TradewebMarkets posted a 21.2% jump in first-quarter revenue to $617.8 million today (Wednesday),as average daily volume crossed $3 trillion for the first time and net incomeclimbed 38.5% to $233.2 million. Singapore Summit: Meet the largestAPAC brokers you know (and those you still don't!)Tradeweb InternationalRevenue Up 29.4% as Asia, Europe Volumes GrowTheelectronic trading platform reported record ADV across most of its rates,credit and equities products, lifting GAAP diluted earnings per share to $0.96from $0.69 a year earlier.CEO BillyHult said the firm continues to invest "in frontier areas that are shapingthe future of electronic trading," pointing to new partnerships inprediction markets, digital assets and tokenized repo. Internationalrevenue rose 29.4% year over year to $274.1 million, while constant-currencyrevenue growth came in at 17.5%.Rates Engine Drives theQuarter as Swaps Volume Nearly DoublesRates wasthe clear standout, contributing $344.2 million in revenue, up 29.7%. Rates ADVclimbed 44.2% from a year earlier, with the firm setting records in U.S. andEuropean government bonds, mortgages and both long- and short-dated swaps andswaptions. Short-dated swaps and swaptions volume alone nearly doubled, withADV up 89.7% to $692.8 billion.USgovernment bond ADV grew 15.9% to $283.2 billion, while European governmentbonds rose 32.6% and mortgages climbed 20.5%. Swaps and swaptions of one yearor longer were up 38.2% to $706.4 billion in ADV.Tradeweb said the rates results were helped by itsdealer algo execution offering for U.S. Treasuries, which now includesalgorithms from Citi and RBC Capital Markets, alongside the first fullyelectronic swaption termination on its TW SEF platform, executed betweenCitadel and Wells Fargo.Q1 2026 Key Performance IndicatorsSource:Tradeweb Q1 2026 earnings releaseTradeweb Pushes DeeperInto Prediction Markets, Crypto and Tokenized RepoThe firstquarter saw Tradeweb plant flags in several adjacent markets. The firm took aminority stake in Kalshi, the largest regulated prediction market, and signed astrategic partnership aimed at delivering institutional access toprediction-market data and trading infrastructure.In digitalassets, Tradeweb led a $31 million Series B financing roundin Crossover Markets,the institutional crypto trading technology firm behind CROSSx, in a deal thatvalued the company at $200 million. The pair signed a strategic partnershipwith the goal of offering institutional spot crypto liquidity to globalclients.The companyalso took part in another batch of on-chain repo trades on the Canton Network,including the first cross-border intraday repo using tokenized Gilts and thefirst cross-currency intraday repo using tokenized Gilts against non-GBPtokenized deposits. As of March 31, Tradeweb held 1.6 billion Canton Coinsvalued at $243.5 million.Electronic Trading VolumeRace Heats Up Across the IndustryTradeweb'srecord quarter lands in a stretch of broad-based growth across listedelectronic platforms and market makers. Rival MarketAxess closed full-year 2025with record revenue of $846.3 million, up 4%, with revenue outside U.S. creditgrowing 10% to $406 million. The companyreported record block trading ADV of $5 billion and a 48% increase in portfoliotrading ADV to $1.4 billion, although Q1 2025 cash credit market share trendshad pressured fees.On themarket-making side, Virtu Financial earlier todayreported a near-doubling of first-quarter net income to $346.6 million on revenue of $1.1 billion, withAdjusted EBITDA up 62.7% to $520.6 million. Thedifferences between the platforms reflect business mix more than direction oftravel. MarketAxess remains heavily concentrated in U.S. credit, whereelectronification gains have plateaued recently, while Tradeweb's broaderrates, derivatives and money-markets footprint, boosted by additions like the Citiand RBC algo strategies, is currently translating volume gains into higher revenue at a fasterpace. The 31.4%jump in Tradeweb's first-quarter ADV mirrors the kind of activity that alreadypushed its December 2025 trading volumepast $63 trillionand produced March's record $87 trillion month.This article was written by Damian Chmiel at www.financemagnates.com.