Tradeweb Markets Inc., a global leader in electronic trading across asset classes, announced the launch of Muni Sweep, a session-based trading protocol built for the municipal bond market.

The protocol channels municipal inventory into a short, defined trading window, concentrating participant interest into a single event. Within the session, users can review opportunities, accept relevant interest, and compare levels against Tradeweb's composite pricing before the window closes. Where traditional bid-wanted workflows can tie up risk for hours, Muni Sweep is designed to cut that timeline to a matter of minutes, giving market makers a faster, lower-friction way to assess and act on large books of line items.

The launch follows a period of strong activity and continued electronification in the municipal bond market. According to the Municipal Securities Rulemaking Board (MSRB), the market recorded 17.6 million trades in 2025, marking a fourth consecutive record year and a 22% increase year-over-year. Electronic trading market share, as reported by Coalition Greenwich, has climbed from 16% in 2022 to nearly 21% in the second quarter of 2026 — steady growth that still leaves the majority of municipal trading activity outside electronic channels. That mix of record volumes and a still-developing electronic footprint is the backdrop against which protocols designed to concentrate on-screen liquidity into defined sessions are being introduced.

Tradeweb's own municipal business has grown in step with the broader trend. Municipal bond average daily volume (ADV) on the platform reached a record high in the third quarter of 2026, with September ADV rising 40.0% year-over-year to $729 million. Against this backdrop, municipal market makers need faster ways to evaluate large numbers of line items, reduce risk tie-up, and turn over positions more efficiently.

"Muni Sweep is designed to give market makers a faster, more structured way to manage inventory in today's market," said Troy Dixon, Managing Director and Co-Head of Global Markets at Tradeweb. "We've already seen this protocol gain momentum across other products on our platforms, and bringing it to municipals is a natural next step in how we build for our clients' businesses. It's a strong example of how Tradeweb continues to invest in the workflow technology our clients need."

Under the protocol, participants can bring inventory to a Muni Sweep session with a CUSIP, size, and an optional mark yield or price. Tradeweb supplies a composite price, allowing users to quickly review levels, accept relevant interest, and commit risk within the session window. The protocol also supports seamless inventory upload, along with filtering, sorting, and Excel import and export, helping users assess large numbers of line items quickly.

Muni Sweep builds on Tradeweb's established experience in the municipal market and on workflow tools built for scale. It extends to Tradeweb's retail and institutional ecosystem the same approach that has helped participants manage inventory and balance sheets in other asset classes across the company's wholesale platform, where more than 25 sessions currently take place each week across 10 products globally. How quickly market participants take up the protocol — and whether Muni Sweep sessions scale toward the weekly cadence of that wholesale footprint — will be among the early signals to watch as session-based trading develops in the municipal market.