Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities, and money markets, announced impressive trading metrics for November 2025, showcasing its strong market position and continued growth trajectory. The total trading volume reached a staggering $56.8 trillion, with an average daily volume (ADV) of $2.9 trillion—marking a 22.3% increase year-over-year (YoY).

1. Record Highlights for November 2025

This month marked several milestones for Tradeweb, including records in various asset classes such as European government bonds, rates futures, repurchase agreements, and other money markets. These figures underscore Tradeweb's robust infrastructure and the increasing adoption of its trading platforms by institutional and wholesale clients.

Rates Performance

U.S. Government Bonds: The ADV for U.S. government bonds increased by 2.7% YoY to $252.7 billion. This growth was primarily driven by a record performance in the institutional client channel, reflecting a heightened demand for secure government securities.

European Government Bonds: Tradeweb reported a remarkable 33.1% increase in ADV, reaching $70.7 billion. This surge was attributed to strong trading volumes across both institutional and wholesale client channels, signaling a significant uptick in market activity.

Mortgage-backed Securities: The ADV for mortgages increased by 20.2% YoY to $277.2 billion, supported by enhanced trading from real-money accounts and increased participation from mortgage originators.

Swaps and Derivatives: The ADV for swaps/swaptions of one year or longer rose by 16.4% YoY to $495.7 billion, while total rates derivatives ADV surged by 41.5% YoY to $1.1 trillion. This growth reflects increasing trading activity amid ongoing uncertainties in central bank policies.

Credit Sector Growth

U.S. Credit: The fully electronic U.S. credit ADV rose by 13.9% YoY to $8.5 billion, driven by client adoption of Tradeweb's protocols, particularly in request-for-quote (RFQ) and Portfolio Trading (PT).

European Credit: European credit ADV increased by 16.5% YoY to $2.9 billion, bolstered by the adoption of Tradeweb’s Automated Intelligent Execution (AiEX) tool.

Municipal Bonds: The ADV for municipal bonds climbed 17.4% YoY to $480 million, indicating strong growth across both retail and institutional platforms.

Credit Derivatives: A significant 46.5% YoY increase in credit derivatives ADV was recorded, reaching $19.8 billion, driven by heightened activity among hedge funds and systematic accounts.

Equities and Money Markets Update

Equities: The U.S. ETF ADV increased by 32.2% YoY to $11.3 billion, while international ETF ADV remained relatively stable, down 0.2% YoY to $3.3 billion. The growth in U.S. ETFs reflects strong institutional demand and market volatility.

Money Markets: The ADV for repos was up 17.9% YoY to $828.4 billion, achieving record levels due to increased client participation. Other money markets also saw growth, with an ADV increase of 0.7% YoY to $304.4 billion, driven by record ICD money market fund balances.

2. Conclusion

Tradeweb Markets Inc. continues to demonstrate its leadership in the electronic trading space, with remarkable growth across multiple asset classes. The substantial increase in trading volumes reflects the company's ability to adapt to market dynamics and meet growing client demands. As Tradeweb progresses through 2025, its innovative platforms and commitment to enhancing trading workflows will likely continue to drive performance and set new records in the financial markets.

Original press release