{{short description|American financial services company}} {{Infobox company | name = Tradeweb Markets Inc. | type = Public | traded_as = {{ubl|class=nowrap|{{NASDAQ|TW}} (Class A)|Russell 1000 component}} | logo = Image:Tradeweb logo.jpg | industry = {{Unbulleted list|Technology|Financial markets}} | founded = {{Start date and age|1998}} | hq_location = {{nowrap|245 Park Avenue}} | hq_location_city = New York City | hq_location_country = U.S. | key_people = Jacques Aigrain, Chair<BR>Billy Hult, CEO<br>Sara Furber, CFO<ref name=10K/> | products = Electronic trading platforms to trade bonds, derivatives, and equities | revenue = {{nowrap|{{increase}} {{US$|2.1 billion|link=yes}}}} (2025) | operating_income = {{increase}} US$835.3 million (2025) | net_income = {{Increase}} US$921.5 million (2025) | assets = {{increase}} US$8.19 billion (2025) | equity = {{increase}} US$7.19 billion (2025) | num_employees = 1,569 (2025) | website = {{URL|tradeweb.com}} | footnotes = <ref name=10K>{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1758730/000175873025000038/tw-20241231.htm |title=2024 Annual Report (Form 10-K) |publisher=U.S. Securities and Exchange Commission |date=February 7, 2025}}</ref> }}
'''Tradeweb Markets Inc.''', headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies.<ref name=10K/> In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees.<ref name=10K/> In 2024, 52% of revenue came from products related to rates, 27% of revenues came from products related to credit, 7% came from products related to money markets and repurchase agreements, 7% of revenues came from market data, and 6% of revenues came from equities transactions.<ref name=10K/> The company's primary competitors are MarketAxess, Bloomberg L.P., Intercontinental Exchange, CME Group, BGC Group, Euronext, and Trumid.<ref name=10K/>
The company is a major facilitator of trades of government bonds, mortgages, interest rate swaps, and ETFs.<ref name=Looking>{{Cite news | url=https://www.barrons.com/articles/tradeweb-ceo-stock-bond-market-4c5873dd | title=Tradeweb Is Looking to Come to a Bond Market Near You | first=Andy | last=Serwer | work=Barron's | date=May 17, 2025}}</ref> The company's goal is to make trading fixed income products as easy as trading stocks by "electronifying, and modernizing the bond market".<ref name=Looking/>
The company is majority-owned and controlled by the London Stock Exchange Group.<ref name=10K/><ref name=Looking/>
==History== The company was co-founded in 1996 by Lee Olesky and Jim Toffey, who came up with the idea while working at Credit Suisse First Boston.<ref name=Looking/> 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 agency debt.
In 2004, the company was acquired by Thomson Corporation (now Thomson-Reuters) for $535 million.<ref>{{Cite news |url=https://www.risk.net/technology/1510388/thomson-announces-tradeweb-acquisition |title=Thomson Announces Tradeweb Acquisition | work=Risk | date=May 1, 2004}}</ref> Tradeweb established its Tokyo office in 2005, starting a partnership with CanDeal to launch Canadian debt securities trading.<ref>{{Cite news |url=https://www.risk.net/technology/1522258/tradeweb-partners-candeal |last=Carbonnier |first=Jean-Paul |title=Tradeweb Partners with CanDeal| work=Risk |date=September 26, 2006}}</ref> That year, the firm grew by introducing marketplaces for interest rate swaps, credit default swap indices, and repurchase agreements.
In 2005, Tradeweb launched TradeWeb IRS, a US dollar-denominated interest rate swap platform, with the support of seven major dealers.<ref>{{Cite news | url=https://www.fnlondon.com/articles/tradeweb-launches-irs-platform-20050519 | title=TradeWeb launches IRS platform | first=Jay | last=Eden | work=FN London | date=May 19, 2005}}</ref>
In 2006, Tradeweb acquired Lever-Trade, which was rebranded Tradeweb Retail, a provider of web-based fixed income management systems for the retail marketplace.<ref>{{Cite news | url=https://www.finextra.com/newsarticle/15592/thomson-tradeweb-buys-levertrade-retail-fixed-income-marketplace | title=Thomson TradeWeb buys LeverTrade retail fixed income marketplace | work=Finextra | date=July 17, 2006}}</ref>
In 2007, Thomson Financial, a unit of Thomson Reuters, announced its plans to expand electronic trading by creating a strategic partnership with nine other global dealers through Tradeweb. The dealers also invested $180 million in Tradeweb at a valuation of $1.55 billion.<ref>{{Cite news | url=https://www.wbjournal.com/article/nine-global-dealers-and-thomson-financial-form-premier-electronic-trading | title=Nine global dealers and Thomson Financial form premier electronic trading | work=Worcester Business Journal | date=October 11, 2007}}</ref>
In September 2008, Olesky became CEO.<ref>{{Cite news | url=https://www.institutionalinvestor.com/article/2bsy5x9995uqx0mdgjzsw/portfolio/the-2016-tech-50-lee-olesky | title=The 2016 Tech 50: Lee Olesky | work=Institutional Investor | date=July 18, 2016}}</ref> and Billy Hult became president.
