Tradeweb Markets Inc., a global leader in electronic trading across asset classes, reported total trading volume for the month of August 2026 of $61.2 trillion (tn). Average daily volume (“ADV”) for the month was $2.8tn, an increase of 13.7 percent (%) year-over-year (“YoY”).

August 2026 Highlights

rates

• U.S. government bond ADV was up 28.9% YoY to $282.5 billion (bn). European government bond ADV was up 22.2% YoY to $54.1bn.
  • U.S. government bond ADV was driven by robust institutional and wholesale activity. Similarly, 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 9.2% YoY to $210.7bn.
  • To-Be-Announced (“TBA”) activity moderated YoY as long-end Treasury yields moved sharply higher, with the number of accounts trading broadly unchanged. Tradeweb’s specified pool platform saw its third-highest monthly trade count on record supported by a 10% YoY increase in accounts trading.
• Swaps/swaptions ≥ 1-year ADV was up 27.3% YoY to $553.0bn and total rates derivatives ADV was up 21.0% YoY to $1.1tn.
  • Swaps/swaptions ≥ 1-year saw stronger risk trading activity YoY, driven by shifting global central bank policy expectations and persistent uncertainty surrounding the inflation and economic growth outlook. This was supported by a 30% YoY increase in compression activity, which carries a relatively lower fee per million (“FPM”). 3Q26 to date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than in 2Q26.

credit 

• Fully electronic U.S. credit ADV was up 32.5% YoY to $8.9bn and European credit ADV was up 10.7% YoY to $2.0bn.
  • 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 19.0% 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 26.8% total share of U.S. high grade TRACE and 10.0% total share of U.S. high yield TRACE. European credit volumes YoY were supported by continued use of a diverse set of trading protocols. Global cash credit PT ADV increased by 50.4% YoY, with non-comp PT[1] ADV up 113.1% 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 2.8% YoY to $523 million (mm).
  • Municipal bond volumes lagged the broader market, which was up 1.1%[2] YoY driven by elevated new issuance activity which Tradeweb does not participate in.
• Credit derivatives ADV was up 51.4% YoY to $17.7bn.
  • 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 19.8% YoY to $10.1bn and International ETF ADV was up 23.6% YoY to $3.1bn.
  • 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 Tradeweb’s Automated Intelligent Execution (“AiEX”) tool continued to grow YoY.

money markets   

• Repo ADV was up 11.5% YoY to $836.3bn.
  • Strong global repo ADV was supported by increased client participation across the platform YoY. In the U.S., strong growth was driven by a continued increase in net treasury issuance. Additionally, balances in the Fed’s reverse repo facility (“RRP”) remained close to zero, with a small spike at the end of the month. In Europe, strong trading momentum continued, supported by elevated collateral demand and shifting expectations surrounding major central bank policy rates.
• Other Money Markets ADV was down 0.1% YoY to $276.3bn.
  • Other money markets ADV was driven by less client demand for commercial paper and discount notes YoY. This was offset by growth in Tradeweb’s ICD Portal activity from both existing and new client additions.

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