Tradeweb Reports June 2025 Total Trading Volume of $52.0 Trillion and Average Daily Volume of $2.4 Trillion

Business Wire

13 hours ago

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 June 2025 of $52.0 trillion (tn) 1. Average daily volume (ADV) for the month was $2.4tn, an increase of 25.9 percent (%) year-over-year (YoY). For the second quarter of 2025, total trading volume was a record $165.3tn and ADV was a record $2.6tn, an increase of 32.7% YoY, with preliminary average variable fees per million dollars of volume traded of $2.30 and total preliminary fixed fees for rates, credit, equities and money markets of $93.8 million (mm) 2. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of June was up 13.0% YoY.
Tradeweb CEO Billy Hult said: 'Tradeweb closed out the second quarter with a solid performance through the end of June, reflecting increased client engagement of electronic trading amid a backdrop of elevated market activity. The quarter was marked by several notable events, including heightened volatility in April—brought on by evolving central bank policy expectations, new U.S. tariffs announced around Liberation Day and rising geopolitical tensions in the Middle East—all of which influenced trading activity across the broader financial ecosystem. The fact that electronic trading remained sticky through this market turbulence shows how firmly it's taken hold as a go-to strategy for our clients, even in times of stress.'
Record Highlights:
For the second quarter of 2025, Tradeweb records included:
June 2025 Highlights
RATES
U.S. government bond ADV was up 6.1% YoY to $223.6 billion (bn). European government bond ADV was up 10.0% YoY to $55.6bn.
U.S. government bond ADV was led by strong activity in the wholesale client channel. Robust European government bond ADV was driven by strong volumes in our institutional client channel. 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 8.4% YoY to $226.5bn.
To-Be-Announced (TBA) activity was primarily driven by continued elevated dollar-roll trading and an uptick in engagement from fast money accounts. Tradeweb's specified pool platform reported strong volumes driven by a record number of clients executing on the platform.
Swaps/swaptions ≥ 1-year ADV was up 13.2% YoY to $494.9bn and total rates derivatives ADV was up 6.0% YoY to $828.8bn.
Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by U.S. tariff policy, as well as rising tensions in the Middle East, which caused global market uncertainty. This was supported by a 9% YoY increase in compression activity, which carries a relatively lower fee per million. 2Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 1Q25.
CREDIT
Fully electronic U.S. credit ADV was up 14.1% YoY to $8.1bn and European credit ADV remained flat YoY at $2.5bn.
U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading, and Tradeweb AllTrade®. Tradeweb captured 19.6% and 8.0% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 27.0% total share of U.S. high grade TRACE and 10.4% total share of U.S. high yield TRACE. European credit volumes were suppressed by geopolitical events early in the month but stabilized later as the month progressed due to record new issuance and strong client activity in Tradeweb's Automated Intelligent Execution (AiEX) tool. Cash credit Portfolio Trading ADV increased 4% YoY, with non-comp Portfolio Trading ADV increasing by 8% YoY. Portfolio Trading carries a relatively lower FPM to the broader cash credit average, with non-comp Portfolio Trading carrying a lower FPM than Portfolio Trading overall.
Municipal bonds ADV was up 20.8% YoY to $494.8mm.
Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 14.9% YoY. 3
Credit derivatives ADV was down 18.5% YoY to $12.0bn.
Lower credit market volatility led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
EQUITIES
U.S. ETF ADV was down 4.5% YoY to $7.7bn and European ETF ADV was up 15.8% YoY to $3.3bn.
Tradeweb's global institutional ETF volumes increased YoY as more clients joined the platform and existing clients continued to increase their usage of Tradeweb's AiEX tool. U.S. ETF wholesale volumes were lower YoY primarily due to a reduction in equity market volatility.
MONEY MARKETS
Repo ADV was up 27.7% YoY to $765.1bn.
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 an increase into month-end. In Europe, volumes were driven by increased government bond issuance as well as market volatility.
Other Money Markets ADV was up YoY to $275.7bn.
Other money markets volume was driven by the inclusion of ICD volumes in June 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 $2.4 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.
Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change.
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
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Forward-Looking Statements
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