Tradeweb Dives on Volume Numbers
Tradeweb Markets Inc. (NASDAQ: TW) shares plummeted Wednesday. The company, a leading global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of July 2025 of $55.0 trillion.
Average daily volume (ADV) for the month was $2.4tn, an increase of 30.7% year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of July was up 17.2% YoY.
The release went on to say U.S. government bond ADV was relatively flat YoY at $204.7 billion (bn). European government bond ADV was up 18.5% YoY to $50.9bn.
U.S. government bond volumes were supported by continued client engagement across a diverse set of trading protocols. Robust European government bond ADV was driven by strong volumes in our institutional and wholesale client channels.
Mortgage ADV was up 14.3% YoY to $224.9bn.
The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in real-money trading activity YoY and increased trading volumes from mortgage origination clients. Tradeweb’s specified pool platform reported strong volumes driven by a growing number of clients executing on the platform, as well as the addition of new dealers to the platform.
TW shares crumbled $3.45, or 2.5%, to $137.08.