In November 2008, Tradeweb acquired brokerage firm Hilliard Farber & Co. Inc.<ref>{{Cite news |url=https://www.americanbanker.com/-366421-1.html |last=Wolfe |first=Daniel | title=Tradeweb Acquires Hilliard Farber | work=American Banker |date=November 6, 2008 | url-access=subscription}}</ref>
In 2009, it launched Dealerweb, an electronic interdealer platform for to-be-announced, or forward, mortgage-backed securities (TBA-MBS).<ref>{{Cite news |url=https://www.ft.com/content/a4bf29a2-2ead-11de-b7d3-00144feabdc0 |last1=Elder |first1=Bryce |last2=Hume |first2=Neil |title=Icap Hurt by Banks' Platform | work=Financial Times | date=April 21, 2009 | url-access=subscription}}</ref>
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.<ref>{{Cite news |url=https://www.wsj.com/articles/SB10001424052748703374304575622893192466142 |last=Burne |first=Katy |title=Tradeweb Delivers Milestone in Electronic Swaps Trade | work=The Wall Street Journal |date=18 November 2010 | url-access=subscription}}</ref>
In 2011, it acquired the brokerage assets of Rafferty Capital Markets LLC (RaffCap) and the municipal bond broking business of J.J. Kenny Drake.<ref>{{Cite news |url=https://www.reuters.com/article/markets-tradeweb-idUSN1E79A0PC20111011 |title=Tradeweb Buys Brokerage; Plans Treasury Trading Platform | work=Reuters |date=11 October 2011}}</ref>
In September 2013, the firm received approval from the Commodity Futures Trading Commission for two wholly owned swap execution facilities (SEFs) TW SEF and DW SEF.<ref>{{Cite press release | url=https://www.cftc.gov/PressRoom/PressReleases/6685-13 | title=CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities | publisher=Commodity Futures Trading Commission | date=September 9, 2013}}</ref> Live SEF trading on the platforms began on October 2, 2013.<ref>{{Cite news|url=https://www.fnlondon.com/articles/us-buyside-takes-cautious-approach-to-swap-platforms-20131014 |last=Puaar |first=Anish |title=US Buyside Adopts Cautious Approach to Swaps Platforms | work=Financial News |date=14 October 2013}}</ref>
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.<ref>{{Cite news |url=https://www.waterstechnology.com/management-strategy/2304556/tradeweb-revamps-retail-fixed-income-with-bonddesk-buy |last=Thomases |first=Jake |title=Tradeweb Revamps Retail Fixed Income with BondDesk Buy | work=Waters |date=November 1, 2013}}</ref>
In May 2014, Tradeweb and BlackRock announced a strategic partnership in electronic trading in rates and derivatives markets for BlackRock's Aladdin clients.<ref>{{Cite news |url=https://www.ft.com/content/5bcbc4f2-db6f-11e3-94ad-00144feabdc0 |last=Mackenzie |first=Michael |title=BlackRock Signals Bond Trading Shake-Up | work=Financial Times |date=14 May 2014 | url-access=subscription}}</ref> 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.<ref>{{Cite news |url=https://www.ft.com/content/168da448-ec16-11e3-ab1b-00144feabdc0 |last=Mackenzie |first=Michael |title=Dealerweb Launch Shakes Up Treasury Trading | work=Financial Times |date=5 June 2014 | url-access=subscription}}</ref>
In October 2014, the company announced the launch of its U.S. institutional corporate bond platform.<ref>{{Cite news |url=https://www.bloomberg.com/news/2014-10-28/push-to-evolve-bond-market-requires-patience-tradeweb-ceo-says.html | last=Leising | first=Matthew | title=Bond Market Overhaul Requires Patience for Tradeweb CEO | work=Bloomberg News | date=October 19, 2014 | url-access=subscription}}</ref>
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.<ref>{{Cite news | url=https://www.marketsmedia.com/tradeweb-codestreet-deal-aims-pool-liquidity/ | title=Tradeweb-CodeStreet Deal Aims to Pool Liquidity | first=Terry | last=Flanagan | work=Markets Media | date=March 4, 2016}}</ref>
