Tradeweb posts record trading volumes in March 2025

NEW YORK - Tradeweb Markets Inc. (NASDAQ:TW), a prominent operator of electronic marketplaces for various financial instruments currently trading near its 52-week high of $152.65, reported a record-breaking total trading volume for March 2025, reaching $59.6 trillion. According to InvestingPro analysis, the company’s stock appears to be in overbought territory, with a notably high P/E ratio of 63.7. The company’s average daily volume (ADV) for the month soared to a record $2.71 trillion, marking a 49.9% increase year-over-year (YoY). The first quarter of 2025 also saw record figures, with a total trading volume of $164.5 trillion and an ADV of $2.55 trillion, up 33.7% from the previous year.

The boost in trading activity was attributed to a combination of market share gains and increased market volatility, which Tradeweb CEO Billy Hult described as contributing to the platform’s resilience across asset classes. The company’s strong performance is reflected in its impressive 28.85% revenue growth over the last twelve months, with InvestingPro data showing an excellent financial health score of 3.46. Notably, the company’s European government bonds, U.S. swaps/swaptions, and fully electronic U.S. credit products all reached record ADVs.

In rates, U.S. government bond ADV rose by 30.0% YoY to $249.3 billion, while European government bond ADV increased by 27.6% YoY to $63.4 billion. Mortgage ADV also grew by 15.3% YoY to $235.2 billion, and the rates derivatives ADV, which includes swaps/swaptions of one year or more, surged by 49.2% YoY to $1.01 trillion.

The credit segment saw a 26.6% YoY increase in fully electronic U.S. credit ADV to $9.5 billion and a 14.0% rise in European credit ADV to $3.1 billion. Municipal bonds and credit derivatives ADV also experienced significant growth, with municipal bonds up 31.0% YoY to $425 million and credit derivatives up 72.2% YoY to $61.2 billion.

Equity trading activity was mixed, with U.S. ETF ADV down 3.4% YoY to $10.1 billion while European ETF ADV climbed 35.6% YoY to $4.1 billion. In the money markets, repo ADV increased by 28.6% YoY to $741.3 billion, and other money markets ADV grew year-over-year to $296.3 billion.

This report is based on a press release statement and includes preliminary fee estimates that are subject to finalization with the company’s financial statements. Tradeweb has adjusted its methodology for reflecting acquisitions in its ADV figures, which now accounts for trading days from the acquisition date to the reporting period’s end date. The complete report, which provides detailed historical monthly, quarterly, and yearly ADV and total trading volume across asset classes, can be found on Tradeweb’s website. For a comprehensive analysis of Tradeweb’s financial health, growth prospects, and 8 additional exclusive insights, check out the detailed Pro Research Report available on InvestingPro.

In other recent news, Tradeweb Markets reported fourth-quarter earnings that exceeded analyst expectations, posting adjusted earnings per share of $0.76 compared to the consensus estimate of $0.75. However, the company’s revenue slightly missed projections, coming in at $463.3 million against the anticipated $464.82 million. Despite this, Tradeweb saw significant growth in its business segments, with rates revenue up 25.3% and money markets revenue surging 166.5%.

In addition, Tradeweb raised its quarterly dividend by 20%, declaring a cash dividend of $0.12 per share. Analysts have also weighed in on Tradeweb’s performance, with Keefe, Bruyette & Woods reducing the stock’s price target to $145 but maintaining an Outperform rating. Meanwhile, Raymond James increased their price target to $144, also keeping an Outperform rating, citing strong trading volumes and market share gains.

Tradeweb has also expanded its board of directors by appointing Rich Repetto, a seasoned expert in financial market analysis, to the board’s Audit and Risk Committee. These developments highlight Tradeweb’s strategic growth and the confidence analysts have in its continued performance.

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