Tradeweb Markets Inc., a global leader in electronic trading across asset classes, reported total trading volume for the month of July 2026 of $67.5 trillion (tn). Average daily volume (“ADV”) for the month was $2.9tn, an increase of 23.3 percent (%) year-over-year (“YoY”).

July 2026 Highlights

RATES

• U.S. government bond ADV was up 26.1% YoY to $258.0 billion (bn). European government bond ADV was up 20.8% YoY to $61.4bn.
  • 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 up 7.3% YoY to $241.4bn.
  • To-Be-Announced (“TBA”) activity was primarily driven by increased YoY trading from real money accounts, government sponsored enterprises (“GSEs”) and mortgage originators. Tradeweb’s specified pool platform saw higher volumes YoY, supported by continued client activity and broader participation across GSEs, hedge funds and bank clients.
• Swaps/swaptions ≥ 1-year ADV was up 45.3% YoY to $564.5bn and total rates derivatives ADV was up 49.9% YoY to $1.2tn.
  • Swaps/swaptions ≥ 1-year saw stronger risk trading activity YoY, driven by reactions to global central bank policy, geopolitical tensions contributing to the eventual energy price normalization and growing inflation concerns. This was supported by a 55% YoY increase in compression activity, which carries a relatively lower fee per million (“FPM”). July compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than in 2Q26.

CREDIT

• Fully electronic U.S. credit ADV was up 15.7% YoY to $9.4bn and European credit ADV was up 4.7% YoY to $3.0bn.
  • 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 18.8% share of fully electronic U.S. high grade TRACE and 7.9% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 27.1% total share of U.S. high grade TRACE and 9.9% total share of U.S. high yield TRACE. European credit volumes were supported by client adoption of a diverse set of protocols, particularly Tradeweb’s Automated Intelligent Execution (“AiEX”) tool, as clients increasingly turned to automated execution. Global cash credit PT ADV increased by 15.1% YoY, with non-comp PT¹ ADV down 2.9% 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 7.7% YoY to $456 million (mm).
  • Municipal bond volumes performed broadly in line with the market which was down 6.8%² YoY.
• Credit derivatives ADV was up 101.2% YoY to $21.1bn.
  • 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 50.6% YoY to $11.4bn and International ETF ADV was up 31.3% YoY to $4.0bn.
  • 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 AiEX continued to grow YoY.

MONEY MARKETS

• Repo ADV was up 7.2% YoY to $832.9bn.
  • 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 entirety of the month. In Europe, continued strong activity YoY was driven by elevated activity amid ongoing geopolitical uncertainty and an uncertain outlook for the future direction of monetary policy.
• Other Money Markets ADV was up 0.5% YoY to $272.2bn.
  • Other money markets ADV was driven by Tradeweb ICD Portal activity from both existing and new client additions. This was mostly 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