Tradeweb Reports $62.3 Trillion Trading Volume for May 2026
Tradeweb Markets reported total trading volume for the month of May 2026 of $62.3T. Average daily volume for the month was $3T, an increase of 18.3 percent year-over-year. RATES: U.S. government bond ADV was up 19.8% YoY to $282.7B. European government bond ADV was up 26.3% YoY to $64.1B. Strong U.S. government bond ADV was driven by strong institutional and wholesale activity, with institutional volumes reaching their second highest month on record. Similarly, European government bond ADV was driven by strong 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 11.8% YoY to $257.5B. To-Be-Announced activity was primarily driven by increased trading YoY from government sponsored enterprises and originator accounts, alongside higher hedge fund activity. Tradeweb's specified pool platform saw increased volumes YoY, supported by stronger participation from origination and hedge fund clients, continued client adoption, and an expanding dealer roster. Swaps/swaptions greater than or equal to 1-year ADV was up 23.8% YoY to $609.2B and total rates derivatives ADV was up 26.6% YoY to $1.1T. Swaps/swaptions greater than or equal to 1-year saw stronger risk trading activity YoY driven by continued uncertainty around the global inflation outlook, evolving central bank policy expectations and heightened geopolitical developments impacting global rates due to energy related supply risks. This was supported by a 12% YoY increase in compression activity, which carries a relatively lower fee per million. 2Q26 to-date compression activity as a percentage of swaps/swaptions greater than or equal to 1-year is trending higher than 1Q26. CREDIT: Fully electronic U.S. credit ADV was up 20.4% YoY to $10B and European credit ADV was up 25.5% YoY to $3B. U.S. credit volumes were driven by continued client adoption of trading protocols, most notably in Request-for-Quote, Portfolio Trading, and Tradeweb AllTrade. Tradeweb captured 18.9% share of fully electronic U.S. high grade TRACE and 8.2% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 25.9% total share of U.S. high grade TRACE and 10.8% total share of U.S. high yield TRACE. European credit volumes were driven by continued strong adoption of Automated Intelligent Execution and PT. Global cash credit PT ADV increased by 41.5% YoY, with non-comp PT1 ADV up 34.9% 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 4.3% YoY to $473M. Municipal bonds performed slightly better than the broader market which was down 4.8%2 YoY. Credit derivatives ADV was up 11.6% YoY to $19.0bn. Increased hedge fund and systematic account activity YoY led to increased swap execution facility and multilateral trading facility credit default swaps activity. EQUITIES: U.S. ETF ADV was up 23.0% YoY to $10.8B and International ETF ADV was up 28.8% YoY to $4.3B. Stronger global ETF volumes YoY were driven by robust activity in institutional and wholesale channels as the client base grew and clients' adoption of our automated trading functionality continued to grow YoY. MONEY MARKETS: Repo ADV was up 15.5% YoY to $899.1B. Record 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 remained close to zero for a majority of the month, with small spikes mid-month and at the end of the month. In Europe, strong activity continued to be driven by the impact of geopolitical factors feeding into European Central Bank and Bank of England policy rate changes. Other Money Markets ADV was up 0.9% YoY to $272.2B. Other money markets ADV was driven by Tradeweb ICD Portal activity from both existing and new client additions. This was partially offset by less client demand for commercial paper and discount notes YoY.
