Tradeweb Markets posted a strong performance in October, achieving total trading volumes of $54.7 trillion. Average daily volume (ADV) jumped 34.1% year-over-year (YoY) to $2.35 trillion.

The electronic marketplace also reached new heights in bond and derivatives markets, reportedly due to increased adoption across its client base, favorable market conditions, and expanding electronic trading protocols.

Trading Highlights

US government bond ADV surged 34.9% YoY to $220.8 billion, boosted by a record volume in Tradeweb's institutional business and robust wholesale and retail growth. The European government bond market also showed strong results, with ADV up 26.3% to $53.4 billion.

Increased adoption across protocols and the platform’s broad client base contributed to these gains, supported by favorable market conditions amid economic shifts.

Mortgage ADV rose 28.2% YoY to $248.6 billion, driven by record volumes. The uptick reflects strong dollar-roll activity and increased volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term in macro rates, as well as record levels of specified pool lists executed on the platform.

Swaps and swaptions with maturities of one year or longer saw a YoY ADV decline of 9.4% to $416.6 billion, largely due to reduced compression activity, which fell 40% YoY. Despite this, overall rates derivatives ADV rose 5.9% YoY to $793.2 billion as clients continued to engage in risk transfer through Tradeweb's request-for-market protocol amid heightened market volatility.

US Credit ADV

Fully electronic US credit ADV grew 32.7% YoY to $7.4 billion, driven by increased adoption of the request-for-quote (RFQ) and portfolio trading mechanisms. Tradeweb captured a significant market share in US high-grade and high-yield Yield A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a Read this Term bonds.

Meanwhile, credit derivatives ADV increased 13.0% YoY to $13.6 billion, reflecting heightened activity from hedge funds and systematic accounts amid volatile credit markets. US ETF ADV declined 9.0% YoY to $6.5 billion as investor sentiment slowed trading ahead of the US election.

In contrast, European ETF ADV rose 10.8% YoY to $2.8 billion as clients increasingly adopted Tradeweb’s automated RFQ tools for efficient trade execution. Tradeweb’s repo ADV grew 28.7% YoY to $678.4 billion, reflecting increased client activity on its platform. Contributing factors reportedly included elevated funding rates and a reduction in the Fed’s balance sheet.