Tradeweb published October 2026 monthly trading activity on 5 November, reporting $78.9 trillion in total volume and $3.6 trillion in average daily volume. The latter was 26.3% higher than October 2025. This makes the release a useful snapshot of electronic institutional execution across rates, credit, equities and money markets, but not an earnings statement: notional value traded is different from fee revenue.[1]
US government bond average daily volume reached $304.2 billion, up 32.6% year on year, while European government bonds rose 12.2% to $70.9 billion. The rates-derivatives business grew faster: swaps and swaptions of at least one year averaged $698.2 billion a day, 39.3% higher, and all rates derivatives averaged $1.7 trillion, up 48.9%. Those segments reflect trading and portfolio management activity under different contract conventions.[1]
Fully electronic US credit averaged $11.4 billion per day, a 43% increase. Municipal bonds reached a record $940 million, up 91.7%. Tradeweb cited wider municipal market growth of 73.6% based on MSRB data. The 18.1 percentage-point difference between those growth rates indicates outperformance of reported turnover growth, but should not be described as an 18.1-point gain in market share: different denominators and starting market shares matter.[1]
Verified figures, scope and limitations
| Metric or provision | Evidence |
|---|---|
| October total notional traded | $78.9tn |
| October ADV | $3.6tn; +26.3% YoY |
| US government bond ADV | $304.2bn; +32.6% |
| Swaps/swaptions ≥ 1 year ADV | $698.2bn; +39.3% |
| All rates derivatives ADV | $1.7tn; +48.9% |
| Fully electronic US credit ADV | $11.4bn; +43.0% |
| Municipal bond ADV | $940m; +91.7% |
| Credit derivatives ADV | $44.5bn; +107.6% |
| US Treasury repo ADV | $821.9bn; +4.0% |
Credit derivatives averaged $44.5 billion a day, more than double the year-earlier level, while repurchase-agreement activity rose a comparatively modest 4% to $821.9 billion. The divergence illustrates why exchange and platform operators can have strong headline ADV growth without uniform demand across every product. For a broker or liquidity provider, the meaningful question is where customer workflow is moving, not whether one aggregate daily number rises.[1]
There is a material measurement caveat in the credit business. Tradeweb says changes to FINRA TRACE reporting from 31 August reduced the industry-volume denominator for some US high-grade credit calculations. Its reported market-share growth therefore needs care when comparing 2026 with earlier periods, because historical data have not been restated. A denominator revision is not equivalent to an extra trade executed by the platform.[1]
Tradeweb also distinguishes portfolio trading and compression transactions, which can generate lower fees per million of notional than other trading methods. Strong growth in lower-fee protocols can expand ADV faster than transaction revenue. Analysts comparing Tradeweb to voice brokers or other electronic venues must account for these economics before extrapolating fees.[1]
October's release demonstrates institutional adoption across several market segments. The enduring test is how much of that volume becomes sustainable revenue, execution quality and recurring client activity, rather than an assumption that every notional dollar has the same economic value. Because fee per million varies by trading protocol, headline notional and average daily volume can grow materially faster than the platform’s realised commission revenue.[1]
Sources & further reading
- Tradeweb Reports October 2026 Total Trading Volume of $78.9 Trillion and Average Daily Volume of $3.6 Trillion Tradeweb Markets investor relations · 5 Nov 2026 · Accessed 5 Nov 2026