Tradeweb Markets Inc., a prominent global operator of electronic marketplaces for rates, credit, equities, and money markets, has reported significant growth in trading volumes for June 2025. The company recorded a total trading volume of $52.0 trillion for the month, with an average daily volume $(ADV)$ of $2.4 trillion, marking a 25.9% increase year-over-year. In the second quarter of 2025, Tradeweb achieved a record total trading volume of $165.3 trillion and a record ADV of $2.6 trillion, reflecting a 32.7% year-over-year growth. CEO Billy Hult attributed this performance to increased client engagement in electronic trading amid elevated market activities. Notable events such as heightened volatility due to evolving central bank policies, new U.S. tariffs, and geopolitical tensions in the Middle East influenced trading activities. The company's success was partly driven by increased client adoption of Tradeweb protocols, particularly in request-for-quote (RFQ), Portfolio Trading, and Tradeweb AllTrade®. Tradeweb captured 19.6% of fully electronic U.S. high grade TRACE and 8.0% of U.S. high yield TRACE. Despite suppressed European credit volumes due to geopolitical events, the situation stabilized with record new issuance and strong client activity in Tradeweb's Automated Intelligent Execution (AiEX) tool. Cash credit Portfolio Trading saw a 4% year-over-year increase in ADV, while non-comp Portfolio Trading ADV rose by 8% year-over-year. The company's preliminary average variable fees per million dollars of volume traded stood at $2.30, with total preliminary fixed fees for rates, credit, equities, and money markets amounting to $93.8 million. Excluding the impact of the ICD acquisition, total ADV for June was up 13.0% year-over-year.