Tradeweb Markets Inc. has reported total trading volume for the month of May 2025 of USD55.4 trillion (tn). Average daily volume (ADV) for the month was USD 2.5tn, an increase of 33.3 per cent ( 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 May was up 20.3 per cent YoY.
In May 2025, Tradeweb records included:
ADV in global repurchase agreements
May 2025 Highlights
Rates
U.S. government bond ADV was up 22.6 per cent YoY to USD236.0 billion (bn). European government bond ADV was up 22.6 per cent YoY to USD50.8bn.
U.S. government bond ADV was led by strong activity across the institutional and wholesale client channels. Robust European government bond ADV was driven by strong volumes in our institutional client channel. 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 16.8 per cent YoY to USD230.2bn.
To-Be-Announced (TBA) activity was primarily driven by strong roll volume and elevated trading activity from real and fast money 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 1.6 per cent YoY to USD492.0bn and total rates derivatives ADV was up 13.5 per cent YoY to USD890.3bn.
Swaps/swaptions ≥ 1-year saw strong increases in risk trading activity YoY driven by market volatility due to changes in U.S. tariff policy and an active Treasury yield curve. This was partially offset by a 21 per cent YoY decline in compression activity, which carries a relatively lower fee per million. Quarter to date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25.
credit
Fully electronic U.S. credit ADV was up 25.0 per cent YoY to USD8.3bn and European credit ADV was up 8.6 per cent YoY to USD2.4bn.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 17.8 per cent and 8.3 per cent share of fully electronic US high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.3 per cent total share of U.S. high grade TRACE and 11.0 per cent total share of U.S. high yield TRACE. European credit volumes in May were driven by heightened use of Tradeweb AllTrade and continued client engagement in our Automated Intelligent Execution (AiEX) tool.
Municipal bonds ADV was up 38.3 per cent YoY to USD494 million (mm).
Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 13.6 per cent YoY.
Credit derivatives ADV was up 94.9 per cent YoY to USD17.0bn.
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 43.4 per cent YoY to USD8.8bn and European ETF ADV was up 42.6 per cent YoY to USD3.3bn.
US and European ETF volumes were supported by a growing client base and increased adoption of Tradeweb’s AiEX tool, the firm writes. On the Tradeweb institutional platform, U.S. ETF and European ETF volumes were up 84.9 per cent YoY and 42.7 per cent YoY, respectively.
Money markets
Repo ADV was up 28.8 per cent YoY to USD779.7bn.
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, in addition to balances in the Fed’s reverse repo facility (RRP) remaining at relatively low levels. In Europe, volumes were driven by increased government bond issuance as well as market volatility.
Other Money Markets ADV was up YoY to USD269.5bn.
Other money markets volume growth was driven by the inclusion of ICD volumes in May 2025.
