November 2025 ADV up 22.3% YoY

Tradeweb Markets Inc. (NASDAQ:TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of November 2025 of $56.8 trillion (tn). Average daily volume (ADV) for the month was $2.9tn, an increase of 22.3 percent (%) year-over-year (YoY).

Record Highlights:

For November of 2025, Tradeweb records included:

ADV in European government bonds
ADV in rates futures
ADV in repurchase agreements (repo)
ADV in other money markets

November 2025 Highlights

RATES

U.S. government bond ADV was up 2.7% YoY at $252.7 billion (bn). European government bond ADV was up 33.1% YoY to $70.7bn.
- U.S. government bond ADV was led by strong growth in the institutional client channel, which achieved a record. Record European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols.
Mortgage ADV was up 20.2% YoY to $277.2bn.
- The increase in To-Be-Announced (TBA) activity was primarily driven by heightened trading from real-money accounts and increased participation from mortgage originators. Tradeweb's specified pool platform reported strong volumes driven by expanding client and dealer adoption, setting another monthly record for the total number of accounts on the platform.
Swaps/swaptions ≥ 1-year ADV was up 16.4% YoY to $495.7bn and total rates derivatives ADV was up 41.5% YoY to $1.1tn.
- Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by continued uncertainty around central bank policy and pending rate cuts, as well as a 10% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 to-date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending higher than 3Q25.

CREDIT

Fully electronic U.S. credit ADV was up 13.9% YoY to $8.5bn and European credit ADV was up 16.5% YoY to $2.9bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured 17.1% and 8.4% share of fully electronic U.S. high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 24.5% total share of U.S. high grade TRACE and 10.2% total share of U.S. high yield TRACE. European credit volumes were driven by continued adoption of Tradeweb's Automated Intelligent Execution (AiEX) tool, which saw record activity in November. Cash credit PT ADV increased by 5% YoY, with non-comp PT ADV down 10% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall.
Municipal bonds ADV was up 17.4% YoY to $480 million (mm).
- Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which remained flat¹ YoY.
Credit derivatives ADV was up 46.5% YoY to $19.8bn.
- 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.

EQUITIES

U.S. ETF ADV was up 32.2% YoY to $11.3bn and International ETF ADV was down 0.2% YoY to $3.3bn.
- U.S. ETFs reported strong growth YoY on the institutional and wholesale platforms. On the institutional platform, adoption of our automated rules-based RFQ protocol continued to grow, accompanied by an expanding client base. On the wholesale side, our client base also expanded and we saw higher market volatility YoY.

MONEY MARKETS

Repo ADV was up 17.9% YoY to $828.4bn.
- Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed's balance sheet unwind. Additionally, balances in the Fed's reverse repo facility (RRP) remained close to zero for a majority of the month. In Europe, strong activity continued despite ongoing central bank balance sheet reduction putting some mild upward pressure on European funding levels.
Other Money Markets ADV was up 0.7% YoY to $304.4bn.
- Record other money markets activity was driven by record ICD money market fund balances, aided by recent debt issuance from several large clients that replenished liquidity after periods of elevated capex, share buybacks, and dividend activity had reduced cash earlier in the year, alongside addition from new clients.

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.

About Tradeweb Markets

Tradeweb Markets Inc. (NASDAQ:TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

Basis of Presentation

All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release.

Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change.

Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated.

Market and Industry Data

This release and the complete report include estimates regarding market and industry data that we prepared based on our management's knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading "Risk Factors" in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

¹ Based on data from MSRB.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251204043481/en/

Media contacts:

Daniel Noonan, Tradeweb

+1 646 767 4677

Daniel.Noonan@Tradeweb.com

Savannah Steele, Tradeweb

+1 646 767 4941

Savannah.Steele@Tradeweb.com

Investor contact:

Ashley Serrao, Tradeweb

+1 646 430 6027

Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb

+1 646 767 4864

Sameer.Murukutla@Tradeweb.com

Tradeweb Reports November 2025 Total Trading Volume of $56.8 Trillion and Average Daily Volume of $2.9 Trillion