Tradeweb Markets Inc. is an international

financial technology Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

company that builds and operates electronic over-the-counter (OTC) marketplaces for trading

fixed income Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the pr ...

products, ETFs, and derivatives. Its customers include

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

asset managers Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastru ...

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...

s and

insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

. Tradeweb's headquarters are in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

History

The company was co-founded in 1996 by Lee Olesky and Jim Toffey. The trading platform was launched in 1998 as the first multi-dealer online trading network for U.S. Treasuries. In 2000, the firm opened its London office and launched marketplaces for trading European

government bond A government bond or sovereign bond is a form of Bond (finance), bond issued by a government to support government spending, public spending. It generally includes a commitment to pay periodic interest, called Coupon (finance), coupon payments' ...

s and agencies. The firm was privately held until 2004, when it was acquired by

Thomson Corporation Thomson Corporation was one of the world's largest information companies. It was established in 1989 following a merger between International Thomson Organization and Thomson Newspapers. In 2008, it purchased Reuters Group to form Thomson Reut ...

(now Thomson-Reuters) for $535 million. Tradeweb established its Tokyo office in 2005, starting a partnership with CanDeal to launch Canadian debt securities trading. That year, the firm grew by introducing marketplaces for

interest rate swap In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations with ...

s, credit default swap indices, and repo. In 2006, Tradeweb Retail was established as the firm entered the retail fixed income marketplace through the acquisition of Lever-Trade, a provider of web-based fixed income management systems for the retail marketplace. In 2007, Thomson Financial, a unit of

Thomson Thomson may refer to: Names * Thomson (surname), a list of people with this name and a description of its origin * Thomson baronets, four baronetcies created for persons with the surname Thomson Businesses and organizations * SGS-Thomson M ...

, announced its plans to expand

electronic trading Electronic trading, sometimes called e-trading, is the buying and selling of stocks, bonds, foreign currencies, financial derivatives, cryptocurrencies, and other financial instruments online. This is typically done using electronic trading plat ...

by creating a strategic partnership with nine other global dealers through Tradeweb, valuing the company at $1.55 billion. In 2008, Olesky became CEO."The 2016 Tech 50: Lee Olesky,"
''

Institutional Investor An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...

'', July 18, 2016. and Billy Hult became president. That same year, the firm acquired brokerage firm Hilliard Farber & Co. Inc. In 2009, it launched Dealerweb, an electronic interdealer platform for to-be-announced, or forward, mortgage-backed securities (TBA-MBS). In 2010, it facilitated the first fully electronic, dealer-to-customer

to be processed by a central

clearing house Clearing house or Clearinghouse may refer to: Banking and finance * Clearing house (finance) * Automated clearing house * ACH Network, an electronic network for financial transactions in the U.S. * Bankers' clearing house * Cheque clearing * Cl ...

in the U.S. In 2011, it acquired the brokerage assets of Rafferty Capital Markets LLC (RaffCap) and the

municipal bond A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often ...

broking business of J.J. Kenny Drake. In 2013, the firm secured CFTC temporary approval of two wholly owned swap execution facilities (SEFs) TW SEF and DW SEF. Live SEF trading on the platforms began on October 2, 2013. In November 2013, the firm acquired BondDesk Group, a bond trading venue in the U.S. for advisors and middle market investors, and integrated the businesses, technology, services and support of its existing Tradeweb Retail trading platform with BondDesk, and rebranded the combined service Tradeweb Direct. In May 2014, Tradeweb and

BlackRock BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...

announced a strategic partnership in electronic trading in rates and derivatives markets for BlackRock's Aladdin clients. In June 2014, Tradeweb launched active U.S. Treasury bond trading on the Dealerweb platform, supporting trading of the most liquid on-the-run Treasury bonds with participation from dealers and several electronic market-making firms. In October 2014, the company announced the launch of its U.S. institutional corporate bond platform. In February 2016, Tradeweb launched an OTC marketplace for U.S.-listed ETFs aimed at institutional investors. In March 2016, the company acquired CodeStreet LLC. In October 2016, Tradeweb, along with FTSE Russell, was named a provider of Gilt and Treasury Bill end-of-day reference pricing by the U.K. Treasury."UK Treasury opts for Tradeweb and FTSE Russell for end-of-day reference pricing,"The TRADE
October 11, 2016. The same month, the firm became one of four

platforms to launch th
Electronic Debt Markets Association Europe
(EDMA Europe), which was formed to develop and promote collective member views on regulatory developments affecting electronic fixed income trading venues in Europe. In January 2017, the firm announced the launch of an

Approved Publication Arrangement An Approved Publication Arrangement (APA) is an entity authorized under the MiFID II directive to publish trade reports on behalf of investment firms, fulfilling requirements outlined in Article (4)(1)(52). These reports contribute to increased tr ...

(APA) service to allow market participants to meet post-trade requirements mandated by the Markets in Financial Instruments Directive (

MiFID Markets in Financial Instruments Directive 20142014/65/EU commonly known as MiFID 2), is a directive of the European Union (EU). Together with Regulation No 600/2014 it provides a legal framework for securities markets, investment intermediari ...

