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Sankey diagram of Tradeweb Markets Inc.. A complete text table follows the diagram.
Rates and money markets dominate the electronic venue, while credit and equities add smaller but more highly monetized flows.
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The Sankey uses reported average daily notional volume, which measures trading activity rather than Tradeweb-owned assets or cash. Different products carry materially different fee rates, so flow width should not be read as revenue contribution.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Tradeweb average day | 1 | $3,348 | $3.348T of notional volume |
| Rates | 2 | $2,081 | 62.2% of platform ADV |
| Money Markets | 2 | $1,165 | 34.8% of platform ADV |
| Credit | 2 | $68.9 | $68.9B average daily volume |
| Equities | 2 | $32.5 | $32.5B average daily volume |
| Cash rates | 3 | $670 | Government bonds and other cash products |
| Rates derivatives | 3 | $1,411 | Swaps, swaptions and other derivatives |
| Money-market instruments | 3 | $1,165 | Repurchase agreements and related products |
| Cash credit | 3 | $14.3 | $14.3B average daily volume |
| Credit derivatives and other | 3 | $54.6 | Includes China Bonds and U.S. Cash EP |
| Cash equities | 3 | $17.2 | $17.2B average daily volume |
| Equity derivatives | 3 | $15.3 | $15.3B average daily volume |
| From | To | Value |
|---|---|---|
| Tradeweb average day | Rates | $2,081 |
| Tradeweb average day | Money Markets | $1,165 |
| Tradeweb average day | Credit | $68.9 |
| Tradeweb average day | Equities | $32.5 |
| Rates | Cash rates | $670 |
| Rates | Rates derivatives | $1,411 |
| Money Markets | Money-market instruments | $1,165 |
| Credit | Cash credit | $14.3 |
| Credit | Credit derivatives and other | $54.6 |
| Equities | Cash equities | $17.2 |
| Equities | Equity derivatives | $15.3 |