Tradeweb Reports December 2024 Total Trading Volume of $48.2 Trillion and Average Daily Volume of $2.18 Trillion
December 2024 ADV up 48.9% YoY
Fourth Quarter 2024 ADV up 36.7% YoY
Full Year 2024 ADV up 55.8% YoY[1]
NEW YORK – January 7, 2025 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of December 2024 of $48.2 trillion (tn)[2]. Average daily volume (ADV) for the month was $2.18tn, an increase of 48.9 percent (%) year-over-year (YoY). For the fourth quarter of 2024, total trading volume was $151.7tn and ADV was $2.29tn, an increase of 36.7% YoY, with preliminary average variable fees per million dollars of volume traded of $2.28[3]. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of December was up 29.5% YoY, total ADV for the fourth quarter of 2024 was up 20.0% YoY and total ADV for the full year 2024 was up 36.6% YoY.
Tradeweb CEO Billy Hult said: "We had an incredibly active fourth quarter, setting records within money markets and rates, and that growth culminated in December, when we reached a record 19.9% share of fully electronic U.S. high grade TRACE. During 2024, we remained focused on expanding our multi-asset strategy, growing our global footprint, and entering new asset classes, and these efforts continued to deliver strong results. I’m energized by the progress we made throughout 2024 and into the fourth quarter, and I’m excited to build on this momentum in 2025.”
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[1] Beginning with the publication of this December 2024 Monthly Activity Report, Tradeweb has adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated. Please see the “Acq Methodology Change” tab of the Excel historical data available on https://www.tradeweb.com/newsroom/monthly-activity-reports/ for a detailed breakdown of the impact of this change in methodology on previously reported amounts.
[2] Tradeweb acquired Yieldbroker, r8fin and ICD on August 31, 2023, January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the date of the applicable acquisition.
[3] See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of average variable fees per million dollars of volume traded for each underlying asset class.