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Tradeweb - Wikipedia
Wikipedia

Tradeweb

Tradeweb Markets Inc. is an international financial technology company that builds and operates electronic over-the-counter (OTC) marketplaces for trading fixed income products, ETFs, and derivatives. Its customers include banks, asset managers, central banks, pension funds and insurance companies.[2] Tradeweb's headquarters are in New York City.

Tradeweb Markets Inc.
Company typePublic
Industry
  • Financial markets
  • Financial services
Founded1998; 26 years ago (1998)
HeadquartersNew York, New York,
U.S.
Key people
Billy Hult (CEO)
Jacques Aigrain (Chairman)[1]
Products
RevenueIncrease US$1.3 billion (2023)
Increase US$505.3 million (2023)
Increase US$419.5 million (2023)
Number of employees
1,179 (2023)
Websitetradeweb.com
Footnotes / references
https://investors.tradeweb.com/node/9731/html

History

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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 bonds and agencies.

The firm was privately held until 2004, when it was acquired by Thomson Corporation (now Thomson-Reuters) for $535 million.[3] Tradeweb established its Tokyo office in 2005, starting a partnership with CanDeal to launch Canadian debt securities trading.[4] That year, the firm grew by introducing marketplaces for interest rate swaps, 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.[5] 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.[6]

In 2008, Olesky became CEO.[7] and Billy Hult became president. That same year, the firm acquired brokerage firm Hilliard Farber & Co. Inc.[8] In 2009, it launched Dealerweb, an electronic interdealer platform for to-be-announced, or forward, mortgage-backed securities (TBA-MBS).[9] In 2010, it facilitated the first fully electronic, dealer-to-customer interest rate swap to be processed by a central clearing house in the U.S.[10]

In 2011, it acquired the brokerage assets of Rafferty Capital Markets LLC (RaffCap) and the municipal bond broking business of J.J. Kenny Drake.[11] In 2013, the firm secured CFTC temporary approval of two wholly owned swap execution facilities (SEFs) TW SEF and DW SEF.[12] Live SEF trading on the platforms began on October 2, 2013.[13] 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.[14]

In May 2014, Tradeweb and BlackRock announced a strategic partnership in electronic trading in rates and derivatives markets for BlackRock's Aladdin clients.[15] 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.[16] In October 2014, the company announced the launch of its U.S. institutional corporate bond platform.[17]

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.[18][19] 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.[20] The same month, the firm became one of four electronic trading platforms to launch the 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.[21][22][23][24]

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.[25]

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.[26] 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.[27] 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.[28] In 2017, the firm also made a strategic investment in DealVector, Inc., a fixed income asset registry and communication platform.[29][30]

In May 2018, Tradeweb partnered with Plato to launch eBlock, a European cash equities block trading platform.[31] In August 2018, it launched an RFQ platform for US equity options allowing traders to send multiple price requests to multiple liquidity providers.[32]

Tradeweb tendered an IPO on April 3, 2019.[33] According to Bloomberg, its offering was the best-performing IPO exceeding $1 billion for 2019.[34] Also in 2019, the Federal Housing Finance Agency announced it was partnering with Tradeweb to begin trading a single security for mortgages backed by Fannie Mae and Freddie Mac.[35][36] 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,[37] and in October the firm expanded portfolio trading for corporate bonds.[38] In 2020, the firm's average daily trading volume across all asset classes exceeded $837 billion.[39]

In June 2021, Tradeweb acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed for $190 million in cash.[40]

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 currency swaps and bonds.[41][42][43]

In January 2023, Billy Hult succeeded Lee Olesky as CEO of Tradeweb and Thomas Pluta became the company’s President.[44] Pluta left the company in 2024.[45]

In August 2023, Tradeweb acquired Yieldbroker, an Australian trading platform.[46][47]

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.[48][49]

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.[50]

Management

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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.[51][52][53] He joined the firm in 2000 from Société Générale.[54]