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.<ref>{{Cite news | url=https://www.thetradenews.com/uk-treasury-opts-for-tradeweb-and-ftse-russell-for-end-of-day-reference-pricing/ | title=UK Treasury opts for Tradeweb and FTSE Russell for end-of-day reference pricing | first=Hayley | last=McDowell | work=The Trade News | date=October 11, 2016}}</ref>
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.<ref>{{Cite news |url=https://www.fnlondon.com/articles/trading-quartet-launches-electronic-debt-markets-association-europe-20161013|title=Trading quartet launches lobby group for electronic bond markets |last=Cave |first=Tim | work=FN London | date=2016-10-13}}</ref><ref>{{Cite news | url=https://www.thetradenews.com/bond-platforms-form-lobby-group-to-tackle-mifid-ii/ |title=Bond platforms form lobby group to tackle MiFID II | first=John | last=Bakie | work=The Trade News October 13, 2016}}</ref>
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.<ref>{{Cite news | url=https://www.fnlondon.com/articles/big-banks-pick-tradeweb-for-mifid-ii-reporting-20170110 | first1=Tim | last1=Cave | first2=Samuel | last2=Agini |title=Big banks pick Tradeweb for Mifid II reporting | work=FN London | date=January 10, 2017}}</ref>
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.<ref>{{Cite news | url=https://www.ft.com/content/9c8982ae-0989-11e7-97d1-5e720a26771b | title=Citadel Securities to trade Treasuries on Tradeweb | work=Financial Times | date=March 15, 2017 | url-access=subscription}}</ref> 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.<ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-to-launch-all-to-all-corporate-bond-trading-in-europe/ | title=Tradeweb to launch all-to-all corporate bond trading in Europe | first=Hayley | last=McDowell | work=The Trade News | date=April 11, 2017}}</ref>
In June 2017, Tradeweb 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.<ref>{{Cite news | url=https://financialit.net/news/trading-systems/tradeweb-markets-provide-first-offshore-electronic-bond-trading-platform | title=Tradeweb Markets to Provide the First Offshore Electronic Bond Trading Platform | work=Financial IT | date=June 26, 2017}}</ref>
In 2017, the firm also made a strategic investment in DealVector, Inc., a fixed income asset registry and communication platform.<ref>{{Cite news |url=https://www.waterstechnology.com/industry-issues-initiatives/3400866/tradeweb-invests-in-dealvector-to-grow-fixed-income-suite-of-solutions | title=Tradeweb Invests in DealVector to Grow Fixed-Income Suite of Solutions| first=Anthony | last=Malakian | work=Waters |date=July 20, 2017}}</ref>
In May 2018, Tradeweb partnered with Plato to launch eBlock, a European cash equities block trading platform.<ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-expands-equities-plato-partnership-block-trading-venture/ | last=McDowell | first=Hayley | title=Tradeweb expands into equities with Plato Partnership block trading venture | work=The Trade News | date=May 17, 2018}}</ref>
In August 2018, it launched an RfQ platform for US equity options allowing traders to send multiple price requests to multiple liquidity providers.<ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-launches-rfq-platform-us-options/ | last=McDowell | first=Hayley | title=Tradeweb launches RFQ platform for US options | work=The Trade News | date=August 16, 2018}}</ref>
In April 2019, the company became a public company via an initial public offering, raising $1.1 billion in the best-performing IPO exceeding $1 billion for 2019.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2019-04-03/tradeweb-markets-platform-raises-1-1-billion-in-u-s-ipo |title=Tradeweb Raises $1.1 Billion in Year's No. 2 IPO in U.S. | last=Monks |first=Matthew | work=Bloomberg News |date=December 16, 2019 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2019-12-16/all-digital-trading-is-a-question-of-when-tradeweb-ceo-says | last1=Maranz | first1=Felice | last2=Surane | first2=Jennifer | title=All-Digital Trading Is a 'Question of When,' Tradeweb CEO Says | work=Bloomberg News |date=December 16, 2019 | url-access=subscription}}</ref>
