Tradeweb Markets reported $61.2 trillion in total trading volume for August 2026, with average daily volume rising 13.7% year-on-year to $2.8 trillion.
The figure was below July’s $2.93 trillion ADV, representing a 4.5% month-on-month decline. Average daily trades totalled 188,267 for August, according to the company’s monthly activity report.
The data showed higher activity than a year earlier across Tradeweb’s major rates, credit, equities and money-market categories, although several asset classes moderated from July.
US Government Bond ADV Rises 29%
Rates remained Tradeweb’s largest asset class by volume, led by government bonds and rates derivatives. The strongest movement inside the category came from US government bonds, which rose both year-on-year and month-on-month, while overall rates ADV moderated from July.
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Tradeweb said activity in US and European government bonds was supported by institutional and wholesale trading, a broader client base and use of different trading protocols. In derivatives, the company cited stronger risk trading in longer-dated swaps and swaptions amid changing central-bank policy expectations and continued uncertainty around inflation and economic growth.
| Rates product | August 2026 ADV | YoY change | MoM change |
|---|---|---|---|
| Total rates | $1.62tn | +17.3% | -7.3% |
| US government bonds | $282.5bn | +28.9% | +9.5% |
| European government bonds | $54.1bn | +22.2% | -11.9% |
| Mortgages | $210.7bn | -9.2% | -12.7% |
| Total rates derivatives | $1.06tn | +21.0% | -9.6% |
| Swaps/swaptions ≥1 year | $553.0bn | +27.3% | -2.0% |
Tradeweb attributed the increase in longer-dated swaps and swaptions to stronger risk trading amid changing global central-bank policy expectations and continued uncertainty around inflation and economic growth. The company also reported a 30% year-on-year increase in compression activity.
Credit ADV Climbs 37% as Derivatives Remain Strong
Credit was one of the strongest year-on-year growth areas in August, although activity moderated from July. The main point for continuity is that credit derivatives remained slightly above cash credit after overtaking it in July.
Finance Magnates reported last month that Tradeweb’s credit derivatives ADV reached $21.1 billion in July, exceeding cash credit ADV of $18.9 billion. In August, derivatives ADV fell to $17.75 billion, but remained just ahead of cash credit at $16.95 billion.
| Credit product | August 2026 ADV | YoY change | MoM change |
|---|---|---|---|
| Total credit | $34.69bn | +36.7% | -13.3% |
| Cash credit | $16.95bn | +24.1% | -10.5% |
| Credit derivatives | $17.75bn | +51.5% | -15.7% |
| Fully electronic US high-grade credit | $7.94bn | +34.5% | -5.7% |
| Fully electronic US high-yield credit | $930m | +17.6% | -3.6% |
| European credit | $1.97bn | +10.7% | -33.5% |
Tradeweb attributed the year-on-year increase in credit derivatives to greater hedge fund and systematic account activity across SEF and MTF credit default swap trading.
