March 2026 ADV up 41.8% YoY

First Quarter 2026 ADV up 31.4% YoY

NEW YORK: Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported record total trading volume for the month of March 2026 of $87.0 trillion (tn). Average daily volume ("ADV") for the month was a record $3.8tn, an increase of 41.8 percent (%) year-over-year ("YoY"). For the first quarter of 2026, total trading volume was a record $214.3tn and ADV was a record $3.3tn, an increase of 31.4% YoY, with preliminary average variable fees per million dollars of volume traded of $2.211 and total preliminary fixed fees for rates, credit, equities and money markets of $97.0 million (mm)1.

Tradeweb CEO Billy Hult said: “Tradeweb delivered a record month and quarter, driven by heightened volatility and particularly strong momentum in credit and rates, alongside robust client engagement in equities and money markets. Our average daily volume in March 2026 more than doubled compared to two years earlier, increasing from $1.8 trillion in March 2024 to $3.8 trillion this year, with broad-based growth across asset classes. We are seeing clearly that when volatility rises, most clients are not stepping back from electronic execution – they are leaning in, staying automated and relying on the efficiency, transparency and resiliency of our network. Automation is playing an increasingly important role in this expansion, with adoption of Tradeweb AiEX continuing to accelerate as clients embed automated execution tools more deeply into their trading workflows. Against a challenging year-over-year comparison, our performance underscores the strength of our global platform, our diverse product mix and the long-term trajectory toward greater electronification across markets.”

Record Highlights:

For March of 2026, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in European government bonds
• ADV in mortgages
• ADV in swaps/swaptions ≥ 1-year
• ADV in swaps/swaptions < 1-year
• ADV in fully electronic U.S. high grade credit
• ADV in credit derivatives
• ADV in U.S. ETFs
• ADV in international ETFs

For the first quarter of 2026, Tradeweb records included:

• ADV in U.S. government bonds
• ADV in European government bonds
• ADV in mortgages
• ADV in swaps/swaptions ≥ 1-year
• ADV in swaps/swaptions < 1-year
• ADV in futures
• ADV in fully electronic U.S. high grade credit
• ADV in U.S. high grade - electronically processed
• ADV in fully electronic U.S. high yield credit
• ADV in European credit
• ADV in credit derivatives
• ADV in U.S. ETFs
• ADV in international ETFs
• ADV in repurchase agreements
• ADV in other money markets

March 2026 Highlights

RATES

• U.S. government bond ADV was up 24.4% YoY to $310.1 billion (bn). European government bond ADV was up 27.4% YoY to $80.8bn.
  • Record U.S. government bond ADV was driven by record institutional activity and strong wholesale activity. Similarly, European government bond ADV was driven by record volumes in our institutional client channel. 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 34.3% YoY to $315.8bn.
  • Record To-Be-Announced ("TBA") activity was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility. Tradeweb’s specified pool platform saw strong trading activity YoY, posting its second-highest monthly volume on record, reflecting continued growth in client adoption.
• Swaps/swaptions ≥ 1-year ADV was up 60.4% YoY to $949.8bn and total rates derivatives ADV was up 80.1% YoY to $1.8tn.
  • Record swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by overall inflationary and central bank policy concerns, due to global market sensitivity to geopolitical developments. This was supported by a 52% YoY increase in compression activity, which carries a relatively lower fee per million ("FPM"). 1Q26 compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 4Q25.

CREDIT

• Fully electronic U.S. credit ADV was up 12.3% YoY to $10.7bn and European credit ADV was up 3.2% YoY to $3.2bn.
  • U.S. credit volumes were driven by record ADV in fully electronic U.S. high grade credit, as well as increased client adoption of Tradeweb protocols, most notably in Request-for-Quote ("RFQ"), Portfolio Trading ("PT"), and Tradeweb AllTrade®. Tradeweb captured 17.6% share of fully electronic U.S. high grade TRACE and 8.3% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 24.4% total share of U.S. high grade TRACE and 10.3% total share of U.S. high yield TRACE. Strong European credit volumes were driven by growth in Portfolio Trading and increased adoption of our Automated Intelligent Execution ("AiEX") tool. Global cash credit PT ADV increased by 18.1% YoY, with non-comp PT2 ADV up 17.5% 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 down 1.0% YoY to $421mm.
  • Municipal bonds outperformed the broader market which was down 5%3 YoY.
• Credit derivatives ADV was up 57.2% YoY to $96.2bn.
  • 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 36.8% YoY to $13.8bn and International ETF ADV was up 48.5% YoY to $6.1bn.
  • Record global ETF volumes were driven by robust activity in our institutional and wholesale channels as the client base widened and clients' adoption of our automated trading functionality continued to grow.

MONEY MARKETS

• Repo ADV was up 15.9% YoY to $859.1bn.
  • Global repo ADV 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 a majority of the month, with a small spike at month end. In Europe, with geopolitical tensions intensifying, we saw increased volatility and higher demand for short-term funding, which led to strong activity.
• Other Money Markets ADV was up 0.3% YoY to $297.2bn.
  • Other money markets ADV was driven by ICD Portal activity from existing clients and new client additions. This was partially offset by activity moving from commercial paper and discount notes into repo and T-bills YoY.

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 $2.8 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 See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of preliminary average variable fees per million dollars of volume traded for each underlying asset class, as well as preliminary fixed fees by asset class.

2 Non-comp PT defined as a portfolio trade sent to a single dealer.

3 Based on data from MSRB.

Fonte: Business Wire