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NEW YORK - Tradeweb Markets Inc. (NASDAQ:TW), a financial technology company with a market capitalization of $26 billion, reported record total trading volume of $63.7 trillion for September 2025, with average daily volume (ADV) reaching $2.9 trillion, a 10.0% increase year-over-year, according to a company press release. According to InvestingPro data, the company maintains strong financial health with impressive revenue growth of 28% over the last twelve months.
For the third quarter of 2025, total trading volume hit a record $172.8 trillion with ADV of $2.6 trillion, representing an 11.8% increase compared to the same period last year. The company reported preliminary average variable fees per million dollars of volume traded of $2.16 and total preliminary fixed fees of $95.5 million. Despite trading near its 52-week low, InvestingPro analysis shows the company maintains robust liquidity with a current ratio of 2.79, indicating strong operational efficiency. For detailed insights and 8 additional ProTips about Tradeweb’s financial position, subscribers can access the comprehensive Pro Research Report.
"Tradeweb reported record ADV for both September and the third quarter, with double-digit growth in each over the year-ago period," said Tradeweb CEO Billy Hult in the statement. "September was active across all asset classes, helping us finish the quarter with strong momentum."
Several segments achieved record performance in September, including mortgages, U.S. swaps/swaptions, equity derivatives, and global repurchase agreements. Mortgage ADV rose 21.5% year-over-year to $291.9 billion, driven by increased trading from real-money accounts and higher dollar-roll activity.
U.S. government bond ADV increased 3.5% to $240.2 billion, while European government bond ADV surged 27.3% to $63.0 billion. Repo ADV grew 19.2% to $811.7 billion, supported by increased client participation and the effects of the Federal Reserve’s balance sheet reduction.
In equities, U.S. ETF ADV jumped 34.4% to $10.2 billion, and European ETF ADV rose 22.2% to $3.7 billion, with the company citing stronger institutional and wholesale channel activity.
The company noted that its markets remained resilient despite lower rate volatility, with clients engaging across various trading tools and protocols. With a P/E ratio of 42.65 and strong revenue growth prospects, investors seeking deeper analysis of Tradeweb’s market position and growth potential can access detailed valuation metrics and expert insights through InvestingPro’s comprehensive research platform.
In other recent news, Tradeweb Markets reported an 11.3% increase in its average daily trading volume for August 2025, reaching $2.5 trillion. The total trading volume across its platforms for the month was $54.1 trillion. In earnings news, Barclays noted that Tradeweb’s earnings per share of $0.87 slightly exceeded expectations. On the analyst front, Tradeweb received mixed reviews. Keefe, Bruyette & Woods reiterated an Outperform rating with a price target of $161.00, reflecting a positive outlook from recent management discussions. Meanwhile, Rothschild Redburn downgraded Tradeweb from Buy to Neutral, citing concerns about growth and challenges in fixed-income trading, and adjusted the price target to $129.00. Similarly, Goldman Sachs downgraded the stock to Neutral, setting a price target of $136.00, despite acknowledging Tradeweb’s rapid growth and market benefits. In contrast, Barclays raised its price target for Tradeweb to $170.00 while maintaining an Overweight rating, highlighting the company’s strong performance. These developments offer a diverse perspective on Tradeweb’s current market position.
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