Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported record total trading volume for the month of September 2025 of $63.7 trillion (tn)[1]. Average daily volume (ADV) for the month was a record $2.9tn, an increase of 10.0 percent (%) year-over-year (YoY).

For the third quarter of 2025, total trading volume was a record $172.8tn and ADV was a record $2.6tn, an increase of 11.8% YoY (14.5% YoY excluding the impact of ICD), with preliminary average variable fees per million dollars of volume traded of $2.16 and total preliminary fixed fees for rates, credit, equities and money markets of $95.5 million (mm)[2].

Tradeweb CEO Billy Hult said: “Tradeweb reported record ADV for both September and the third quarter, with double-digit growth in each over the year-ago period. September was active across all asset classes, helping us finish the quarter with strong momentum. Our markets remained resilient despite depressed rate volatility, with strong client engagement across various tools and protocols including RFQ and our automated solution AiEX.”

Record Highlights:

For September of 2025, Tradeweb records included:

• ADV in mortgages
• ADV in U.S. swaps/swaptions ≥ 1-year
• ADV in U.S. swaps/swaptions < 1-year
• ADV in equity convertibles/swaps/options
• ADV in global repurchase agreements

For the third quarter of 2025, Tradeweb records included:

• ADV in mortgages
• ADV in U.S. swaps/swaptions < 1-year
• ADV in municipal bonds
• ADV in equity convertibles/swaps/options
• ADV in global repurchase agreements

September 2025 Highlights

Rates

• U.S. government bond ADV was up 3.5% YoY to $240.2 billion (bn). European government bond ADV was up 27.3% YoY to $63.0bn.
  • U.S. government bond ADV was led by growth in the institutional client channel, which achieved its second highest month ever. Robust European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. 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 21.5% YoY to $291.9bn.

• • Record To-Be-Announced (TBA) activity was primarily driven by elevated trading from real-money accounts and a sharp increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes supported by higher origination activity and broader client adoption.

• Swaps/swaptions ≥ 1-year ADV was up 6.1% YoY to $611.2bn and total rates derivatives ADV was up 8.1% YoY to $1.1tn.

• • Record swaps/swaptions ≥ 1-year volumes were supported by a strong increase in risk trading activity YoY driven by economic data and central bank policy decisions. This was partially offset by a 15% YoY decline in compression activity, which carries a relatively lower fee per million. 3Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 2Q25.

Credit

• Fully electronic U.S. credit ADV was down 0.9% YoY to $8.6bn and European credit ADV was up 4.2% YoY to $2.9bn.
  • U.S. credit volumes were driven by continued client adoption of Tradeweb protocols, most notably in Tradeweb AllTrade® and request-for-quote (RFQ), which were offset by a decline in Portfolio Trading (PT). Tradeweb captured 18.0% and 7.2% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.2% total share of U.S. high grade TRACE and 9.5% total share of U.S. high yield TRACE. European credit volumes were driven by record Tradeweb Automated Intelligent Execution (AiEX) activity. Cash credit PT ADV decreased by 12.6% YoY, with non-comp PT ADV down 35.9% 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 up 35.3% YoY to $521 mm.
  • Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 17.7%[3]
• Credit derivatives ADV was up 1.8% YoY to $55.9bn.
  • Increased hedge fund and systematic account activity, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.

Equities

• U.S. ETF ADV was up 34.4% YoY to $10.2bn and European ETF ADV was up 22.2% YoY to $3.7bn.
  • Strong global ETF volumes were driven by robust activity in our institutional and wholesale channels, as more clients continued to embrace the RFQ protocol, as well as our Tradeweb AiEX solution, which reached a record in adoption in the U.S.

Money markets

• Repo ADV was up 19.2% YoY to $811.7bn.
  • Record global repo trading activity was supported by increased client participation across the platform. 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 at relatively low levels throughout most of the month, despite a small increase into month-end. In Europe, central banks deployed repo operations more aggressively to provide liquidity amid tightening macro conditions.
• Other Money Markets ADV was down 11.5% YoY to $267.7bn.
  • Other money markets activity was lower YoY, driven by certain ICD clients continuing to rebuild their money market fund balances following share buyback activity in the market and increased business-related spend earlier this year. This decline was partially offset by the addition of new clients.

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