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Tradeweb Unveils Upgrades to Ai-Price Automated Bond Pricing Engine

Tradeweb Markets announced a suite of advancements to Tradeweb Ai-Price, its automated bond pricing engine, including expanded data inputs, upgraded machine learning models and more real-time, intraday-responsive pricing - enhancements designed to further improve price discovery, execution quality and access to liquidity across U.S. corporate bond markets. Tradeweb Ai-Price improves its pricing accuracy for U.S. investment-grade and high-yield corporate bonds by integrating public TRACE data with Tradeweb's proprietary datasets, leveraging advanced machine learning and analytics to produce more dynamic, responsive bid and offer estimates that better reflect real-time market conditions. Tradeweb's position within the trading ecosystem, underpinned by its global client base, enables the generation of real-time prices that respond to intraday market movements, drawing on institutional trading activity, including European credit.

Tradeweb August Average Daily Volume Reaches $2.8T, Up 13.7% YoY

Average daily volume or the month was $2.8T, an increase of 13.7% year-over-year. August 2026 Highlights: RATES: U.S. government bond ADV was up 28.9% YoY to $282.5B. European government bond ADV was up 22.2% YoY to $54.1B. U.S. government bond ADV was driven by robust institutional and wholesale activity. Similarly, European government bond ADV was driven by strong volumes in our institutional client channel. Activity in both the U.S. and Europe was supported by a growing number of clients trading across a diverse set of trading protocols. Mortgage ADV was down 9.2% YoY to $210.7B. To-Be-Announced activity moderated YoY as long-end Treasury yields moved sharply higher, with the number of accounts trading broadly unchanged. Tradeweb's specified pool platform saw its third-highest monthly trade count on record supported by a 10% YoY increase in accounts trading. Swaps/swaptions greater than or equal to 1-year ADV was up 27.3% YoY to $553B and total rates derivatives ADV was up 21% YoY to $1.1T. Swaps/swaptions greater than or equal to 1-year saw stronger risk trading activity YoY, driven by shifting global central bank policy expectations and persistent uncertainty surrounding the inflation and economic growth outlook. This was supported by a 30% YoY increase in compression activity, which carries a relatively lower fee per million. 3Q26 to date compression activity as a percentage of swaps/swaptions greater than or equal to 1-year is trending lower than in 2Q26. CREDIT: Fully electronic U.S. credit ADV was up 32.5% YoY to $8.9B and European credit ADV was up 10.7% YoY to $2B. U.S. credit volumes were driven by continued client adoption of trading protocols, most notably in Request-for-Quote, Portfolio Trading, and Tradeweb AllTrade. Tradeweb captured 19% share of fully electronic U.S. high grade TRACE and 8.3% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 26.8% total share of U.S. high grade TRACE and 10% total share of U.S. high yield TRACE. European credit volumes YoY were supported by continued use of a diverse set of trading protocols. Global cash credit PT ADV increased by 50.4% YoY, with non-comp PT1 ADV up 113.1% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall. Municipal bonds ADV was down 2.8% YoY to $523M. Municipal bond volumes lagged the broader market, which was up 1.1%2 YoY driven by elevated new issuance activity which Tradeweb does not participate in. Credit derivatives ADV was up 51.4% YoY to $17.7B. Increased hedge fund and systematic account activity YoY led to increased swap execution facility and multilateral trading facility credit default swaps activity. EQUITIES: U.S. ETF ADV was up 19.8% YoY to $10.1B and International ETF ADV was up 23.6% YoY to $3.1B. Stronger global ETF volumes YoY were driven by robust activity in our institutional and wholesale channels, as the client base grew and clients' adoption of Tradeweb's Automated Intelligent Execution tool continued to grow YoY. MONEY MARKETS: Repo ADV was up 11.5% YoY to $836.3B. Strong global repo ADV was supported by increased client participation across the platform YoY. In the U.S., strong growth was driven by a continued increase in net treasury issuance. Additionally, balances in the Fed's reverse repo facility remained close to zero, with a small spike at the end of the month. In Europe, strong trading momentum continued, supported by elevated collateral demand and shifting expectations surrounding major central bank policy rates. Other Money Markets ADV was down 0.1% YoY to $276.3B. Other money markets ADV was driven by less client demand for commercial paper and discount notes YoY. This was offset by growth in Tradeweb's ICD Portal activity from both existing and new client additions.