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Electronification has transformed much of the rates market, but swaptions have long remained a manually traded product. In a recent webinar, Swaptions 2.0: Electronifying the Trade Lifecycle and Execution, Tradeweb’s Howard Bloomfield and Christina Madray explored the factors driving the shift toward electronification and how structured workflows are enhancing efficiency, transparency, and the overall trading experience.

Play our 2025 holiday game on Tradeweb!

As our 20 year swaps anniversary comes to a close, we’re grateful for the clients, partners and Tradeweb team members who helped shape this journey. Our final “Two Truths and a Swap,” with Tannia Munroe and James Testa, is a fun nod to a remarkable milestone.

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.

Transparency is once again becoming a hot topic of conversation across European financial markets. The first major milestone occurred in the UK, where a new post-trade transparency regime for bonds and derivatives went live on December 1, 2025. 

Troy Dixon is Managing Director, Co-Head of Global Markets at Tradeweb Markets (Nasdaq:TW), a global leader in electronic trading. A member of Tradeweb’s Executive Committee, Dixon oversees the firm’s global markets strategy, driving organic and inorganic growth across products, regions, and client segments.

In the next round of our “Two Truths and a Swap” series, Marianne Miletic and Matt McKeon go head-to-head to see who can separate swap fact from swap fiction - all in celebration of 20 years of electronic swaps trading innovation. Think you can guess the swap?

NEW YORK – December 4, 2025 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of November 2025 of $56.8 trillion (tn). Average daily volume (ADV) for the month was $2.9tn, an increase of 22.3 percent (%) year-over-year (YoY).

In a reversal of October’s trend, global 10-year government bond yields increased in November, except those for France and the U.S., which fell by two and eight basis points, respectively.

LONDON – 25 November 2025:  ION, a global leader in trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates, announces that its Fidessa trading platform now supports Request for Quote (RFQ) functionality, including an integration with the Tradeweb electronic trading platform, for Exchange Traded Funds (ETFs). This collaboration enables mutual customers of Tradeweb and ION to access Tradeweb’s ETF RFQ workflow within their existing Fidessa environment.