New workflow brings municipal inventory into a defined trading window to support market participants’ efforts to reduce risk tie-up and increase turnover

Tradeweb Markets Inc., a global leader in electronic trading across asset classes, announced the launch of Muni Sweep, a session-based trading protocol for the municipal bond market.

Muni Sweep is a session-based workflow that brings municipal inventory into a short, defined trading window, concentrating interest into a single event so participants can review opportunities, accept relevant interest and compare levels against Tradeweb composite pricing before the session closes. Where traditional bid-wanted workflows can tie up risk for hours, Muni Sweep is designed to bring that down to a matter of minutes – giving market makers a faster, lower-friction way to assess and act on large books of line items.

The municipal bond market has undergone a period of strong activity and continued electronification over the past few years. According to the Municipal Securities Rulemaking Board (MSRB)¹, the market recorded 17.6 million trades in 2025, marking a fourth consecutive record year and a 22% increase year-over-year, and electronic trading market share as reported by Coalition Greenwich has increased from 16% in 2022² to nearly 21% in Q2 2026³. Municipal bond average daily volume (“ADV”) on Tradeweb reached a record high in Q3 2026, with September ADV increasing 40.0% year-over-year to $729 million. Against this backdrop, municipal market makers need faster ways to evaluate large numbers of line items, reduce risk tie-up and turn over positions more efficiently.

Troy Dixon, Managing Director, Co-Head of Global Markets at Tradeweb, said: “Muni Sweep is designed to give market makers a faster, more structured way to manage inventory in today’s market. We’ve already seen this protocol gain momentum across other products on our platforms and bringing it to municipals is a natural next step in how we build for our clients’ businesses. It’s a strong example of how Tradeweb continues to invest in the workflow technology our clients need.”

Market participants can bring inventory to a Muni Sweep session with CUSIP, size and an optional mark yield or price, and Tradeweb provides a composite price, allowing users to quickly review levels, accept relevant interest and commit risk within the session window. The protocol also supports seamless upload of inventory and filtering, sorting and Excel import and export to help users assess large numbers of line items quickly.

Muni Sweep builds on Tradeweb’s established experience in the municipal market and workflow tools built for scale, extending to Tradeweb’s retail and institutional ecosystem the same approach that has helped participants manage inventory and balance sheets in other asset classes across Tradeweb’s wholesale platform, where more than 25 sessions currently occur weekly across 10 products globally.

Source: Tradeweb Markets