Tradeweb Makes Investment in MAXEX to Expand Access to the Institutional Marketplace for U.S. Residential Mortgages

Key Terms

tba technical

tba stands for "to be announced" and is used when specific details—such as a date, amount, participant, or location—have not yet been finalized or released. For investors it flags incomplete information that could affect timing, valuation, or risk; think of it as a calendar placeholder that tells you to watch for an update before making a decision based on the missing detail.

securitizations financial

Securitizations are transactions that bundle similar financial assets—like mortgages, car loans, or credit-card receivables—and convert them into tradable securities that investors can buy. Think of it as pooling many small loans into one package and selling slices of that package; this changes who bears the credit risk, creates different return and risk levels, and can improve liquidity. Investors care because securitizations determine potential income, the level of default risk tied to the underlying loans, and how easily those investments can be bought or sold.

secondary market financial

The secondary market is where investors buy and sell financial assets, such as stocks or bonds, after they have been initially issued. It functions like a marketplace where ownership changes hands, allowing investors to cash out or acquire investments more easily. This market provides liquidity, making it easier for people to turn their investments into cash or find new opportunities.

Investment and commercial collaboration to connect Tradeweb’s global network with MAXEX’s digital mortgage exchange to expand institutional access and liquidity

NEW YORK & ATLANTA--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, and MAXEX, the digital exchange for trading U.S. residential mortgage loans through a single centralized clearinghouse, today announced a commercial collaboration with the goal of expanding access to the institutional marketplace for U.S. residential mortgages. Tradeweb has also made a strategic investment in MAXEX; financial terms were not disclosed.

Tradeweb and MAXEX plan to collaborate to advance a more centralized, transparent and institutionally scalable market for U.S. residential mortgage loans – one of the largest segments of global private credit. As part of this strategic collaboration, Tradeweb plans to connect its global network of over 3,000 clients to MAXEX’s network of approximately 400 mortgage lenders and more than three dozen premier institutional investors. By integrating MAXEX’s centralized exchange and clearinghouse with Tradeweb’s electronic trading, data and workflow capabilities, this collaboration aims to enhance efficiency, transparency and liquidity in residential private credit while complementing the role of the GSEs.

MAXEX operates a centralized, end-to-end digital exchange purpose-built for institutional trading of residential whole loans. The firm addresses the mortgage market’s long-standing fragmentation and operational complexity through standardized contracts, centralized clearing and settlement, and seamless electronic execution. MAXEX has facilitated loan sales into more than 250 private-label securitizations as well as to the market’s leading portfolio investors and is one of the most active expeditors of private mortgage loan liquidity in the U.S.

The collaboration will also extend Tradeweb’s mortgage footprint beyond agency mortgage-backed securities (MBS), including the TBA and specified pool markets, into the rapidly growing private residential credit ecosystem, where institutional demand for high-quality, yield-generating assets continues to accelerate.

“Tradeweb has a proven record of transforming large, complex fixed income markets through electronic trading,” said Troy Dixon, Managing Director, Co-Head of Global Markets at Tradeweb. “Residential private credit represents a compelling next phase of that evolution as we continue to invest in core areas of organic growth for Tradeweb. Our commercial collaboration and investment in MAXEX reflect our conviction that its centralized exchange model, combined with Tradeweb’s global distribution, technology, and data capabilities, will enhance how institutional investors access and trade U.S. residential mortgage loans.”

“MAXEX was built to address the structural inefficiencies that have long constrained the residential mortgage secondary market,” said Tom Pearce, CEO, Chairman, and Co-Founder of MAXEX. “Tradeweb is one of the most respected market operators in global fixed income.

Together, we intend to bring institutional-grade infrastructure, transparency, and liquidity to a core segment of private credit that underpins the U.S. financial system.”

As part of the investment, MAXEX appointed two new Board members: Troy Dixon of Tradeweb and Marc Simpson, Managing Director and Head of Residential Whole Loan and Secondary MBS Trading at JPMorgan, which led a 2021 investment in MAXEX and is among the largest participants in the U.S. residential credit markets.

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, retail and corporates 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 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.6 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

About MAXEX

MAXEX is the first and leading digital mortgage exchange to enable buying and selling residential loans through a single clearinghouse and is one of the most active facilitators of private mortgage loan liquidity in the United States. The company connects a growing network of approximately 400 bank and non-bank lenders with premier investors including Wall Street banks, alternative credit funds, insurance companies and REITs to enable faster, more efficient liquidity. MAXEX is an Atlanta-based fintech company led by mortgage experts and financially backed by leading private equity and capital markets investors, which include Tradeweb Markets, JPMorgan, Atlas Merchant Capital, South Street Holdings and Moore Specialty Credit, the private asset backed finance platform of Moore Capital Management, LP. Learn more by visiting www.maxex.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 the 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. 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 events or performance and future events, 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 future events, 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 events, 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.

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Media Contacts

Daniel Noonan, Tradeweb

+1 646 767 4677

Daniel.Noonan@Tradeweb.com



Andy Payment, MAXEX

+ 1 404 566 4998

Press@maxex.com

Source: Tradeweb Markets Inc.