Tradeweb posts $3.7T daily volume in September, up 29% YoY

Tradeweb Markets Inc. (Nasdaq: TW) reported total trading volume of $81.6 trillion for September 2026, with average daily volume (ADV) of $3.7 trillion, a 29.0% increase year-over-year, according to a company press release.

For the third quarter of 2026, total trading volume reached $210.3 trillion, with ADV of $3.2 trillion, up 22.4% year-over-year. Preliminary average variable fees per million dollars of volume traded were $2.091, and total preliminary fixed fees for rates, credit, equities, and money markets were $99.7 million.

Tradeweb repurchased 2.0 million shares of Class A common stock for $210 million during the third quarter under a $500 million share repurchase program authorized in February 2026, bringing year-to-date repurchases to 4.4 million shares for $449 million. As of September 30, 2026, $124.5 million of repurchase authorization remained.

September records were set in ADV for European government bonds, fully electronic U.S. high grade credit, and municipal bonds. Municipal bond ADV rose 40.0% year-over-year to $729 million. Swaps/swaptions ADV of one year or more rose 51.2% year-over-year to $924.0 billion, while total rates derivatives ADV climbed 62.7% to $1.8 trillion. Credit derivatives ADV rose 55.4% year-over-year to $86.8 billion.

U.S. government bond ADV rose 29.0% year-over-year to $309.8 billion, while European government bond ADV rose 29.2% to $81.4 billion. Mortgage ADV declined 7.8% year-over-year to $269.0 billion. Fully electronic U.S. credit ADV rose 29.7% to $11.1 billion, and repo ADV rose 4.4% to $847.3 billion.

CEO Billy Hult said: "Tradeweb closed out another strong quarter, with third-quarter ADV up 22.4% year-over-year and growing momentum across our global business."

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