Key Takeaways
- • Tradeweb Markets (Nasdaq: TW) reported October 2026 total trading volume of $78.9 trillion and average daily volume (ADV) of $3.6 trillion, up 26.3% year-over-year.
- • Rates derivatives ADV rose 48.9% YoY to $1.7 trillion, with swaps/swaptions of one year or longer up 39.3% to $698.2 billion.
- • U.S. government bond ADV climbed 32.6% YoY to $304.2 billion, while European government bond ADV grew 12.2% to $70.9 billion.
- • Fully electronic U.S. credit ADV increased 43.0% YoY to $11.4 billion, and credit derivatives ADV more than doubled, up 107.6% to $44.5 billion.
- • Institutional U.S. ETF volumes rose over 50% YoY, and municipal bond ADV hit a record $940 million, up 91.7%.
Summary
Tradeweb Markets Inc. reported total trading volume of $78.9 trillion for October 2026, with average daily volume of $3.6 trillion, an increase of 26.3% year-over-year, according to the company's monthly activity report published via Business Wire. The firm highlighted record ADV in fully electronic U.S. high yield credit and in municipal bonds during the month.
In rates, the results were led by derivatives. Total rates derivatives ADV rose 48.9% YoY to $1.7 trillion, while swaps and swaptions of one year or longer grew 39.3% to $698.2 billion. Tradeweb attributed the stronger risk trading to shifting global central bank policy expectations, persistent energy-related inflation pressures and geopolitical uncertainty. Compression activity, which carries a lower fee per million, rose 33% YoY. U.S. government bond ADV increased 32.6% to $304.2 billion, driven by institutional and wholesale activity, and European government bond ADV rose 12.2% to $70.9 billion. Mortgage ADV grew 5.8% to $268.7 billion, with To-Be-Announced volumes higher as the Federal Reserve held rates steady.
Credit activity was similarly strong. Fully electronic U.S. credit ADV rose 43.0% to $11.4 billion and European credit ADV increased 9.7% to $3.2 billion. Growth was attributed to adoption of Request-for-Quote, Portfolio Trading and Tradeweb AllTrade protocols. Tradeweb reported a 21.4% share of fully electronic U.S. high grade TRACE and 9.2% of U.S. high yield TRACE. Municipal bond ADV reached a record $940 million, up 91.7%, outpacing a broader market increase of 73.6%. Credit derivatives ADV rose 107.6% to $44.5 billion, with increased hedge fund and systematic account activity cited.
In equities, U.S. ETF ADV grew 20.3% to $11.9 billion and international ETF ADV rose 5.9% to $4.0 billion, with institutional U.S. ETF volumes up more than 50% YoY. Money markets saw repo ADV up 4.0% to $821.9 billion, supported by higher outstanding U.S. Treasury balances, while other money markets ADV rose 7.4% to $291.4 billion. Tradeweb noted that figures are preliminary and subject to final review, and that the full report is available on its newsroom site.
In rates, the results were led by derivatives. Total rates derivatives ADV rose 48.9% YoY to $1.7 trillion, while swaps and swaptions of one year or longer grew 39.3% to $698.2 billion. Tradeweb attributed the stronger risk trading to shifting global central bank policy expectations, persistent energy-related inflation pressures and geopolitical uncertainty. Compression activity, which carries a lower fee per million, rose 33% YoY. U.S. government bond ADV increased 32.6% to $304.2 billion, driven by institutional and wholesale activity, and European government bond ADV rose 12.2% to $70.9 billion. Mortgage ADV grew 5.8% to $268.7 billion, with To-Be-Announced volumes higher as the Federal Reserve held rates steady.
Credit activity was similarly strong. Fully electronic U.S. credit ADV rose 43.0% to $11.4 billion and European credit ADV increased 9.7% to $3.2 billion. Growth was attributed to adoption of Request-for-Quote, Portfolio Trading and Tradeweb AllTrade protocols. Tradeweb reported a 21.4% share of fully electronic U.S. high grade TRACE and 9.2% of U.S. high yield TRACE. Municipal bond ADV reached a record $940 million, up 91.7%, outpacing a broader market increase of 73.6%. Credit derivatives ADV rose 107.6% to $44.5 billion, with increased hedge fund and systematic account activity cited.
In equities, U.S. ETF ADV grew 20.3% to $11.9 billion and international ETF ADV rose 5.9% to $4.0 billion, with institutional U.S. ETF volumes up more than 50% YoY. Money markets saw repo ADV up 4.0% to $821.9 billion, supported by higher outstanding U.S. Treasury balances, while other money markets ADV rose 7.4% to $291.4 billion. Tradeweb noted that figures are preliminary and subject to final review, and that the full report is available on its newsroom site.
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