Tradeweb Markets recorded $62.3tn in total trading volume for May 2026, with average daily volume rising 18.3 per cent year on year to $3.0tn, the electronic trading platform operator said.
The Nasdaq-listed company set new records for average daily volume in rates futures and repurchase agreements during the month.
US government bond average daily volume rose 19.8 per cent to $282.7bn, driven by strong institutional and wholesale activity, with institutional volumes reaching their second-highest month on record. European government bond average daily volume increased 26.3 per cent to $64.1bn.
In credit markets, fully electronic US credit average daily volume climbed 20.4 per cent to $10.0bn, while European credit rose 25.5 per cent to $3.0bn. Tradeweb captured 18.9 per cent of fully electronic US high-grade TRACE volume and 8.2 per cent of US high-yield TRACE, according to the company’s calculations.
Global cash credit portfolio trading average daily volume increased 41.5 per cent year on year.
Swaps and swaptions with maturities of one year or longer saw average daily volume rise 23.8 per cent to $609.2bn, with total rates derivatives up 26.6 per cent to $1.1tn. The company attributed the increase to uncertainty over global inflation, evolving central bank policy expectations and geopolitical developments affecting energy supply.
Mortgage average daily volume rose 11.8 per cent to $257.5bn, supported by increased trading from government-sponsored enterprises, originator accounts and hedge funds.
Repurchase agreement average daily volume set a record, rising 15.5 per cent to $899.1bn. In the US, growth was supported by the Federal Reserve’s balance sheet reduction, with balances in the Fed’s reverse repo facility remaining close to zero for most of the month.
US exchange-traded fund average daily volume increased 23 per cent to $10.8bn, while international ETF volumes rose 28.8 per cent to $4.3bn.
Municipal bond average daily volume fell 4.3 per cent to $473m, though this outperformed the broader market, which declined 4.8 per cent.