Tradeweb Markets Inc. reported August 2026 trading volumes of $61.2 trillion, with average daily volume (ADV) reaching $2.8 trillion, a 13.7% year-over-year increase. The electronic trading platform, which serves institutional, wholesale, and retail clients across rates, credit, equities, and money markets, demonstrated broad-based strength across most asset classes despite mixed performance in certain segments.
- U.S. Government Bonds ADV: $282.5 billion, up 28.9% YoY
- Swaps/Swaptions ADV: $553.0 billion, up 27.3% YoY
- U.S. Credit ADV: $8.9 billion, up 32.5% YoY
- Repo ADV: $836.3 billion, up 11.5% YoY
- Credit Derivatives ADV: $17.7 billion, up 51.4% YoY
Rates markets drove much of the growth, with U.S. and European government bonds posting significant gains fueled by institutional and wholesale client activity. Total rates derivatives ADV climbed 21.0% to $1.1 trillion, driven by shifting global central bank policy expectations and economic uncertainty. The platform recorded a 30% year-over-year increase in compression activity, though this carries lower fees per million relative to standard trading.
Credit markets similarly accelerated, with fully electronic U.S. credit ADV jumping 32.5% as clients adopted Tradeweb‘s Request-for-Quote and Portfolio Trading protocols. Credit derivatives surged 51.4% amid increased hedge fund and systematic trading activity. The platform captured 19.0% market share of fully electronic U.S. high-grade TRACE and 8.3% of high-yield TRACE. Equities also advanced, with U.S. ETF ADV rising 19.8% to $10.1 billion, supported by growing client adoption of the platform’s Automated Intelligent Execution tool.
Not all segments performed equally. Mortgage ADV declined 9.2% year-over-year to $210.7 billion as To-Be-Announced activity moderated amid sharply higher long-end Treasury yields. Municipal bonds fell 2.8%, lagging broader market gains partially due to elevated new issuance activity in which Tradeweb does not participate. Founded in 1996, Tradeweb Markets operates electronic marketplaces serving more than 3,000 clients across more than 85 countries.