) II. In March 2017,

Citadel Securities Citadel Securities LLC is an American market making firm headquartered in Miami, Florida. It provides liquidity and trade execution to retail and institutional clients. The firm also trades futures, equities, credit, options, currencies, a ...

became a liquidity provider on the Tradeweb institutional

U.S. Treasury The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...

marketplace, expanding its role on the platform beyond IRS, CDS indices, and U.S. ETFs."Citadel Securities to trade Treasuries on Tradeweb,"
''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...

'', March 15, 2017. The firm announced the launch of all-to-all trading on its U.S. institutional credit platform in April, enabling clients to trade with more than 130 dealers."Tradeweb to launch all-to-all corporate bond trading in Europe,"The TRADE
April 11, 2017. In June 2017, it became the first offshore trading platform to connect with the China Foreign Exchange Trade System (CFETS), allowing investors outside of China to invest in the China Interbank Bond Market for the first time. In 2017, the firm also made a strategic investment in DealVector, Inc., a fixed income asset registry and communication platform. In May 2018, Tradeweb partnered with Plato to launch eBlock, a European cash equities block trading platform. In August 2018, it launched an RFQ platform for US equity options allowing traders to send multiple price requests to multiple liquidity providers. Tradeweb tendered an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on April 3, 2019. According to ''Bloomberg'', its offering was the best-performing IPO exceeding $1 billion for 2019. Also in 2019, the

Federal Housing Finance Agency The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), ...

announced it was partnering with Tradeweb to begin trading a single security for mortgages backed by

Fannie Mae The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New ...

and

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia.John D'Antona
"Tradeweb Shares 2019 Fixed Income Year in Review,"Traders Magazine
December 11, 2019."Freddie Mac Moves Toward Single Security,"MReport Magazine
April 3, 2019. In September 2019, Tradeweb and Intercontinental Exchange launched Tradeweb ICE U.S. Treasury Closing Prices, which calculates and publishes more than 900 Treasury securities prices daily, and in October the firm expanded portfolio trading for corporate bonds. In 2020, the firm's average daily trading volume across all asset classes exceeded $837 billion. In June 2021, Tradeweb acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed for $190 million in cash. In June 2022, Tradeweb announced a partnership with

FXall FXall (FX Alliance Inc) is a foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network with headquarters in New York. The company provides electronic trading in the foreign exchange ma ...

, the foreign exchange aggregator run by the

London Stock Exchange Group London Stock Exchange Group plc, also known as LSEG, is a global provider of financial markets data and infrastructure headquartered in London, England. It owns the London Stock Exchange (on which it is also listed), Refinitiv, LSEG Technol ...

, which majority owns Tradeweb\, that would have the two companies work on solutions for

emerging market An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or we ...

currency swaps and bonds. In January 2023, Billy Hult succeeded Lee Olesky as CEO of Tradeweb and Thomas Pluta became the company’s President. Pluta left the company in 2024. In August 2023, Tradeweb acquired Yieldbroker, an Australian trading platform. In November 2023, Tradeweb announced it would acquire r8fin, a technology provider that specializes in algorithmic-based execution for U.S. Treasuries and interest rate futures. The transaction closed in January 2024. In April 2024, Tradeweb agreed to acquire Institutional Cash Distributors (“ICD”), an investment technology provider for corporate treasury organizations trading short-term investments. The $785 million, all-cash transaction was completed in August 2024.

Management

Billy Hult is CEO of Tradeweb and a member of the board of directors. He was President for 15 years prior to becoming CEO in 2023 and played a key role in the firm's growth and acquisitions. He joined the firm in 2000 from

Société Générale Société Générale S.A. (), colloquially known in English-speaking countries as SocGen (), is a French multinational universal bank and financial services company founded in 1864. It is registered in downtown Paris and headquartered nearby i ...

."The 2017 Trading Tech 40: Billy Hult,"
''

'', March 7, 2017. As of September 2024, th
management structure
was as follows: * Billy Hult, Chief Executive Officer * Sara Furber, Chief Financial Officer * Chris Bruner, Chief Product Officer * Enrico Bruni, Managing Director, Head of Europe and Asia Business * Amy Clack, Chief Administrative Officer * Michael H. Cohen, Managing Director, Global Head of Marketing and Communications * Douglas Friedman, General Counsel * Justin Peterson, Chief Technology Officer * Ashley N. Serrao, Managing Director, Head of Treasury, FP&A and Investor Relations * Fred Strobel, Managing Director, Global Head of Human Resources * Scott Zucker, Chief Risk Officer

References

External links

* {{authority control American companies established in 1998 Financial services companies established in 1998 Financial services companies based in New York City Publicly traded companies based in New York City Electronic trading platforms Online financial services companies of the United States Online marketplaces of the United States Internet properties established in 1998 2004 mergers and acquisitions 2019 initial public offerings Companies listed on the Nasdaq London Stock Exchange Group

History

Management

See also

References

External links