Tradeweb and FTSE Russell Extend Benchmark Closing Prices to U.S. Treasury Markets

• Expansion of strategic partnership between Tradeweb and FTSE Russell to produce benchmark closing prices for the U.S. Treasury markets
• Tradeweb FTSE U.S. Treasury Closing Prices utilize an enhanced methodology that provides additional transparency into bid and offer price information

NEW YORK & LONDON--(BUSINESS WIRE)-- Tradeweb and FTSE Russell today announced that they have launched Tradeweb FTSE U.S. Treasury Closing Prices, extending their combined offering of next generation fixed income pricing, which can be used in index trading products.

Similar to the existing Tradeweb FTSE closing prices for UK Gilts and European Government Bonds, these U.S. Treasury closing prices incorporate trading activity from Tradeweb’s electronic platform, which results in more robust benchmark pricing.

Tradeweb FTSE U.S. Treasury Closing Prices utilize an enhanced methodology, which facilitates the calculation of bid and offer prices, capturing transaction costs based on executable pricing quotes collected through the Tradeweb platform. This is in addition to mid prices, which are produced for all asset classes. The pricing data set features comprehensive coverage for a range of security types including U.S. Treasury notes and bonds, bills, strips and Treasury Inflation-Protected Securities (TIPS), with both a 3:00 and 4:00 p.m. (New York) snap time.

The extension of closing pricing to the U.S. Treasury markets is an important step in further expanding benchmark pricing capabilities across a comprehensive range of fixed income securities, importantly including USD-denominated credit securities, for which prices are largely underpinned by U.S. Treasury valuations.

The enhanced methodology used for Tradeweb FTSE U.S. Treasury Closing Prices has been thoroughly tested to arrive at an optimal approach to delivering robust, algorithmic and reliable pricing. In the near term we plan to incorporate this methodology into our UK Gilt and Euro Government closing prices, including the addition of bid and offer prices.

Trusted reference price data is critical for financial firms to manage investment portfolios, evaluate the fair value of securities, perform compliance, and satisfy general accounting standards. Tradeweb and FTSE Russell are committed to the continued expansion of their benchmark pricing coverage, and the incorporation of these prices throughout the investment process.

Lisa Schirf, Global Head of Data & Analytics at Tradeweb, said: “As we continue to expand Tradeweb’s collaboration with FTSE Russell, our clients gain access to a broader set of benchmarks for use as reliable closing prices in their investment process and end-of-day trading strategies and other purposes. We believe the Tradeweb FTSE U.S. Treasury Closing Prices will serve as a unique foundation for the global fixed income markets and their launch further demonstrates our commitment to the electronification of the markets.”

Scott Harman, Head of Fixed Income, Currencies and Commodities Indices at FTSE Russell, said: “The launch of Tradeweb FTSE benchmark pricing for the U.S. Treasury markets, represents significant progress in realizing our ambition to offer the financial markets a better, more representative solution for valuing fixed income securities. We recognize the criticality of the U.S. Treasury markets to the investment ecosystem, and the need to continue to offer innovative benchmark solutions to our clients for this important asset class.”

These benchmark prices are administered in accordance with the EU and UK Benchmark Regulation and the IOSCO Principles for Financial Benchmarks and can be used in index construction, as well as reference rates for a broad range of use cases, including trade-at-close transactions and derivatives contracts.

About Tradeweb Markets:

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

About FTSE Russell, an LSEG business:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $15.9 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit FTSE Russell.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240609717691/en/

Media:

Daniel Noonan, Tradeweb

+1 646 767 4677

Daniel.Noonan@Tradeweb.com

Simon Henrick, LSEG

+44 (0) 20 7797 1222

newsroom@lseg.com

Gexler Diaz, LSEG

+506 8513-3280

gexler.diaz@lseg.com

Investors:

Ashley Serrao, Tradeweb

+1 646 430 6027

Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb

+1 646 767 4864

Sameer.Murukutla@Tradeweb.com

Source: Tradeweb Markets Inc.