Tradeweb Reports February 2025 Total Trading Volume of $50.3 Trillion and Average Daily Volume of $2.49 Trillion

Rhea-AI Summary

Tradeweb Markets (TW) reported strong trading performance in February 2025, with total trading volume reaching $50.3 trillion and average daily volume (ADV) of $2.49 trillion, marking a 33.1% year-over-year increase. Excluding the ICD acquisition impact, total ADV grew 18.2% YoY.

Key highlights include:

• U.S. government bond ADV up 21.3% to $252.2 billion
• European government bond ADV increased 12.7% to $57.4 billion
• Mortgage ADV rose 21.0% to $227.7 billion
• Fully electronic U.S. credit ADV grew 11.8% to $8.6 billion
• European credit ADV surged 24.6% to $2.9 billion
• Repo ADV increased 30.1% to $716.1 billion

The company achieved record volumes in U.S. Treasuries and European credit, driven by strong institutional and wholesale client activity, increased protocol adoption, and growing automation through AiEX.

Positive

• Total trading volume reached $50.3 trillion with 33.1% YoY ADV growth
• Record U.S. Treasuries activity across institutional and wholesale channels
• European credit achieved record volumes with 24.6% YoY growth
• Repo ADV increased 30.1% to $716.1 billion
• Strong market share in electronic U.S. high grade (17.8%) and high yield (7.3%) trading

Negative

• U.S. ETF ADV declined 12.2% YoY to $7.7 billion
• 26% YoY decline in compression activity in swaps/swaptions
• Swaps/swaptions ≥ 1-year ADV showed minimal growth of 0.2% YoY

Insights

Financial Markets Analyst

Tradeweb's February trading volume report signals exceptional operational momentum, with total trading volume reaching $50.3 trillion and average daily volume (ADV) surging 33.1% year-over-year to $2.49 trillion. Even excluding the ICD acquisition, organic growth remains robust at 18.2% YoY.

The company is demonstrating strength across multiple asset classes. U.S. government bond ADV increased 21.3% to $252.2 billion, while European government bond ADV rose 12.7%. Notable performance in credit markets includes fully electronic U.S. credit ADV growing 11.8% and European credit ADV jumping 24.6%. Their market share capture of 17.8% in U.S. high grade and 7.3% in U.S. high yield TRACE volumes underscores their competitive positioning.

Particularly impressive was credit derivatives ADV, which soared 67.6% YoY to $13.6 billion, driven by hedge fund activity and heightened credit volatility. Repo ADV also showed substantial growth at 30.1% YoY, reaching $716.1 billion.

The only weakness appeared in U.S. ETF ADV, which declined 12.2% YoY, though this was attributed to reduced SPY volumes in the broader market rather than company-specific issues. Overall, these volume metrics indicate Tradeweb is successfully executing across its electronic trading ecosystem, with particularly strong performance in fixed income and money markets.

February 2025 ADV up 33.1% YoY

NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of February 2025 of $50.3 trillion (tn)¹. Average daily volume (ADV) for the month was $2.49tn, an increase of 33.1 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of February was up 18.2% YoY.

In February 2025, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in fully electronic U.S. high yield credit
• ADV in European credit

February 2025 Highlights

RATES

• U.S. government bond ADV was up 21.3% YoY to $252.2 billion (bn). European government bond ADV was up 12.7% YoY to $57.4bn.
  • U.S. and European government bond activity remained strong in February. Record U.S. Treasuries ADV was led by record activity across the institutional and wholesale client channels, while European government bond ADV was driven by strong volumes across our institutional client channel. A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.
• Mortgage ADV was up 21.0% YoY to $227.7bn.
  • To-Be-Announced (TBA) activity was primarily driven by strong roll volumes and increased trading activity from fast-money accounts. Tradeweb’s specified pool platform reported strong volumes driven by a YoY increase in the number of clients executing on the platform.
• Swaps/swaptions ≥ 1-year ADV was up 0.2% YoY to $503.4bn and total rates derivatives ADV was up 9.9% YoY to $867.6bn.
  • Swaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by market volatility as a result of policy changes by the U.S. federal administration, as well as the recent election in Germany. This was partially offset by a 26% YoY decline in compression activity, which carries a relatively lower fee per million. 1Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 4Q24.

CREDIT

• Fully electronic U.S. credit ADV was up 11.8% YoY to $8.6bn and European credit ADV was up 24.6% YoY to $2.9bn.
  • U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading. Tradeweb captured 17.8% and 7.3% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. Record European credit volumes were driven by further client adoption of Portfolio Trading, RFQ and Tradeweb AllTrade® protocols. Automation adoption through AiEX continued to drive growth across U.S. and European credit.
• Municipal bonds ADV was up 26.9% YoY to $408 million (mm).
  • Municipal bond volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately 9% YoY².
• Credit derivatives ADV was up 67.6% YoY to $13.6bn.
  • 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 down 12.2% YoY to $7.7bn and European ETF ADV was up 23.5% YoY to $3.6bn.
  • European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ protocol. U.S. ETF volumes were lower YoY primarily due to reduced SPY volumes in the market, which disproportionally impacted our U.S. ETF wholesale business.

MONEY MARKETS

• Repo ADV was up 30.1% YoY to $716.1bn.
  • Global repo trading activity was supported by increased client participation across the platform, driving record European repo activity. In the U.S., volumes were driven by the continued unwinding of the Fed’s balance sheet and reduced balances in the reverse repo facility (RRP).
• Other Money Markets ADV was up YoY to $299.5bn.
  • Other money markets volume growth was driven by the inclusion of ICD volumes in February 2025.

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.

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

Basis of Presentation

All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release.

Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated.

Market and Industry Data

This release and the complete report include estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

¹ Tradeweb acquired r8fin and ICD on January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the date of the applicable acquisition.

² Based on data from MSRB.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250306077762/en/

Media contacts:

Daniel Noonan, Tradeweb

+1 646 767 4677

Daniel.Noonan@Tradeweb.com

Savannah Steele, Tradeweb

+1 646 767 4941

Savannah.Steele@Tradeweb.com

Investor contacts:

Ashley Serrao, Tradeweb

+1 646 430 6027

Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb

+1 646 767 4864

Sameer.Murukutla@Tradeweb.com

Source: Tradeweb Markets Inc.

FAQ

What was Tradeweb's (TW) total trading volume in February 2025?

Tradeweb's total trading volume in February 2025 was $50.3 trillion, with an average daily volume of $2.49 trillion.

How much did Tradeweb's (TW) U.S. government bond trading increase in February 2025?

U.S. government bond ADV increased 21.3% year-over-year to $252.2 billion in February 2025.

What was Tradeweb's (TW) market share in U.S. high grade and high yield credit trading?

Tradeweb captured 17.8% of fully electronic U.S. high grade TRACE and 7.3% of U.S. high yield TRACE.

How did Tradeweb's (TW) European credit trading perform in February 2025?

European credit ADV increased 24.6% year-over-year to $2.9 billion, achieving record volumes driven by Portfolio Trading, RFQ, and Tradeweb AllTrade protocols.

What was the impact of the ICD acquisition on Tradeweb's (TW) February 2025 performance?

Excluding the ICD acquisition (closed August 1, 2024), Tradeweb's total ADV growth was 18.2% year-over-year, compared to 33.1% including ICD.