Tradeweb Markets Inc. (Nasdaq: TW), a global operator of electronic marketplaces, announced significant trading volumes for December and the fourth quarter of 2025, with average daily volume (ADV) reaching $2.8 trillion, representing a 27.5% year-over-year increase for December and 23.3% for the fourth quarter.
The company reported a total trading volume of $63.0 trillion for December 2025. For the fourth quarter of 2025, total trading volume was $185.3 trillion. Preliminary average variable fees per million dollars of volume traded stood at $2.04, with total preliminary fixed fees for rates, credit, equities, and money markets reaching $95.8 million.
Billy Hult, CEO of Tradeweb, noted that the company concluded an active fourth quarter with strong ADV momentum through December. He highlighted broad-based client engagement, particularly in European government bonds, global swaps, and repo, driven by macro developments and year-end positioning. Hult expressed confidence in Tradeweb’s trajectory, citing its global footprint, diversified product mix, and continued electronic adoption as market structures evolve.
Tradeweb achieved several records in the fourth quarter of 2025, including ADV in European government bonds, swaps/swaptions equal to or greater than one year (≥1Y), US ETFs, and repurchase agreements. For the full year 2025, records included ADV in US government bonds, European government bonds, mortgages, swaps/swaptions ≥1Y, fully electronic US high-grade, fully electronic US high-yield, electronically processed US high-yield, European credit bonds, municipal bonds, credit swaps, US ETFs, International ETFs, convertibles/swaps/options, and repurchase agreements.
In December 2025, Rates ADV saw varied growth. U.
S. government bond ADV rose 5.7% year-over-year (YoY) to $222.1 billion, primarily driven by institutional client channels. European government bond ADV increased 46.5% YoY to $53.4 billion, with strong volumes across institutional and wholesale client channels, supported by diverse trading protocols. Mortgage ADV grew 10.0% YoY to $220.2 billion, attributed to an uptick in To-Be-Announced (TBA) activity from real-money accounts and increased dollar roll activity. Tradeweb’s specified pool platform recorded over 20% ADV growth. Swaps/swaptions ≥1Y ADV increased 39.5% YoY to $572.4 billion, and total rates derivatives ADV surged 64.5% YoY to $1.1 trillion. The increase in swaps/swaptions ≥1Y was driven by risk trading activity linked to a positive U.
S. macro outlook, central bank policy shifts, and a 34% YoY rise in compression activity.
For Credit, fully electronic U.
S. credit ADV was up 8.1% YoY to $7.5 billion, and European credit ADV increased 16.6% YoY to $2.1 billion. U.
S. credit volumes were boosted by increased client adoption of Tradeweb protocols, including request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb’s market share in fully electronic U.
S. high-grade TRACE reached a record 20.5% and 8.0% for U.
S. high-yield TRACE. The company also reported 27.4% total share of U.
S. high-grade TRACE and 9.9% total share of U.
S. high-yield TRACE. European credit volumes were supported by a diverse array of trading protocols. Municipal bonds ADV grew 10.4% YoY to $509 million, outpacing the broader market decline of 1.9% YoY. Credit derivatives ADV rose 4.1% YoY to $11.1 billion, influenced by increased hedge fund and systematic account activity, along with heightened credit volatility, leading to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
In Equities, U.
S. ETF ADV increased 9.2% YoY to $10.3 billion, driven by strong growth in institutional and wholesale offerings, including expanded adoption of automated rules-based RFQ protocols. International ETF ADV remained flat YoY at $3.3 billion, despite an expanding client base and higher market volatility on the wholesale side.
Money Markets saw Repo ADV rise 15.6% YoY to $787.7 billion, supported by increased client participation. U.
S. growth was influenced by the Federal Reserve’s balance sheet unwind and low balances in the reverse repo facility (RRP). European activity was primarily driven by dealers managing balance sheet and regulatory constraints. Other Money Markets ADV declined 2.3% YoY to $297.0 billion, mainly due to ICD as energy and utility clients deployed liquidity for infrastructure projects and shareholder returns.
Tradeweb’s methodology for reflecting acquisitions in its reported average daily volume figures was adjusted starting with the December 2024 Monthly Activity Report. For ADV derived from acquisitions, the denominator is now the number of trading days elapsed from the acquisition date to the end of the reporting period.
