Tradeweb Markets Stock Price, News & Analysis

Tradeweb Markets Inc. (Nasdaq: TW) reported strong financial results for Q2 2024:

- Revenues: $405.0 million, up 30.4% year-over-year
- Average Daily Volume (ADV): $1.9 trillion, up 48.3%
- Net Income: $136.4 million, up 33.8%
- Adjusted Net Income: $166.7 million, up 34.7%
- Diluted EPS: $0.55, up 31.0%
- Adjusted Diluted EPS: $0.70, up 34.6%

Tradeweb set quarterly ADV records in rates, money markets, and credit. The company agreed to acquire ICD for $785 million, adding Corporates as its fourth client channel. Tradeweb also made strategic investments in blockchain and tokenization technologies.

Tradeweb Markets, a global leader in electronic marketplaces for rates, credit, equities, and money markets, will release its Q2 2024 financial results on July 25, 2024, at 7:00 AM EDT. The company will also host a conference call at 9:30 AM EDT the same day to discuss the results, led by CEO Billy Hult, CFO Sara Furber, and Ashley Serrao, Head of Treasury, FP&A, and IR. Investors can join the call via webcast or phone and access related presentation materials on Tradeweb's investor relations website. An archived recording will be available post-call.

Tradeweb Markets reported significant growth in trading volumes for June 2024, with total trading volume reaching $37.5 trillion and an average daily volume (ADV) of $1.94 trillion, marking a 40.9% increase year-over-year (YoY). For Q2 2024, total trading volume was $121.0 trillion, with an ADV of $1.92 trillion, reflecting a 48.3% YoY increase.

Key highlights include a 50.8% YoY increase in U.S. government bond ADV to $210.7 billion, a 56.0% YoY rise in swaps/swaptions ≥ 1-year ADV to $437.3 billion, and a 92.0% YoY surge in credit derivatives ADV to $14.7 billion. European government bond ADV grew by 17.4% to $50.5 billion.

Tradeweb CEO Billy Hult attributed the growth to increased client engagement and adoption of various trading protocols. Records were set in U.S. high yield and repo, driven by market volatility and sustained primary issuance in Europe and the UK.

Tradeweb Markets (NASDAQ: TW), a leading electronic marketplaces operator, has announced significant organizational changes to support its growth trajectory.

Amy Clack will join as Chief Administrative Officer (CAO) in August 2024, bringing over 25 years of experience from Wells Fargo and Credit Suisse. She will oversee operations, business integration, risk, and corporate services, contributing to Tradeweb's expansion efforts.

In 2024, Tradeweb achieved record trading volumes, share gains, and Q1 revenues, and opened new offices in Dubai and Miami. The company is also set to acquire ICD, marking its third acquisition in a year.

As part of these changes, President Thomas Pluta will leave the company and its Board of Directors by September 30, 2024. In the interim, U.S. institutional teams will report to Enrico Bruni, Head of Europe and Asia Business, while wholesale and retail teams will report to CEO Billy Hult.

Tradeweb Markets (Nasdaq: TW) has launched RFQ Edge, an enhanced request-for-quote (RFQ) functionality for U.S. Credit markets. This new tool integrates advanced portfolio trading analytics into the RFQ protocol, offering real-time trading data, customized charting, and dealer performance breakdowns. With RFQ Edge, clients gain better market transparency, efficiency, and insight, enabling more informed trading decisions. The tool also leverages Tradeweb Ai-Price to provide real-time prices for nearly 30,000 corporate bonds. This development extends Tradeweb’s commitment to advancing electronification in credit markets. The company reported record quarterly ADV in fully electronic U.S. High Grade credit in Q1 2024 and captured significant market shares in May 2024.

Tradeweb and FTSE Russell have launched Tradeweb FTSE U.S. Treasury Closing Prices, extending their fixed income pricing offering to the U.S. Treasury markets. This new benchmark utilizes an enhanced methodology for calculating bid and offer prices, including transaction costs based on executable pricing quotes from Tradeweb's platform. The pricing data covers various U.S. Treasury securities with snap times at 3:00 and 4:00 p.m. (New York). The expansion aims to increase transparency and reliability in benchmark pricing, supporting investment portfolios, compliance, and accounting standards. Tradeweb and FTSE Russell plan to integrate this methodology into their UK Gilt and European Government Bonds pricing soon.

Tradeweb Markets (Nasdaq: TW) reported a total trading volume of $41.7 trillion for May 2024, with an average daily volume (ADV) of $1.90 trillion, marking a 40.0% year-over-year (YoY) increase. U.S. government bond ADV rose by 33.4% YoY to $192.5 billion, while European government bond ADV slightly decreased by 0.4% YoY to $41.4 billion.

Mortgage ADV increased by 18.4% YoY to $197.1 billion, driven by heightened activity in dollar roll and coupon swap. Swaps/swaptions ≥ 1-year ADV surged by 53.3% YoY to $484.2 billion, contributing to a 67.9% YoY rise in total rates derivatives ADV to $784.6 billion. U.S. credit ADV saw a 46.7% YoY increase to $6.6 billion, and European credit ADV grew by 16.1% YoY to $2.2 billion.

Municipal bonds ADV grew by 11.1% YoY to $357 million, and credit derivatives ADV increased by 5.7% YoY to $8.7 billion. However, U.S. ETF ADV fell by 15.3% YoY to $6.1 billion, and European ETF ADV declined by 1.4% YoY to $2.3 billion. Repurchase agreement ADV rose by 28.7% YoY to $605.1 billion.

Tradeweb Markets (Nasdaq: TW) has introduced new features connecting its repurchase agreements (repo) and interest rate swap (IRS) platforms. This innovation enables clients to efficiently assess competitive pricing of fixed-rate repos by referencing overnight index swap (OIS) curves during trade negotiations.

The platform now provides OIS spreads for GBP, EUR, and USD trades, leveraging swap curves on the IRS platform. Clients can manage interest rate exposure with straight-through processing by pre-populating OIS tickets post-repo transactions and sending RFQ inquiries to liquidity providers.

Tradeweb's seamless multi-asset platform supports trading across 24 currencies, with an average daily volume of $340 billion in repos and $790 billion in IRS trades. The integration aims to enhance decision-making and reduce operational risks for institutional clients.

Tradeweb Markets, a global operator of electronic marketplaces for various financial instruments, announced its participation in several upcoming financial conferences. CEO Billy Hult will join a fireside chat at the Piper Sandler Global Exchange & Trading Conference on June 5, 2024, at 10:30 am EDT. The session will be live-streamed and replayable for 180 days. Tradeweb will also attend the Deutsche Bank Global Financial Services Conference on May 30, 2024, the Morgan Stanley US Financials, Payments and CRE Conference on June 10, 2024, and the Jefferies Global FinTech Conference on June 12, 2024.