Tradeweb Markets Inc. (Nasdaq: TW), a global operator of electronic marketplaces, reported a total trading volume of $52.0 trillion for June 2025. The average daily volume (ADV) for the month reached $2.4 trillion, marking a 25.9 percent increase year-over-year (YoY).
For the second quarter of 2025, Tradeweb achieved a record total trading volume of $165.3 trillion and a record ADV of $2.6 trillion, representing a 32.7% YoY increase. Preliminary average variable fees per million dollars of volume traded stood at $2.30, with total preliminary fixed fees for rates, credit, equities, and money markets totaling $93.8 million. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, the total ADV for June was up 13.0% YoY.
Billy Hult, CEO of Tradeweb, stated, “Tradeweb concluded the second quarter with a robust performance through the end of June, reflecting increased client engagement in electronic trading amidst elevated market activity. The quarter was characterized by significant events, including heightened volatility in April—driven by evolving central bank policy expectations, new U.S. tariffs, and rising geopolitical tensions in the Middle East—all of which influenced trading across the broader financial ecosystem. The sustained adoption of electronic trading during this market turbulence indicates its firm establishment as a primary strategy for clients, even in stressful conditions.”
Second Quarter 2025 Record Highlights:
* ADV in U.S. government bonds
* ADV in U.S. swaps/swaptions less than 1-year
* ADV in fully electronic U.S. high yield credit
* ADV in municipal bonds
* ADV in European ETFs
* ADV in global repurchase agreements
June 2025 Activity Breakdown:
Rates: U.S. government bond ADV increased by 6.1% YoY to $223.6 billion, while European government bond ADV rose 10.0% YoY to $55.6 billion. Strong activity in U.S. government bonds was primarily driven by the wholesale client channel, and robust European government bond ADV was fueled by institutional client channels. Increased client participation across diverse trading protocols supported strong activity in both the U.S. and Europe.
Mortgage ADV saw an 8.4% YoY increase to $226.5 billion, with To-Be-Announced (TBA) activity mainly driven by continued elevated dollar-roll trading and increased engagement from fast money accounts. Tradeweb’s specified pool platform reported significant volumes, attributed to a record number of clients executing on the platform. Swaps/swaptions greater than or equal to 1-year ADV grew 13.2% YoY to $494.9 billion, contributing to a 6.0% YoY increase in total rates derivatives ADV to $828.8 billion. The increase in swaps/swaptions (greater than or equal to 1-year) was driven by a rise in risk trading activity, influenced by U.S. tariff policy and Middle East tensions, leading to global market uncertainty. Compression activity also increased by 9% YoY.
Credit: Fully electronic U.S. credit ADV climbed 14.1% YoY to $8.1 billion, while European credit ADV remained stable YoY at $2.5 billion. U.S. credit volumes were boosted by increased client adoption of Tradeweb protocols, particularly 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. Total share of U.S. high grade TRACE was 27.0%, and U.S. high yield TRACE was 10.4%. European credit volumes initially faced suppression due to geopolitical events but stabilized later in the month, supported by 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 rising 8% YoY. Municipal bonds ADV recorded a 20.8% YoY growth to $494.8 million, showing strong expansion across retail and institutional platforms and outpacing the broader market’s 14.9% YoY growth. Credit derivatives ADV decreased 18.5% YoY to $12.0 billion due to lower credit market volatility, which led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
Equities: U.S. ETF ADV declined 4.5% YoY to $7.7 billion, while European ETF ADV rose 15.8% YoY to $3.3 billion. Tradeweb’s global institutional ETF volumes increased YoY as more clients joined the platform and existing clients expanded their use 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 increased 27.7% YoY to $765.1 billion. Global repo trading activity was supported by increased client participation. In the U.S., growth was driven by the effects of the Federal Reserve’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility (RRP) remained at relatively low levels for most of the month, despite an increase into month-end. In Europe, volumes were influenced by increased government bond issuance and market volatility. Other Money Markets ADV was up YoY to $275.7 billion, driven by the inclusion of ICD volumes in June 2025.
