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 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 bonds.
Meanwhile, credit derivatives ADV increased 13% YoY to $13.6 billion, reflecting heightened activity from hedge funds and systematic accounts amid volatile credit markets. US ETF ADV declined 9% 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.
