Tradeweb flags affiliate back-to-back trades inflating IG TRACE volumes, skewing e-platform share

Tradeweb Markets

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Tradeweb analysis flagged TRACE inflation in U.S. investment grade credit from same-day, same-price affiliate back-to-back prints.
Duplicate trades rose to over 9% of total IG TRACE volume in Q1 2026 from about 3% in Q1 2024.
Matched dealer-to-dealer, dealer-to-affiliate volumes reached about $125 billion in March 2026, skewing market share denominators.
Distortion understated Tradeweb’s fully electronic IG market share by about 1 percentage point in early 2024, widening to roughly 2 points by early 2026.
FINRA proposal SR-FINRA-2026-009 would flag member-affiliate back-to-back trades for possible suppression; SEC notice published May 2026.

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