Tradeweb Markets Inc. (Nasdaq: TW) reported total trading volume for the month of April 2025 of USD57.8 trillion. Average daily volume (ADV) for the month was USD2.7 trillion, an increase of 38.6 per cent year-over-year (YoY).
Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of April was up 25.9 per cent YoY.
In April 2025, Tradeweb records included:
ADV in U.S. government bonds
ADV in fully electronic U.S. high yield credit
ADV in municipal bonds
ADV in U.S. ETFs
ADV in European ETFs
ADV in global repurchase agreements
April 2025 Highlights
RATES
US government bond ADV was up 41.5 per cent YoY to USD290.4 billion. European government bond ADV was up 29.1 per cent YoY to USD58.9 billion.
Tradeweb writes that record US government bond ADV was led by record activity across the institutional and wholesale client channels. On April 9, Tradeweb facilitated record single-day volume of USD472.5 billion in US government bonds following the US federal administration’s tariff announcements.
Robust European government bond ADV was driven by strong volumes across our institutional client channel, the firm writes. Strong activity in the US and Europe was supported by an increased number of clients trading across a diverse set of trading protocols.
Mortgage ADV was up 12.6 per cent YoY to USD232.2 billion.
To-Be-Announced (TBA) activity was primarily driven by heightened volatility and increased trading activity from the originator community. Tradeweb’s specified pool platform reported strong volumes driven by a growing number of clients executing on the platform.
Swaps/swaptions ≥ 1-year ADV was up 10.1 per cent YoY to USD523.8 billion and total rates derivatives ADV was up 22.1 per cent YoY to USD971.9 billion.
Swaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by significant volatility in global rates markets, due to geopolitical tensions, regulatory uncertainties and shifts in investor sentiment, Tradeweb writes. This was partially offset by an 18 per cent YoY decline in compression activity, which carries a relatively lower fee per million. April compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25.
CREDIT
Fully electronic US credit ADV was up 9.2 per cent YoY to USD8.8 billion and European credit ADV was up 18.4 per cent YoY to USD2.7 billion.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 16.7 per cent and 8.4 per cent share of fully electronic US high grade and US high yield TRACE, respectively, as measured by Tradeweb.
“We also reported 25.6 per cent total share of US high grade TRACE and 10.8 per cent total share of U.S. high yield TRACE. The first half of April was impacted by heightened volatility, which led to increased one-way flow in the wholesale channel and idiosyncratic client activity. However, activity normalised in US high grade credit as the month progressed, with US high grade credit market share reaching 18.8 per cent in the second half of April. European credit volumes were driven by growth in Portfolio Trading and Tradeweb AllTrade.”
Municipal bonds ADV was up 58.5 per cent YoY to USD550 million (mm).
Municipal bonds saw strong growth across the retail and institutional platforms, reflecting growth relatively in-line with the overall market.
Credit derivatives ADV was up 93.5 per cent YoY to USD29.6 billion.
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
US ETF ADV was up 62.7 per cent YoY to USD12.7 billion and European ETF ADV was up 86.3 per cent YoY to USD5.3 billion.
Record US and European ETF volumes were driven by increased activity in our Automated Intelligent Execution (AiEX) tool and elevated market volatility. On the Tradeweb institutional platform, US ETF and European ETF volumes were up 122.5 per cent and 86.6 per cent YoY, respectively.
MONEY MARKETS
Repo ADV was up 28.2 per cent YoY to USD766.7 billion
Record global repo trading activity was supported by increased client participation across the platform. In the US, strong growth was driven by the lasting effects of the Fed’s balance sheet unwind, combined with balances still remaining relatively low at the reverse repo facility. In Europe, volumes and market activity continued to grow and were primarily driven by volatility caused by the current geopolitical landscape.
Other Money Markets ADV was up YoY to USD268.7 billion.
Other money markets volume growth was driven by the inclusion of ICD volumes in April 2025.
