Tradeweb Reports January 2025 Total Trading Volume of $54.6 Trillion and Average Daily Volume of $2.44 Trillion
Tradeweb Markets reported total trading volume of $54.6 trillion for January 2025, with average daily volume (ADV) of $2.44 trillion, marking a 20.3% year-over-year increase. Excluding the ICD acquisition impact, total ADV grew 6.4% YoY.
Key highlights include: U.S. government bond ADV up 14.3% to $232.1 billion; European government bond ADV increased 16.5% to $58.4 billion; Mortgage ADV rose 21.1% to $265.7 billion with record TBA activity; Repo ADV surged 33.8% to $730.9 billion. However, some segments showed declines: Swaps/swaptions ≥ 1-year ADV decreased 25.7% to $439.2 billion, and U.S. ETF ADV fell 15.7% to $8.5 billion.
In credit markets, fully electronic U.S. credit ADV grew 5.0% to $7.5 billion, while European credit ADV declined 3.9% to $2.4 billion. Tradeweb captured 17.5% of fully electronic U.S. high grade TRACE.
Tradeweb Markets ha riportato un volume totale di trading di $54.6 trilioni per gennaio 2025, con un volume medio giornaliero (ADV) di $2.44 trilioni, segnando un aumento del 20.3% rispetto all'anno precedente. Escludendo l'impatto dell'acquisizione di ICD, l'ADV totale è cresciuto del 6.4% su base annua.
Tra i punti salienti: l'ADV dei titoli di stato statunitensi è aumentato del 14.3% a $232.1 miliardi; l'ADV dei titoli di stato europei è aumentato del 16.5% a $58.4 miliardi; l'ADV dei mutui è salito del 21.1% a $265.7 miliardi, con un'attività record di TBA; l'ADV dei Repo è aumentato del 33.8% a $730.9 miliardi. Tuttavia, alcuni segmenti hanno mostrato cali: l'ADV di swaps/swaptions ≥ 1 anno è diminuito del 25.7% a $439.2 miliardi e l'ADV degli ETF statunitensi è sceso del 15.7% a $8.5 miliardi.
Nei mercati del credito, l'ADV completamente elettronico del credito statunitense è cresciuto del 5.0% a $7.5 miliardi, mentre l'ADV del credito europeo è diminuito del 3.9% a $2.4 miliardi. Tradeweb ha catturato il 17.5% del TRACE di alta qualità statunitense completamente elettronico.
Tradeweb Markets informó un volumen total de negociación de $54.6 billones para enero de 2025, con un volumen diario promedio (ADV) de $2.44 billones, marcando un aumento del 20.3% interanual. Excluyendo el impacto de la adquisición de ICD, el ADV total creció un 6.4% interanual.
Los aspectos más destacados incluyen: ADV de bonos del gobierno de EE. UU. aumentó un 14.3% a $232.1 mil millones; ADV de bonos del gobierno europeo aumentó un 16.5% a $58.4 mil millones; ADV de hipotecas subió un 21.1% a $265.7 mil millones con una actividad récord de TBA; ADV de Repo se disparó un 33.8% a $730.9 mil millones. Sin embargo, algunos segmentos mostraron descensos: ADV de swaps/swaptions ≥ 1 año disminuyó un 25.7% a $439.2 mil millones, y el ADV de ETF de EE. UU. cayó un 15.7% a $8.5 mil millones.
En los mercados de crédito, el ADV completamente electrónico del crédito de EE. UU. creció un 5.0% a $7.5 mil millones, mientras que el ADV del crédito europeo disminuyó un 3.9% a $2.4 mil millones. Tradeweb capturó el 17.5% del TRACE de grado alto completamente electrónico de EE. UU.
Tradeweb Markets는 2025년 1월 총 거래량이 $54.6조에 달하고, 하루 평균 거래량(ADV)이 $2.44조를 기록하였으며, 이는 전년 대비 20.3% 증가한 수치라고 보고했습니다. ICD 인수의 영향을 제외하면, 총 ADV는 전년 대비 6.4% 증가했습니다.
