Tradeweb Reports Record Third Quarter Trading Volume Amid Resilient Market Activity

Tradeweb Markets Inc. posted unprecedented trading volumes in September 2025, with total activity reaching $63.7 trillion. Average daily volume climbed 10% year-over-year to $2.9 trillion, capping a record third quarter that saw $172.8 trillion in total trades.

The platform's CEO Billy Hult highlighted double-digit growth across all asset classes, noting particularly strong performance in mortgages, U.S. swaps, and global repurchase agreements. Despite subdued rate volatility, Tradeweb maintained robust client engagement through its RFQ protocols and AiEX automated trading solution.

Fixed fees across rates, credit, equities and money markets totaled $95.5 million for the quarter, with variable fees averaging $2.16 per million dollars traded. The results demonstrate institutional traders' continued preference for electronic execution venues during periods of macroeconomic uncertainty.