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.
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- Upgrade Impact: MarketAxess shares rose 3.6% in the afternoon session after BofA Securities upgraded the stock from Underperform to Neutral, indicating market optimism regarding the potential acceleration in e-trading.
- Increased Competition: This upgrade contrasts sharply with Rothschild Redburn's downgrade the previous day, which lowered its rating from Buy to Neutral, citing heightened competition from firms like Tradeweb and Trumid that threaten MarketAxess's previously dominant position in U.S. credit electronic trading.
- Stock Performance Analysis: Currently trading at $120.67, MarketAxess shares are up 3.7% from the previous close but have declined 32.4% since the beginning of the year, reflecting market concerns about its long-term outlook, particularly in the current interest rate environment.
- Investment Return Situation: Investors who purchased $1,000 worth of MarketAxess shares five years ago would now see their investment valued at only $265.38, indicating that the company has not met investor expectations over the past five years, highlighting the market challenges it faces.
- Significant Volume Growth: In May 2026, Tradeweb reported a total trading volume of $62.3 trillion, with an average daily volume of $3.0 trillion, reflecting an 18.3% year-over-year increase that underscores the company's robust performance in the electronic trading market.
- Strong Performance in Rates Derivatives: U.S. government bond ADV rose 19.8% YoY to $282.7 billion, while European government bond ADV increased 26.3% YoY to $64.1 billion, driven by heightened institutional trading activity.
- Credit Market Expansion: Fully electronic U.S. credit ADV grew 20.4% YoY to $10.0 billion, and European credit ADV increased 25.5% YoY to $3.0 billion, indicating strong client adoption of trading protocols, particularly in Request-for-Quote and Portfolio Trading.
- Robust ETF Trading Activity: U.S. ETF ADV surged 23.0% YoY to $10.8 billion, with International ETF ADV up 28.8% YoY to $4.3 billion, demonstrating enhanced trading activity in institutional and wholesale channels as the client base continues to expand.
- Yield Stability: The 30-year and 10-year U.S. Treasury yields remained flat, indicating a cautious market sentiment regarding future interest rate movements, which could influence investors' asset allocation decisions.
- Market Anticipation: Investors continue to focus on the potential for a U.S.-Iran deal, which could have significant implications for global economic conditions and market sentiment, particularly in the energy and financial sectors.
- Investor Sentiment: With yields remaining stable, market participants may adopt a more cautious approach towards risk assets, leading to a shift of funds towards safer investment vehicles, thereby impacting stock market performance.
- Policy Implications: Changes in U.S.-Iran relations could prompt adjustments in U.S. monetary policy, subsequently affecting Treasury yields and overall economic growth expectations, necessitating close monitoring of related developments.
- Surge in Trading Volume: Kalshi processed over $17 billion in trading contracts in May 2025, marking a staggering increase of over 2500% year-over-year, indicating robust growth driven by retail users and likely attracting institutional interest.
- Institutional Trading Strategy: In 2026, Kalshi is actively promoting institutional adoption through partnerships with brokerage platforms and infrastructure development, particularly focusing on hedging needs, which enhances the market's appeal to institutional investors.
- Valuation Doubling: Kalshi's valuation reached $22 billion in May 2026, doubling from $11 billion in December, reflecting optimistic expectations regarding its potential for institutional trading and driving up valuations of private companies in the sector.
- Market Participation Dynamics: While some institutions remain cautious about engaging in prediction markets, Kalshi is working to build confidence through waiving fees for block trades and enhancing market surveillance, which is expected to boost market liquidity and create more opportunities for retail traders.
- Dividend Yield Analysis: TW's current estimated annualized dividend yield stands at 0.57%, and while dividends are often unpredictable, historical data suggests this yield may remain stable going forward, indicating the company's ongoing commitment to shareholder returns.
- Price Fluctuation Range: The 52-week low for TW shares is $97.055, with a high of $147.49, and the latest trade price is $99.61, indicating that the stock is fluctuating near its low point, which may affect investor confidence and decision-making.
- ETF Holdings Overview: TW comprises 2.97% of the Baron Financials ETF (Symbol: BCFN), which is trading up about 0.1% on the day, suggesting a correlation between market sentiment towards TW and the ETF's performance, potentially impacting TW's liquidity.
- Market Performance Snapshot: In Friday trading, Tradeweb Markets Inc shares are down approximately 0.6%, reflecting a negative short-term sentiment towards the stock, which could influence investor buying decisions and overall market confidence.
- Volume Growth: In April 2026, Tradeweb reported a total trading volume of $62.2 trillion, with an average daily volume of $2.9 trillion, reflecting a 7.7% year-over-year increase that underscores the company's robust performance in the electronic trading market and solidifies its market leadership.
- Bond Market Dynamics: U.S. government bond average daily volume decreased by 17.3% year-over-year to $240.2 billion, while European government bond ADV increased by 5.2% to $61.9 billion, indicating the impact of global market uncertainties on trading activities, yet Tradeweb maintained relatively stable client engagement in this context.
- Credit Market Performance: Fully electronic U.S. credit ADV rose by 3.9% year-over-year to $9.2 billion, and European credit ADV increased by 7.2% to $2.9 billion, demonstrating continued client adoption of trading protocols, with Tradeweb capturing 17.9% and 8.9% market shares in U.S. high-grade and high-yield TRACE, respectively.
- Repo Market Activity: Repo ADV surged by 15.0% year-over-year to $881.4 billion, driven by increased client participation, particularly in the context of the Fed's balance sheet unwind, showcasing Tradeweb's adaptability in a high-demand funding environment.










