Tradeweb Markets Inc. reported a total trading volume of $56.8 trillion for November 2025, with an average daily volume (ADV) of $2.9 trillion, representing a 22.3% increase year-over-year. U.S. government bond ADV rose 2.7% year-over-year to $252.7 billion, while European government bond ADV increased 33.1% to $70.7 billion. Fully electronic U.S. credit ADV grew 13.9% to $8.5 billion, and European credit ADV was up 16.5% to $2.9 billion. Mortgage ADV increased 20.2% to $277.2 billion. Swaps and swaptions with maturities of one year or more recorded a 16.4% year-over-year rise to $495.7 billion ADV, and total rates derivatives ADV increased 41.5% to $1.1 trillion. The company noted increased client adoption of electronic trading protocols and platforms, as well as higher activity in risk trading and compression for derivatives.