주요 하이라이트는 다음과 같습니다: 미국 정부 채권의 ADV는 14.3% 증가하여 $232.1억에 도달; 유럽 정부 채권 ADV는 16.5% 증가하여 $58.4억에 이르렀습니다; 주택 모기지 ADV는 기록적인 TBA 활동과 함께 21.1% 증가하여 $265.7억에 증가; 레포 ADV는 33.8% 증가하여 $730.9억에 달했습니다. 그러나 일부 부문에서는 감소세를 보였습니다: 스왑/스왑션 ADV가 25.7% 감소하여 $439.2억에 이르렀고, 미국 ETF ADV는 15.7% 감소하여 $8.5억이었습니다.
신용 시장에서는, 전자식 미국 신용 ADV가 5.0% 증가하여 $7.5억에 도달했으며, 유럽 신용 ADV는 3.9% 감소하여 $2.4억에 이렀습니다. Tradeweb는 전자식 미국 고급 TRACE의 17.5%를 차지했습니다.
Tradeweb Markets a rapporté un volume total de trading de $54,6 billions pour janvier 2025, avec un volume quotidien moyen (ADV) de $2,44 billions, marquant une augmentation de 20,3 % par rapport à l'année précédente. En excluant l'impact de l'acquisition de l'ICD, l'ADV total a augmenté de 6,4 % d'une année sur l'autre.
Les points clés incluent : l'ADV des obligations d'État américaines a augmenté de 14,3 % pour atteindre 232,1 milliards de dollars ; l'ADV des obligations d'État européennes a augmenté de 16,5 % pour atteindre 58,4 milliards de dollars ; l'ADV des prêts hypothécaires a augmenté de 21,1 % pour atteindre 265,7 milliards de dollars avec une activité record de TBA ; l'ADV des Repo a bondi de 33,8 % pour atteindre 730,9 milliards de dollars. Cependant, certains segments ont montré des baisses : l'ADV des swaps/swaptions ≥ 1 an a diminué de 25,7 % pour atteindre 439,2 milliards de dollars, et l'ADV des ETF américains a chuté de 15,7 % pour atteindre 8,5 milliards de dollars.
Dans les marchés du crédit, l'ADV entièrement électronique du crédit américain a augmenté de 5,0 % pour atteindre 7,5 milliards de dollars, tandis que l'ADV du crédit européen a diminué de 3,9 % pour atteindre 2,4 milliards de dollars. Tradeweb a capturé 17,5 % du TRACE de haute qualité entièrement électronique des États-Unis.
Tradeweb Markets meldete ein Gesamtverkehrsvolumen von $54,6 Billionen für Januar 2025, mit einem durchschnittlichen Tagesvolumen (ADV) von $2,44 Billionen, was einem Anstieg von 20,3 % im Vergleich zum Vorjahr entspricht. Ohne den Einfluss der ICD-Akquisition wuchs das Gesamt-ADV um 6,4 % im Vergleich zum Vorjahr.
Die wichtigsten Highlights sind: ADV von US-Staatsanleihen stieg um 14,3 % auf $232,1 Milliarden; ADV von europäischen Staatsanleihen erhöhte sich um 16,5 % auf $58,4 Milliarden; ADV für Hypotheken stieg um 21,1 % auf $265,7 Milliarden mit einem Rekord an TBA-Aktivitäten; ADV von Repo stieg um 33,8 % auf $730,9 Milliarden. Einige Segmente zeigten jedoch Rückgänge: ADV für Swaps/Swaptions ≥ 1 Jahr sank um 25,7 % auf $439,2 Milliarden, und das ADV für US-ETFs fiel um 15,7 % auf $8,5 Milliarden.
In den Kreditmärkten wuchs das vollständig elektronische US-Kredit-ADV um 5,0 % auf $7,5 Milliarden, während das europäische Kredit-ADV um 3,9 % auf $2,4 Milliarden zurückging. Tradeweb erfasste 17,5 % des vollständig elektronischen hochqualitativen TRACE der USA.
