NEW YORK--(BUSINESS WIRE)--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 January 2025 of $54.6 trillion (tn)1. Average daily volume (ADV) for the month was $2.44tn, an increase of 20.3 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of January was up 6.4% YoY.
In January 2025, Tradeweb records included:
- ADV in European government bonds
- ADV in mortgages
- ADV in global repurchase agreements
- ADV in equity convertibles/swaps/options
January 2025 Highlights
RATES
- U.S. government bond ADV was up 14.3% YoY to $232.1 billion (bn). European government bond ADV was up 16.5% YoY to $58.4bn.
- U.S. Treasuries growth was led by robust activity across the institutional and wholesale client channels, while record European government bond ADV was driven by strong volumes across our institutional client channel. A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.
- Mortgage ADV was up 21.1% YoY to $265.7bn.
- Record To-Be-Announced (TBA) activity was primarily driven by an increase in dollar-roll activity YoY. Tradeweb’s specified pool platform reported strong volumes, an increase of 44% YoY.
- Swaps/swaptions ≥ 1-year ADV was down 25.7% YoY to $439.2bn and total rates derivatives ADV was down 15.9% YoY to $779.8bn.
- Swaps/swaptions ≥ 1-year activity was lower YoY due to a 52% YoY decline in compression activity. Strong risk trading volume in swaps/swaptions ≥ 1-year was driven by macroeconomic data and corporate issuance in the market.
CREDIT
- Fully electronic U.S. credit ADV was up 5.0% YoY to $7.5bn and European credit ADV was down 3.9% YoY to $2.4bn.
- U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ).
- Municipal bonds ADV was up 26.2% YoY to $407 million (mm).
- Municipal bonds volumes saw growth across the retail and institutional platforms, outpacing the broader market.
- Credit derivatives ADV was up 60.2% YoY to $15.5bn.
- Increased hedge fund and systematic account activity led to increased credit default swaps activity.
EQUITIES
- U.S. ETF ADV was down 15.7% YoY to $8.5bn and European ETF ADV was up 24.5% YoY to $3.2bn.
- European ETF volumes increased YoY as more clients embraced our automated rules-based RFQ.
MONEY MARKETS
- Repo ADV was up 33.8% YoY to $730.9bn.
- Record global repo trading activity supported by increased client participation across the platform.
- Other Money Markets ADV was up YoY to $302.7bn.
- Volume growth was driven by the inclusion of ICD volumes in January 2025.
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...
Basis of Presentation
All reported amounts are presented in U.S. dollars, unless otherwise indicated...
Market and Industry Data
This release and the complete report include estimates regarding market and industry data...
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws...
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| 1 Tradeweb acquired Yieldbroker, r8fin and ICD on August 31, 2023, January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the date of the applicable acquisition. |
| 2 Based on data from MSRB. |