Electronic US credit trading volumes are growing, and Tradeweb is seeing off the competition.
A true picture of the US credit trading landscape is hard to come by. Tradeweb’s growth comes amid increased opacity from platform providers, with MarketAxess joining Bloomberg in refusing to disclose credit trading volume data after being acquired by ICE earlier this year.
ICE declined to comment on MarketAxess’ performance before the acquisition closes.
READ MORE: ICE buys MarketAxess
What is clear, however, is that Tradeweb is doing well. The firm bounced back after an August lull in electronic US credit trading, reporting a record US$11 billion in average daily volumes (ADV).
This represented a 30% increase year-on-year (YoY) and a 25% jump month-on-month (MoM).
READ MORE: Tradeweb leads US credit e-trading in June
The firm reported that increased volumes were the result of increased adoption of RFQ, portfolio trading and Tradeweb AllTrade protocols.
Tradeweb took an estimated 18.4% share of TRACE volumes over the month, up 1.9 percentage points MoM and 4.1 pp YoY. At last measure, in June, MarketAxess held a 15.2% share to Tradeweb’s 17.1%.
Source: company reports
Although less drastic than Tradeweb, competitor Trumid also saw volumes bounce up, with US$9.6 billion ADV – adjusted down to US$5.76 billion for a fully-electronic estimate. This marked a return to results seen in July, an 16% increase YoY and a 10% rise MoM.
Source: company reports
Bloomberg declined to share its volume data, referring The DESK to Coalition Greenwich, which has historically shared information about the firm’s market share. Comparable data for September trading has not yet been published.
READ MORE: Electronic trading across US and European bond markets
Alternative trading systems are taking an increasing share of TRACE, peaking at 8% of TRACE in December 2025 and hitting 7.4% this September.
Source: company reports
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