Tradeweb’s credit derivatives average daily volume rose 101.2% year-on-year in July, pushing derivatives activity above cash credit trading for the month.
The shift inside the credit business, rather than overall platform volume, is the main change highlighted by the credit data. Credit derivatives ADV reached $21.1 billion in July, compared with $10.5 billion in the same month last year.
Cash credit ADV was $18.9 billion, up 6.6% from $17.8 billion in July 2025. That made derivatives the larger part of Tradeweb’s credit segment during the period.
CDS Activity Drives Credit Mix
The monthly report attributes the increase to stronger hedge fund and systematic account activity. Tradeweb said those clients drove higher credit default swaps trading through swap execution facility and multilateral trading facility venues.
The company did not provide a more detailed breakdown of single-name versus index CDS activity in the monthly release.
Cash credit also grew, but at a slower rate. Fully electronic US credit ADV increased 15.7% year-on-year to $9.4 billion, while European credit ADV rose 4.7% to $3 billion.
US credit volumes were supported by continued use of Request-for-Quote, Portfolio Trading and Tradeweb AllTrade, according to the report.
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Monthly Data Extends Q2 Execution Story
The July figures add a credit derivatives context to the broader execution story Tradeweb discussed in its second-quarter results.
Finance Magnates previously reported that management highlighted protocol adoption, AiEX, RFQ, Portfolio Trading and AllTrade as important parts of its electronic trading strategy across asset classes.
The quarterly discussion was broader than credit derivatives. It included prediction market data, artificial intelligence tools and tokenised settlement initiatives as part of Tradeweb’s longer-term technology agenda.
July’s report narrows the view to one area of the credit franchise where electronic CDS activity grew particularly quickly. For Tradeweb’s credit business, the comparison matters because the company operates across both cash bond and derivatives workflows.
Total credit ADV reached $40 billion in July, up 41.7% year-on-year, with the strongest monthly movement coming from CDS workflows rather than cash bond trading.
The July data does not change Tradeweb’s broader execution strategy, but it shows that the strongest monthly movement inside credit came from credit default swaps rather than cash bond trading.
