Average daily notional volumes (ADNV) in US rates trading was up 14% year-on-year (YOY) in May, reaching US$1.26 billion. Month-on-month (MoM), ADNV was up 17.5%.
Within this growth, overall e-trading barely budged at 53% of volumes – up one percentage point YoY and down one MoM. Dealer-to-client e-trading crawled up four percentage points YoY to 59% of volumes.
Volatility fell by almost a quarter YoY to 97.17 on Cboe’s VIX, and was down by 4% MoM.
A recent report from Coalition Greenwich highlights the lack of movement among the platforms competing for market share in the space. Rather than competition, the report suggests that firms are instead innovating and developing new services for their existing clients.
Describing the landscape, head of research Kevin McPartland and Neha Jain observed, “Bloomberg and Tradeweb are locked in a battle for dealer-to-client flow, CME BrokerTec and FMX are contesting the bulk of the order book market, Dealerweb and MarketAxess compete for streaming traders, while everyone is chasing Dealerweb’s lead in Sweeps.”
Tradeweb has slowly been growing its market share, reaching 22.6% in Q2 – a touch below its recent peak of 22.8% in Q4 2025. Bloomberg trails slightly, with a 22.5% market share.
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