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The following terms and conditions are “Supplemental Terms” under any Tradeweb Direct Intermediation Agreement (“Intermediation Agreement”) entered into by a Counterparty that is accessing the TWD Order Entry Interface embedded within the ICD Platform (as defined in the applicable Access Agreement) where Counterparty may submit Orders and Transactions to TW Direct (such TWD Order Entry Interface, “ICD MVP”). Such Supplemental Terms shall apply to Counterparty’s use of ICD MVP in the manner set forth in Counterparty’s Intermediation Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to them in such Intermediation Agreement.

Andrea Sbalchiero, Global Head of Emerging Markets Interest Rate Derivatives at Tradeweb, on how emerging markets swaps trading is evolving. In this video interview with The TRADE Andrea explores how electronification is improving liquidity, transparency and execution efficiency – and where the next phase of growth and innovation lies.

Mr. Repetto has over 25 years of industry experience, having served as Managing Director and Senior Research Analyst at Piper Sandler Corporation, a global investment bank, until his retirement in June 2023. Previously, he was a Principal at Sandler O’Neill and Partners, the predecessor entity to Piper Sandler Corporation, where he spent 16 years.

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

NEW YORK – January 7, 2026 – 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 December 2025 of $63.0 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 27.5 percent (%) year-over-year (YoY). For the fourth quarter of 2025, total trading volume was $185.3tn and ADV was $2.8tn, an increase of 23.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.04 and total preliminary fixed fees for rates, credit, equities and money markets of $95.8 million (mm)1

Tradeweb holds a position as one of the leading fixed income marketplaces for green bond trading in the world, hosting an extensive global community of institutional participants. We are committed to doing our part to help financial markets move toward a more sustainable global financial system. With increased availability of sustainability data and research we will have a better understanding of potential operational opportunities for improvement and related risks to address.

Taichi Shibuya, Head of Japan, Tradeweb, recently spoke to The DESK about how Japan's trading landscape has transformed.

For years, digital and traditional finance developed on separate but parallel trajectories. Over the past 12 months, their paths began to converge at speed, with a shared focus on issues such as tokenized settlement, real-time financing, and regulated digital markets. But that was just part of the story. Heightened volatility, shifting regulatory regimes, and the growth of frontier markets also dominated in 2025, forcing market participants to rethink the status quo and adapt with greater agility and precision.

As we close out the 20th anniversary of our electronic interest rate swaps platform, we want to extend our sincere thanks for being part of this journey. When the Financial Times first highlighted the upcoming launch of our platform back in 2005, electronic swaps trading was still an emerging idea. Two decades later, it has become an ecosystem defined by transparency, efficiency, and ongoing innovation, thanks to your partnership.

NEW YORK – December 15, 2025 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that it completed the industry’s first fully electronic auction for brokered certificates of deposit (CDs). The inaugural transaction took place on Tradeweb’s retail platform between Gateway First Bank and InspereX, and was executed on-chain, powered by Alphaledger’s blockchain technology.