Tradeweb Reports Record January 2026 Total Trading Volume of $65.5 Trillion and Record Average Daily Volume of $3.1 Trillion

Key Terms

to-be-announced technical

To-be-announced (TBA) describes a trade agreed today for a bond or mortgage-backed security that will be specifically identified later, typically shortly before settlement; buyers and sellers agree on quantity, price and general characteristics but not the exact securities. It matters to investors because it lets large trades move quickly and at standardized prices while creating some uncertainty about the exact asset quality and timing—like ordering a boxed set with a promised genre but not knowing which specific titles you’ll receive until shipment—which can affect return, risk and hedging.

swap execution facility regulatory

A Swap Execution Facility is a special online platform where people and companies can buy and sell swap agreements, which are contracts to exchange financial benefits or risks. It helps ensure these trades happen fairly and transparently, making financial markets safer and more organized—kind of like an auction site for financial contracts.

multilateral trading facility regulatory

A multilateral trading facility (MTF) is an organized electronic venue where multiple buyers and sellers can trade financial instruments like stocks, bonds or derivatives, run by a firm other than a national stock exchange. Think of it as an alternative marketplace or online auction house that matches orders from many participants; it matters to investors because MTFs can offer different pricing, faster execution, lower costs or access to trading hours and instruments that traditional exchanges may not provide.

credit default swaps financial

A credit default swap is a contract where one party pays a regular fee to another in exchange for a payout if a borrower (like a company or government) fails to repay its debt—think of it as an insurance policy on a loan. Investors use these contracts to protect against losses, to express views on a borrower’s financial health, or to speculate, and heavy buying or selling of this protection can change bond prices and signal rising or falling credit risk.

exchange-traded fund financial

An exchange-traded fund (ETF) is a type of investment fund that holds a collection of assets, such as stocks or bonds, and is traded on stock exchanges like individual stocks. It allows investors to buy and sell a diversified group of investments easily and efficiently, often at a lower cost. ETFs provide a simple way to gain exposure to a broad market or specific sectors without having to buy each asset separately.

reverse repo facility financial

A reverse repo facility is a financial tool used by central banks to help manage the amount of money in the economy. It involves temporarily lending money to banks or financial institutions, which agree to buy back the funds later at a slightly higher price. This process helps keep interest rates stable and ensures there is not too much or too little money circulating, which can influence overall economic stability and investment conditions.

commercial paper financial

Short-term IOUs issued by companies to raise cash quickly, sold to investors for a fixed, brief period (usually up to a few months) and repaid with interest at maturity. Think of it as a business borrowing from the public without putting up collateral, like a friend asking to borrow money for a few weeks with a promise to pay back a bit more. Investors watch commercial paper to gauge a company’s short-term funding health and credit risk; difficulty issuing it or rising yields can signal liquidity stress or higher perceived risk.

portfolio trading financial

Portfolio trading is a method of buying or selling a group of investments all at once, rather than individually. Think of it like shopping for a complete outfit instead of picking each piece separately—the goal is to manage multiple investments efficiently and quickly. This approach helps investors adjust their entire collection of assets swiftly, often at lower costs, to better align with their financial goals.

January 2026 ADV up 26.2% YoY

NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported record total trading volume for the month of January 2026 of $65.5 trillion (tn). Average daily volume ("ADV") for the month was a record $3.1tn, an increase of 26.2 percent (%) year-over-year (YoY).

Record Highlights:

For January of 2026, Tradeweb records included:

• ADV in European government bonds
• ADV in mortgages
• ADV in European credit
• ADV in repurchase agreements

January 2026 Highlights

RATES

• U.S. government bond ADV was up 15.3% YoY to $267.7 billion (bn). European government bond ADV was up 36.0% YoY to $79.4bn.
  • U.S. government bond ADV was led by record volume in the institutional client channel. Record European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols.
• Mortgage ADV was up 16.7% YoY to $310.1bn.
  • To-Be-Announced ("TBA") volumes set a new monthly record, with increased outright and relative-value activity primarily driven by heightened intra-month basis volatility following the GSE MBS Purchase Program announcement. Tradeweb’s specified pool platform saw strong ADV growth YoY, setting new records for both trading volume and client participation, and underscoring continued momentum in adoption across our client base.
• Swaps/swaptions ≥ 1-year ADV was up 34.6% YoY to $591.0bn and total rates derivatives ADV was up 51.1% YoY to $1.2tn.
  • Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by continued global political tensions and easing of U.S. inflation, as well as a 25% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). January compression activity as a percentage of swaps/swaptions ≥ 1-year was slightly lower than 4Q25.

CREDIT

• Fully electronic U.S. credit ADV was up 24.4% YoY to $9.4bn and European credit ADV was up 44.0% YoY to $3.5bn.
  • U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 17.5% share of fully electronic U.S. high grade TRACE and 7.1% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 25.3% total share of U.S. high grade TRACE and 9.6% total share of U.S. high yield TRACE. Record European credit volumes were driven by increased adoption of protocols YoY, including record traded volume in Tradeweb's Automated Intelligent Execution ("AiEX") tool. Cash credit PT ADV increased by 53% YoY, with non-comp PT ADV up 49% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall.
• Municipal bonds ADV was up 5.2% YoY to $428 million.
  • Municipal bonds reported growth across the retail and institutional platforms, outpacing the broader market, which was up 0.3%¹ YoY.
• Credit derivatives ADV was up 23.0% YoY to $19.1bn.
  • Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity.

EQUITIES

• U.S. ETF ADV was up 27.6% YoY to $10.8bn and International ETF ADV was up 51.1% YoY to $4.9bn.
  • Global institutional ETF volumes were up over 55% YoY, as the client base widened and clients' adoption of our automated trading functionality continued to grow.

MONEY MARKETS

• Repo ADV was up 17.4% YoY to $857.9bn.
  • Record global repo average daily volume was supported by increased client participation across the platform YoY. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility ("RRP") remained close to zero for the majority of the month, with a small spike toward month-end. In Europe, December activity remained subdued, with most dealers managing their balance sheet and funding position into year-end and volatility remained low.
• Other Money Markets ADV was relatively flat at 0.4% YoY to $301.3bn.
  • Other money markets ADV declined YoY as allocations moved from commercial paper and discount notes into repo and T-bills. That decline was partially offset by growth from ICD, driven by clients rebuilding money market fund balances after share buybacks and elevated business spending, as well as new client additions.

Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.

About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.6 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

Basis of Presentation
All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release.

Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change.

Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated.

Market and Industry Data
This release and the complete report include estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

¹ Based on data from MSRB.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205204080/en/

Media contacts:

Daniel Noonan, Tradeweb

+1 646 767 4677

Daniel.Noonan@Tradeweb.com

Savannah Steele, Tradeweb

+1 646 767 4941

Savannah.Steele@Tradeweb.com

Investor contacts:

Ashley Serrao, Tradeweb

+1 646 430 6027

Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb

+1 646 767 4864

Sameer.Murukutla@Tradeweb.com

Source: Tradeweb Markets Inc.