2% YoY to $924.0bn and total rates derivatives ADV was up 62.7% YoY to $1.8tn.
- Swaps/swaptions ≥ 1-year saw stronger risk trading activity YoY, driven by global central bank policy changes and continued geopolitical tensions. This was supported by a 54% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). 3Q26 compression activity as a percentage of swaps/swaptions ≥ 1-year was inline with 2Q26.
credit
- Fully electronic U.S. credit ADV was up 29.7% YoY to $11.1bn and European credit ADV was up 10.8% YoY to $3.2bn.
- Record U.S. credit volumes were driven by continued client adoption of trading protocols, most notably in Request-for-Quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 21.9% share of fully electronic U.S. high grade TRACE and 7.6% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 29.8% total share of U.S. high grade TRACE[3] and 9.9% total share of U.S. high yield TRACE. European credit ADV was up 10.8% driven by a record month for AiEX (Automated Intelligent Execution). Global cash credit PT ADV increased by 56% YoY, with non-comp PT[4] ADV up 125% 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 40.0% YoY to $729 mm.
- Record municipal bond volumes lagged the broader market, which was up 46.2%[5] YoY driven by elevated new issuance activity which Tradeweb does not participate in.
- Credit derivatives ADV was up 55.4% YoY to $86.8bn.
- Increased hedge fund and systematic account activity YoY led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity.
equities
- U.S. ETF ADV was up 21.2% YoY to $12.4bn and International ETF ADV was down 2.6% YoY to $3.6bn.
- U.S. ETFs reported ADV growth YoY on the institutional and wholesale platforms. Institutional ADV was up over 50% YoY, driven by an expanding client base.
money markets
- Repo ADV was up 4.4% YoY to $847.3bn.
- Strong global repo ADV was supported by increased client participation across the platform YoY. In the U.S., growth was driven by higher outstanding U.S. Treasury balances compared to September 2025. Additionally, balances in the Fed's reverse repo facility ("RRP") remained close to zero for most of the month. In Europe, repo markets proved highly resilient, with activity underpinned by robust collateral demand and repriced interest rate expectations after the ECB’s September rate tightening.
- Other Money Markets ADV was up 3.7% YoY to $277.5bn.
- Other money markets ADV was driven by Tradeweb ICD Portal activity from both existing and new client additions. This was partially offset by less client demand for commercial paper and discount notes 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] See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of preliminary average variable fees per million dollars of volume traded for each underlying asset class, as well as preliminary fixed fees by asset class.
[2] Repurchased under the $500mm share repurchase program authorized by the Board of Directors on February 5, 2026. $124.5mm of share repurchase authorization remained as of September 30, 2026.
[3] Beginning August 31, 2026, FINRA changed a TRACE reporting rule to exclude certain duplicate, affiliated trades that had been previously counted in industry volumes. Most market participants began reporting on a voluntary basis under the amended rule for September 2026 reporting, with mandatory compliance beginning August 2, 2027. This change resulted in lowered reported U.S. High Grade TRACE volumes and increased Tradeweb's U.S. High Grade electronic share growth as a percentage of TRACE for the month of September 2026. The impact on September 2026 U.S. High Yield share growth was minimal. TRACE and Tradeweb have not restated prior periods and therefore these amounts may not be comparable.
[4] Non-comp PT defined as a portfolio trade sent to a single dealer.
[5] Based on data from MSRB.
