Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, teported record total trading volume for the month of March 2025 of $59.6 trillion (tn)[1]. Average daily volume (ADV) for the month was a record $2.71tn, an increase of 49.9 percent (%) year-over-year (YoY). For the first quarter of 2025, total trading volume was a record $164.5tn and ADV was a record $2.55tn, an increase of 33.7% YoY, with preliminary average variable fees per million dollars of volume traded of $2.31 and total preliminary fixed fees for rates, credit, equities and money markets of $85.1 million (mm)[2]. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of March was up 34.8% YoY and total ADV for the first quarter of 2025 was up 19.1% YoY.

Tradeweb CEO Billy Hult said: “Electronic trading remained sticky and resilient across asset classes on Tradeweb, as market share gains and heightened market volatility helped drive record volume for the month of March and for the first quarter.”

Record Highlights

For the month of March 2025, Tradeweb records included:

• ADV in European government bonds
• ADV in U.S. swaps/swaptions ≥ 1-year
• ADV in fully electronic U.S. high grade credit
• ADV in fully electronic U.S. high yield credit
• ADV in European credit
• ADV in credit swaps
• ADV in European ETFs
• ADV in repurchase agreements

For the first quarter of 2025, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in European government bonds
• ADV in mortgages
• ADV in U.S. swaps/swaptions ≥ 1-year
• ADV in fully electronic U.S. high grade credit
• ADV in fully electronic U.S. high yield credit
• ADV in European credit
• ADV in credit swaps
• ADV in repurchase agreements

March 2025 Highlights

Rates

• U.S. government bond ADV was up 30.0% YoY to $249.3 billion (bn). European government bond ADV was up 27.6% YoY to $63.4bn.
  • Strong U.S. Treasuries ADV was led by record activity across the institutional client channel and robust activity across the wholesale client channel. Record European government bond ADV was driven by strong volumes across our institutional client channel supported by a busy primary market, as well as heightened volatility in Europe.

• Mortgage ADV was up 15.3% YoY to $235.2bn.

• • To-Be-Announced (TBA) activity was primarily driven by robust roll volumes and increased trading activity from hedge fund 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 44.8% YoY to $592.0bn and total rates derivatives ADV was up 49.2% YoY to $1.01tn.

• • Record swaps/swaptions ≥ 1-year activity was driven by evolving U.S. and global tariff policies, as well as global uncertainty surrounding financial markets. Volumes were supported by a 34% YoY increase in compression activity, which carries a relatively lower fee per million. 1Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 4Q24.

Credit

• Fully electronic U.S. credit ADV was up 26.6% YoY to $9.5bn and European credit ADV was up 14.0% YoY to $3.1bn.

• • U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading. Tradeweb captured 18.4% and 7.6% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. Record European credit volumes were driven by increased volume across all our protocols, including record volume in Portfolio Trading, Tradeweb’s Automated Intelligent Execution (AiEX) tool and Tradeweb AllTrade®.

• Municipal bonds ADV was up 31.0% YoY to $425mm.
  • Municipal bond volumes saw growth across the retail and institutional platforms, outpacing the broader market, which was up approximately 17% YoY[3].
• Credit derivatives ADV was up 72.2% YoY to $61.2bn.
  • Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. The semiannual index roll attributed to a spike in volume on Tradeweb SEF and MTF as participants rolled their CDS positions to the current series.

Equities   

• U.S. ETF ADV was down 3.4% YoY to $10.1bn and European ETF ADV was up 35.6% YoY to $4.1bn.
  • Volumes across Tradeweb’s U.S. and European institutional platforms were up 41% and 36% YoY, respectively, as more clients rebalanced their portfolios in response to market volatility. In the U.S., total volumes were offset by lower wholesale volumes YoY.

Money Markets   

• Repo ADV was up 28.6% YoY to $741.3bn.
  • Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the unwinding of the Fed’s balance sheet, combined with balances remaining low at the reverse repo facility. In Europe, strong activity was driven by continued volatility in markets due to significant U.S. and German policy shifts.
• Other Money Markets ADV was up YoY to $296.3bn.
  • Other money markets volume growth was driven by the inclusion of ICD volumes in March 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.

Source: Tradeweb