June 2026 ADV up 29.5% YoY
Second Quarter 2026 ADV up 18.2% YoY

Tradeweb Markets Inc., a global leader in electronic trading across asset classes, reported total trading volume for the month of June 2026 of $69.7 trillion (tn). Average daily volume (“ADV”) for the month was $3.2tn, an increase of 29.5 percent (%) year-over-year (“YoY”). For the second quarter of 2026, total trading volume was $194.2tn and ADV was $3.0tn, an increase of 18.2% YoY, with preliminary average variable fees per million dollars of volume traded of $2.14¹ and total preliminary fixed fees for rates, credit, equities and money markets of $98.6 million (mm)¹.

Tradeweb CEO Billy Hult said: “Tradeweb delivered strong year-over-year volume growth in June, marking our third-best revenue month on record, and wrapping up a quarter of broad-based momentum across our global business. Three key themes stood out during the month: the performance of our all-weather model even as volatility moderated; strong volume growth in our international client base; and the accelerating adoption of Tradeweb AiEX, as clients continue to embed automation deeper into every stage of their trading workflows. Together, these themes underscore the diversification of our platform and the long-term trajectory toward greater electronification across markets.”

Record Highlights:

For June of 2026, Tradeweb records included:

• ADV in U.S. ETFs

For the second quarter of 2026, Tradeweb records included:

• ADV in rates futures
• ADV in fully electronic U.S. high yield credit
• ADV in convertibles/swaps/options
• ADV in repurchase agreements

June 2026 Highlights

RATES

• U.S. government bond ADV was up 20.3% YoY to $269.0 billion (bn). European government bond ADV was up 21.0% YoY to $67.3bn.
  • Strong U.S. government bond ADV was driven by strong institutional and wholesale activity. Similarly, European government bond ADV was driven by strong 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 13.5% YoY to $257.1bn.
  • To-Be-Announced (“TBA”) activity was primarily driven by increased trading YoY from asset managers and hedge funds, alongside strong contributions from government sponsored enterprises, banks and mortgage originators. Tradeweb’s specified pool platform posted its second-highest monthly ADV on record and matched an all-time high in dealer participation, reflecting continued momentum in client adoption and an expanding dealer roster.
• Swaps/swaptions ≥ 1-year ADV was up 45.8% YoY to $721.6bn and total rates derivatives ADV was up 58.9% YoY to $1.3tn.
  • Swaps/swaptions ≥ 1-year saw stronger risk trading activity YoY driven by fluctuating global central bank policy expectations and evolving geopolitical uncertainty contributing to the eventual energy price normalization. This was supported by a 38% YoY increase in compression activity, which carries a relatively lower fee per million (“FPM”). 2Q26 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 1Q26.

CREDIT

• Fully electronic U.S. credit ADV was up 29.3% YoY to $10.5bn and European credit ADV was up 37.5% YoY to $3.5bn.
  • 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 20.2% share of fully electronic U.S. high grade TRACE and 8.4% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 26.9% total share of U.S. high grade TRACE and 10.6% total share of U.S. high yield TRACE. European credit volumes were driven by a diverse set of protocols, particularly PT and Tradeweb Automated Intelligent Execution (AiEX), both of which achieved records in June. Global cash credit PT ADV increased by 51.6% YoY, with non-comp PT² ADV up 66.8% 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 9.5% YoY to $448mm.
  • Municipal bond volumes performed in line with the broader market which was down 9.3%³ YoY.
• Credit derivatives ADV was up 62.3% YoY to $19.5bn.
  • 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

• Record U.S. ETF ADV was up 83.0% YoY to $14.1bn and International ETF ADV was up 38.9% YoY to $4.5bn.
  • Stronger global ETF volumes YoY were driven by robust activity in our institutional and wholesale channels, as the client base grew and clients’ adoption of our automated trading functionality continued to grow YoY.

MONEY MARKETS

• Repo ADV was up 14.8% YoY to $874.2bn.
  • Strong 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 the majority of the month, with a small spike at month end. In Europe, despite Bank of England’s steady policy rate, we saw continued strong growth driven by high collateral demand and shifting European Central Bank policy rates.
• Other Money Markets ADV was up 1.0% YoY to $278.5bn.
  • 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.

Source: Tradeweb Markets