- Total trading volume reached $54.6 trillion with 20.3% YoY ADV growth
- Record global repo trading with ADV up 33.8% to $730.9 billion
- Mortgage ADV increased 21.1% to $265.7 billion with record TBA activity
- U.S. government bond ADV grew 14.3% to $232.1 billion
- European government bond ADV rose 16.5% to $58.4 billion
- Municipal bonds ADV increased 26.2% YoY to $407 million
- Swaps/swaptions ≥ 1-year ADV declined 25.7% to $439.2 billion
- U.S. ETF ADV decreased 15.7% to $8.5 billion
- European credit ADV fell 3.9% to $2.4 billion
- Total rates derivatives ADV declined 15.9% YoY to $779.8 billion
Insights
Tradeweb's January 2025 performance reveals several compelling market dynamics worth unpacking. The headline 20.3% YoY growth in ADV to
Several key metrics deserve particular attention:
- The
14.3% growth in U.S. government bond ADV amid market volatility suggests Tradeweb is capitalizing on the electronification trend in fixed income markets - The mortgage segment's record TBA activity and
44% YoY growth in specified pool volumes indicates increasing sophistication in electronic mortgage trading - A notable shift in swaps/swaptions activity shows
52% lower compression trading but stronger risk trading, potentially positive for fee generation despite lower volumes
The divergence between U.S. and European credit markets is particularly telling. While U.S. credit maintained growth with
The repo market's record performance (
Looking ahead, the platform's increased adoption of automated trading protocols (AiEX, RFQ) and portfolio trading tools positions Tradeweb well for continued market share gains in electronic trading, particularly as institutional clients seek more efficient execution methods in volatile markets.
January 2025 ADV up
In January 2025, Tradeweb records included:
- ADV in European government bonds
- ADV in mortgages
- ADV in global repurchase agreements
- ADV in equity convertibles/swaps/options
January 2025 Highlights
RATES
-
U.S. government bond ADV was up14.3% YoY to$232.1 billion 16.5% YoY to$58.4b n-
U.S. and European government bond activity remained strong in January.U.S. Treasuries growth was led by robust activity across the institutional and wholesale client channels, while record 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
21.1% YoY to$265.7b n-
Record To-Be-Announced (TBA) activity was primarily driven by an increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes, an increase of
44% YoY, driven by a record number of clients executing on the platform, surpassing the previous December 2024 record.
-
Record To-Be-Announced (TBA) activity was primarily driven by an increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes, an increase of
-
Swaps/swaptions ≥ 1-year ADV was down
25.7% YoY to$439.2b n15.9% YoY to$779.8b n-
Swaps/swaptions ≥ 1-year activity was lower YoY due to a
52% YoY decline in compression activity, which carries a relatively lower fee per million. January compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 4Q24. Strong risk trading volume in swaps/swaptions ≥ 1-year was driven by macroeconomic data and corporate issuance in the market.
-
Swaps/swaptions ≥ 1-year activity was lower YoY due to a
CREDIT
-
Fully electronic
U.S. credit ADV was up5.0% YoY to$7.5b n3.9% YoY to$2.4b n-
U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ). Tradeweb captured17.5% and7.7% of fully electronicU.S high grade andU.S. high yield TRACE, respectively, as measured by Tradeweb. Heightened market volatility weighed on European credit volumes, primarily impacting Tradeweb’s European wholesale business. However, platform volumes improved throughout the month as client adoption of Tradeweb’s Automated Intelligent Execution (AiEX) tool, RFQ, portfolio trading and Tradeweb AllTrade® picked up.
-
-
Municipal bonds ADV was up
26.2% YoY to$407 million -
Municipal bonds volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately
4.8% YoY2.
-
Municipal bonds volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately
-
Credit derivatives ADV was up
60.2% YoY to$15.5b n- 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 down15.7% YoY to$8.5b n24.5% YoY to$3.2b n-
European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ.
U.S. ETF volumes were lower YoY primarily due to reduced secondary volumes in the market, which disproportionally impacted ourU.S. ETF wholesale business.
-
European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ.
MONEY MARKETS
-
Repo ADV was up
33.8% YoY to$730.9b n-
Record global repo trading activity was supported by increased client participation across the platform. 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). InEurope , strong activity was driven by increased balances and heightened roll activity, despite a volatile market.
-
Record global repo trading activity was supported by increased client participation across the platform. In the
-
Other Money Markets ADV was up YoY to
$302.7b n- Other money markets volume growth was driven by the inclusion of ICD volumes in January 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
Basis of Presentation
All reported amounts are presented in
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.
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1 Tradeweb acquired Yieldbroker, r8fin and ICD on August 31, 2023, 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/20250206392849/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.
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