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TWBullishMarket Recapnews

High materiality8/10

Tradeweb August ADV up 13.7% YoY; broad gains across rates, credit, and ETFs

Sep 4, 2026, 7:51 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The sustained YoY ADV growth across core franchises (rates, credit, ETFs) implies higher fee-generating volume and potential upside to near-term revenue/adjusted EBITDA if trend persists into 3Q26; favorable mix toward higher-FPM segments like credit derivatives may also support margins.

AI summary

What happened, with direct paths to the underlying reporting

Tradeweb Markets reported August 2026 ADV rose 13.7% YoY to $2.8 trillion, with total monthly volume of $61.2 trillion. Strength spanned rates, credit, and equities, as government bonds, swaps, and ETF activity drove the gains. The data suggest resilient demand for electronic trading platforms amid shifting policy expectations.

August 2026 ADV up 13.7% YoY to $2.8T; total volume $61.2T.
U.S. government bond ADV +28.9% to $282.5B; EU +22.2% to $54.1B.
Swaps/swaptions ≥1Y ADV +27.3% to $553B; rates derivatives +21% to $1.1T.
Credit derivatives ADV +51.4% to $17.7B; hedge fund activity rising.
Equities: U.S. ETF ADV +19.8% to $10.1B; Intl ETF +23.6% to $3.1B.

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