Tradeweb Reports Record $2.5 Trillion Average Daily Volume in May 2025

Tradeweb Markets Inc. saw its average daily trading volume surge to $2.5 trillion in May 2025, marking a 33.3% year-over-year increase. Excluding the impact of last year's ICD acquisition, ADV still grew by an impressive 20.3%.

U.S. government bond activity jumped 22.6% to $236 billion, while European government bonds mirrored this growth at $50.8 billion. The platform's mortgage segment advanced 16.8% to $230.2 billion, with TBA activity particularly strong among real money accounts.

Rates derivatives showed robust performance, with swaps/swaptions ≥1-year climbing 1.6% to $492 billion and total rates derivatives up 13.5% to $890.3 billion. The growth was fueled by institutional client demand across diverse trading protocols in both U.S. and European markets.