As of September 2024, the 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

See also

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References

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  1. ^ "Leadership," Company website, retrieved September 27, 2024.
  2. ^ "Tradeweb Institutional". www.tradeweb.com. Retrieved 2021-11-24.
  3. ^ Risk Magazine (1 May 2004). "Thomson Announces Tradeweb Acquisition". Risk. Retrieved 14 January 2015.
  4. ^ Carbonnier, Jean-Paul (26 September 2006). "Tradeweb Partners with CanDeal". Risk. Retrieved 29 January 2015.
  5. ^ Kutler, Jeffrey (24 July 2006). "Thomson TradeWeb Buys LeverTrade as Retail Entry Point". Securities Technology Monitor. Retrieved 29 January 2015.
  6. ^ Schmerken, Ivy (10 October 2007). "Thomson Plans to Spin Off Tradeweb". Wall Street & Technology. Retrieved 14 January 2015.
  7. ^ "The 2016 Tech 50: Lee Olesky," Institutional Investor, July 18, 2016.
  8. ^ Wolfe, Daniel (6 November 2008). "Tradeweb Acquires Hilliard Farber". American Banker. Retrieved 11 June 2020.
  9. ^ Elder, Bryce; Hume, Neil (21 April 2009). "Icap Hurt by Banks' Platform". Financial Times. Retrieved 14 January 2015.
  10. ^ Burne, Katy (18 November 2010). "Tradeweb Delivers Milestone in Electronic Swaps Trade". The Wall Street Journal. Retrieved 14 January 2015.
  11. ^ "Tradeweb Buys Brokerage; Plans Treasury Trading Platform". Reuters. 11 October 2011. Retrieved 29 January 2015.
  12. ^ Schmerken, Ivy (23 September 2013). "CFTC Puts SEF Approvals on the Fast Track". Wall Street & Technology. Retrieved 29 January 2015.
  13. ^ Puaar, Anish (14 October 2013). "US Buyside Adopts Cautious Approach to Swaps Platforms". Financial News. Retrieved 29 January 2015.
  14. ^ Thomases, Jake (1 November 2013). "Tradeweb Revamps Retail Fixed Income with BondDesk Buy". Waters Technology. Retrieved 29 January 2015.
  15. ^ Mackenzie, Michael (14 May 2014). "BlackRock Signals Bond Trading Shake-Up". Financial Times. Retrieved 29 January 2015.
  16. ^ Mackenzie, Michael (5 June 2014). "Dealerweb Launch Shakes Up Treasury Trading". Financial Times. Retrieved 29 January 2015.
  17. ^ Leising, Matthew (29 October 2014). "Bond Market Overhaul Requires Patience for Tradeweb CEO". Bloomberg. Retrieved 11 December 2014.
  18. ^ "Tradeweb-CodeStreet Deal Aims to Pool Liquidity - Markets Media". marketsmedia.com. 4 March 2016. Retrieved 2016-12-06.
  19. ^ "Tradeweb Markets LLC Acquires CodeStreet LLC :: Tradeweb". www.tradeweb.com. Retrieved 2016-12-06.
  20. ^ "UK Treasury opts for Tradeweb and FTSE Russell for end-of-day reference pricing," The TRADE, October 11, 2016.
  21. ^ Cave, Tim (2016-10-13). "Trading quartet launches lobby group for electronic bond markets". Retrieved 2016-12-06.
  22. ^ "Bond platforms form lobby group to tackle MiFID II | The Trade". www.thetradenews.com. Retrieved 2016-12-06.
  23. ^ "Tradeweb and FTSE Russell named as providers of Gilt and Treasury Bill end-of-day reference pricing by the UK Treasury :: Tradeweb". www.tradeweb.com. Retrieved 2016-12-06.
  24. ^ "Leading Trading Venues Establish Electronic Debt Markets Association :: Tradeweb". www.tradeweb.com. Retrieved 2016-12-06.
  25. ^ Agini, Tim Cave and Samuel. "Big banks pick Tradeweb for Mifid II reporting". Retrieved 2017-09-12.
  26. ^ "Citadel Securities to trade Treasuries on Tradeweb," Financial Times, March 15, 2017.
  27. ^ "Tradeweb to launch all-to-all corporate bond trading in Europe," The TRADE, April 11, 2017.
