Tradeweb Markets and MarketAxess reported strong starts to the year, posting record January trading activity as institutional participation picked up across rates and credit markets.
Tradeweb said total trading volume reached $65.5 trillion in January, with average daily volume (ADV) of $3.1 trillion, up 26.2% year-on-year. MarketAxess also delivered a record month, reporting total credit ADV of $18.6 billion, a 28% increase versus January 2025. Its rates business grew 19%, taking total platform ADV to $47.7 billion, up 23% overall.
“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion, and 19% growth in total rates,” said Chris Concannon, CEO of MarketAxess. “In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year.”
Credit trading was a clear driver for both platforms. Tradeweb’s fully electronic US credit ADV rose 24.4% to $9.4 billion, while European credit climbed 44% to $3.5 billion. MarketAxess reported US high-grade ADV of $8.4 billion, up 20%, with emerging markets standing out after ADV jumped 50% to $5.5 billion.
Rates activity was also elevated. Tradeweb reported gains in government bond trading and a sharp rise in interest-rate derivatives, as market participants positioned around shifting inflation expectations and policy uncertainty. The firm also posted a record month in mortgage trading, extending momentum that carried over from late 2025.
MarketAxess said adoption of newer execution protocols continued to grow, with stronger activity in block trading and portfolio trading during the month.
By
Staff Writer
