Tradeweb Markets posted a 21.2% jump in first-quarter revenue to $617.8 million today (Wednesday), as average daily volume crossed $3 trillion for the first time and net income climbed 38.5% to $233.2 million.

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Tradeweb International Revenue Up 29.4% as Asia, Europe Volumes Grow

The electronic trading platform reported record ADV across most of its rates, credit and equities products, lifting GAAP diluted earnings per share to $0.96 from $0.69 a year earlier.

CEO Billy Hult said the firm continues to invest "in frontier areas that are shaping the future of electronic trading," pointing to new partnerships in prediction markets, digital assets and tokenized repo.

International revenue rose 29.4% year over year to $274.1 million, while constant-currency revenue growth came in at 17.5%.

Rates Engine Drives the Quarter as Swaps Volume Nearly Doubles

Rates was the clear standout, contributing $344.2 million in revenue, up 29.7%. Rates ADV climbed 44.2% from a year earlier, with the firm setting records in U.S. and European government bonds, mortgages and both long- and short-dated swaps and swaptions. Short-dated swaps and swaptions volume alone nearly doubled, with ADV up 89.7% to $692.8 billion.

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US government bond ADV grew 15.9% to $283.2 billion, while European government bonds rose 32.6% and mortgages climbed 20.5%. Swaps and swaptions of one year or longer were up 38.2% to $706.4 billion in ADV.

Tradeweb said the rates results were helped by its dealer algo execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term offering for U.S. Treasuries, which now includes algorithms from Citi and RBC Capital Markets, alongside the first fully electronic swaption termination on its TW SEF platform, executed between Citadel and Wells Fargo.

Q1 2026 Key Performance Indicators

Source: Tradeweb Q1 2026 earnings release

Tradeweb Pushes Deeper Into Prediction Markets, Crypto and Tokenized Repo

The first quarter saw Tradeweb plant flags in several adjacent markets. The firm took a minority stake in Kalshi, the largest regulated prediction market, and signed a strategic partnership aimed at delivering institutional access to prediction-market data and trading infrastructure.

In digital assets, Tradeweb led a $31 million Series B financing round in Crossover Markets, the institutional crypto trading technology firm behind CROSSx, in a deal that valued the company at $200 million. The pair signed a strategic partnership with the goal of offering institutional spot crypto liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to global clients.

The company also took part in another batch of on-chain repo trades on the Canton Network, including the first cross-border intraday repo using tokenized Gilts and the first cross-currency intraday repo using tokenized Gilts against non-GBP tokenized deposits. As of March 31, Tradeweb held 1.6 billion Canton Coins valued at $243.5 million.

Electronic Trading Volume Race Heats Up Across the Industry

Tradeweb's record quarter lands in a stretch of broad-based growth across listed electronic platforms and market makers. Rival MarketAxess closed full-year 2025 with record revenue of $846.3 million, up 4%, with revenue outside U.S. credit growing 10% to $406 million.

The company reported record block trading ADV of $5 billion and a 48% increase in portfolio trading ADV to $1.4 billion, although Q1 2025 cash credit market share trends had pressured fees.

On the market-making side, Virtu Financial earlier today reported a near-doubling of first-quarter net income to $346.6 million on revenue of $1.1 billion, with Adjusted EBITDA up 62.7% to $520.6 million.

The differences between the platforms reflect business mix more than direction of travel. MarketAxess remains heavily concentrated in U.S. credit, where electronification gains have plateaued recently, while Tradeweb's broader rates, derivatives and money-markets footprint, boosted by additions like the Citi and RBC algo strategies, is currently translating volume gains into higher revenue at a faster pace.

The 31.4% jump in Tradeweb's first-quarter ADV mirrors the kind of activity that already pushed its December 2025 trading volume past $63 trillion and produced March's record $87 trillion month.