Tradeweb Markets Inc. (Tradeweb) is an international

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companie ...

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 pri ...

products, ETFs, and

derivatives The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics *Brzozowski derivative in the theory of formal languages *Formal derivative, an ...

. The company was co-founded in 1996 by Lee Olesky and Jim Toffey.Janet Whitman and Agnes T. Crane
"Thomson Signs An Agreement To Buy TradeWeb,"
''

The Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...

'', April 9, 2004. Its customers include

bank A bank is a financial institution that accepts 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 markets. Becau ...

asset managers Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

pension fund A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and priva ...

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 hedge ...

. Tradeweb's headquarters are in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...

History

Tradeweb was launched in 1998, creating the first multi-dealer online trading network for

U.S. Treasuries United States Treasury securities, also called Treasuries or Treasurys, are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Since 2012, U.S. gov ...

. 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 issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity ...

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

Thomson Corporation The Thomson Corporation was one of the world's largest information companies. It was established in 1989 following a merger between International Thomson Organisation Ltd (ITOL) and Thomson Newspapers. In 2008, it purchased Reuters Group to fo ...

(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 wit ...

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, announced its plans to expand electronic trading 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 which 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 co ...

'', July 18, 2016. 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 multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with tri ...

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 electronic trading 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 (APA) service to allow market participants to meet post-trade requirements mandated by the Markets in Financial Instruments Directive ( MiFID) II. In March 2017, Citadel Securities became a liquidity provider on the Tradeweb institutional U.S. Treasury 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 published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikke ...

'', 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
hina 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 A Request for Quote (RfQ) is a financial term for certain way to ask a bank for an offer of a given financial instrument from a bank, made available by so-called Approved Publication Arrangement (APA) by the stock markets itself or by Financial d ...

platform for US

equity options In finance, an option is a contract which conveys to its owner, the ''holder'', the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date ...

allowing traders to send multiple price requests to multiple liquidity providers. Tradeweb tendered an IPO 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), an ...

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 N ...

and

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, 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, the foreign exchange aggregator run by the London Stock Exchange Group, 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 were ...

currency swaps and bonds. In June 2022, Tradeweb also announced a joint venture with

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ...

and MarketAxess to provide a consolidated tape for bond prices in European capital markets that would operate independently from its existing business. At the time of the announcement, it already operated its own APA. This move was in response to a long-standing effort by European authorities to unify their capital markets and improve trade data quality, and it might be the first move in bringing a single feed to many asset classes. Once implemented, European

capital market A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of saver ...

s would be more similar to those of the U.S., which has TRACE.

Management

Billy Hult is the current CEO of Tradeweb. He was President prior to this 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 as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense. Société Générale ...

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

'', March 7, 2017. Hult replaced Lee Olesky, who was CEO until this the time of the transition and then became non-executive Chairman of the Board. Olesky was previously Chief Operating Officer for Credit Suisse First Boston (CSFB)'s Fixed Income Americas division. While at CSFB, Olesky completed the initial business plan for introducing institutional electronic trading of U.S. securities in 1996. After launching Tradeweb in 1998 and serving as chairman, Olesky left CSFB and co-founde
BrokerTec
Global, a competing trading platform. He rejoined Tradeweb as President in 2002 and became CEO in 2008. Replacing Hult as President was Thomas Pluta, who joined from JP Morgan where he was most recently global head of linear rates trading and co-head of North America rates trading. As of January 2023, the management structure was as follows: * Billy Hult, Chief Executive Officer * Thomas Pluta, President * Sara Furber, Chief Financial Officer * Chris Bruner, Chief Product Officer * Enrico Bruni, Managing Director, Head of Europe and Asia Business * Douglas Friedman, General Counsel * Justin Peterson, Chief Technology Officer * Fred Strobel, Global Head of Human Resources * Scott Zucker, Chief Risk and Administrative 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