  28. ^ "Tradeweb Markets to Provide the First Offshore Electronic Bond Trading Platform in the Establishment of Bond Connect :: Tradeweb". www.tradeweb.com. Retrieved 2017-09-12.
  29. ^ "Tradeweb Markets Makes Strategic Investment in DealVector :: Tradeweb". www.tradeweb.com. Retrieved 2017-09-12.
  30. ^ "Tradeweb Invests in DealVector to Grow Fixed-Income Suite of Solutions - WatersTechnology.com". WatersTechnology.com. 2017-07-20. Retrieved 2017-09-12.
  31. ^ McDowell, Hayley (17 May 2018). "Tradeweb expands into equities with Plato Partnership block trading venture". The Trade. Retrieved 12 June 2020.
  32. ^ McDowell, Hayley (16 August 2018). "Tradeweb launches RFQ platform for US options". TheTRADE. Retrieved 7 July 2020.
  33. ^ Monks, Matthew (16 December 2019). "Tradeweb Raises $1.1 Billion in Year's No. 2 IPO in U.S." Bloomberg News. Retrieved 24 June 2020.
  34. ^ Maranz, Felice; Surane, Jennifer (16 December 2019). "All-Digital Trading Is a 'Question of When,' Tradeweb CEO Says". Bloomberg News. Retrieved 24 June 2020.
  35. ^ John D'Antona, "Tradeweb Shares 2019 Fixed Income Year in Review," Traders Magazine, December 11, 2019.
  36. ^ "Freddie Mac Moves Toward Single Security," MReport Magazine, April 3, 2019.
  37. ^ Barnett, Chip (13 September 2019). "Tradeweb ICE Treasury Closing Prices unveiled". The Bond Buyer. Retrieved 12 June 2020.
  38. ^ McDowell, Hayley (8 October 2019). "Tradeweb expands corporate bond portfolio trading with new functionality". TheTrade. Retrieved 1 July 2020.
  39. ^ "Tradeweb Historical Trade Volumes" (PDF). October 2021.
  40. ^ Barnes, Dan (February 2, 2021). "The Desk".
  41. ^ "FXall and Tradeweb Markets to collaborate on emerging market hedging solutions - The TRADE". www.thetradenews.com. Retrieved 2022-06-22.
  42. ^ "FXall, Tradeweb Markets Partner to Build Hedging Overflow Solutions". Financial and Business News | Finance Magnates. 7 June 2022. Retrieved 2022-06-22.
  43. ^ News, Alliance (2022-06-07). "IN BRIEF: LSEG's FXall and Tradeweb to collaborate on emerging markets". MorningstarUK. Retrieved 2022-06-22. {{cite web}}: |last= has generic name (help)
  44. ^ "Tradeweb succession as Hult becomes CEO and Pluta becomes president". www.tradeweb.com. 2023-01-04. Retrieved 2023-12-16.
  45. ^ "Tradeweb Markets, PayPal, SEC, and More: Executive Moves of the Week". Financial and Business News | Finance Magnates. 2024-06-23. Retrieved 2024-10-01.
  46. ^ Richards, Jamie (2023-08-31). "Tradeweb finalises acquisition of Yieldbroker". SecuritiesFinanceTimes. Retrieved 2023-08-31.
  47. ^ Preece, Claudia (2023-08-31). "Tradeweb completes Yieldbroker acquisition". The TRADE. Retrieved 2023-08-31.
  48. ^ "Tradeweb to acquire algo provider r8fin as fixed income algo arms race heats up - The TRADE". www.thetradenews.com. Retrieved 2023-12-16.
  49. ^ "Tradeweb completes acquisition of algo-based execution technology provider, r8fin - The TRADE". www.thetradenews.com. Retrieved 2024-01-22.
  50. ^ "Tradeweb Completes Acquisition of ICD". Treasury Management International. 2024-08-05. Retrieved 2024-10-01.
  51. ^ "Lee Olesky to step down as Tradeweb chief". Financial Times. 2022-02-16. Retrieved 2023-01-04.
  52. ^ Bogdanova, Steffy (2023-01-03). "Tradeweb announces promotion of Billy Hult to CEO". LeapRate. Retrieved 2023-01-04.
  53. ^ "Tradeweb appoints Billy Hult as CEO". 4 January 2023.
  54. ^ "The 2017 Trading Tech 40: Billy Hult," Institutional Investor, March 7, 2017.
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  • Official website
  • Business data for Tradeweb Markets Inc.:
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