Also in April 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.<ref>{{Cite news | first=John | last=D'Antona | url=https://www.tradersmagazine.com/departments/fixed-income/tradeweb-shares-2019-fixed-income-year-in-review/ | title=Tradeweb Shares 2019 Fixed Income Year in Review | work=Traders Magazine | date=December 11, 2019}}</ref><ref>{{Cite news | url=https://themreport.com/daily-dose/04-03-2019/freddie-mac-moves-toward-single-security | title=Freddie Mac Moves Toward Single Security | work=MReport Magazine | date=April 3, 2019}}</ref>
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,<ref>{{Cite news | url=https://www.bondbuyer.com/news/tradeweb-ice-treasury-closing-prices-launched |last=Barnett | first=Chip |title=Tradeweb ICE Treasury Closing Prices unveiled | work=The Bond Buyer | date=September 13, 2019}}</ref> and in October the firm expanded portfolio trading for corporate bonds.<ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-expands-corporate-bond-portfolio-trading-new-functionality/ | last=McDowell | first=Hayley | title=Tradeweb expands corporate bond portfolio trading with new functionality | work=The Trade News | date=October 8, 2019}}</ref>
In June 2021, Tradeweb acquired the U.S. fixed income electronic trading platform of Nasdaq, Inc., formerly known as eSpeed, for $190 million in cash.<ref>{{Cite news | url=https://www.fi-desk.com/tradeweb-to-acquire-nasdaqs-espeed-central-limit-order-book/ | title=Tradeweb to acquire Nasdaq's eSpeed central limit order book |last=Barnes |first=Dan | work=Fi Desk |date=February 2, 2021}}</ref> It was integrated into Dealerweb in 2023.<ref>{{Cite news | url=https://www.fi-desk.com/tradeweb-integrates-nasdaq-u-s-fixed-income-platform/ | title=Tradeweb integrates Nasdaq U.S. Fixed Income platform | work=Fi Desk | date=March 30, 2023}}</ref>
In June 2022, Tradeweb announced a partnership with FXall, the foreign exchange aggregator run by the London Stock Exchange Group, which majority owns Tradeweb, to link trading workflows in emerging markets currency swaps and emerging markets bonds.<ref>{{Cite news | url=https://www.thetradenews.com/fxall-and-tradeweb-markets-to-collaborate-on-emerging-market-hedging-solutions/ |title=FXall and Tradeweb Markets to collaborate on emerging market hedging solutions | first=Annabel | last=Smith | work=The Trade News | date=June 7, 2022}}</ref><ref>{{Cite news | url=https://www.financemagnates.com/institutional-forex/fxall-tradeweb-markets-partner-to-build-hedging-overflow-solutions/ | title=FXall, Tradeweb Markets Partner to Build Hedging Overflow Solutions | work=Finance Magnates | date=June 7, 2022}}</ref><ref>{{Cite press release | url=https://www.lseg.com/en/media-centre/press-releases/2022/fxall-and-tradeweb-collaborate-emerging-markets-offering-connects-local-bond-and-currency-markets | title=FXall and Tradeweb to collaborate on emerging markets offering that connects local bond and currency markets | publisher=London Stock Exchange Group | date=June 7, 2022}}</ref>
In January 2023, Billy Hult succeeded Lee Olesky as CEO of Tradeweb and Thomas Pluta became the company's President.<ref>{{Cite news |url=https://www.fi-desk.com/tradeweb-succession-as-hult-becomes-ceo-and-pluta-becomes-president/ | title=Tradeweb succession as Hult becomes CEO and Pluta becomes president | work=Fi Desk |date=January 4, 2023}}</ref> Pluta left the company in 2024.<ref>{{Cite news | url=https://www.financemagnates.com/executives/tradeweb-markets-paypal-sec-and-more-executive-moves-of-the-week/ | title=Tradeweb Markets, PayPal, SEC, and More: Executive Moves of the Week |website= Finance Magnates | date=June 23, 2024}}</ref>
In August 2023, Tradeweb acquired Yieldbroker, an Australian trading platform, for A$123.6 million.<ref name=10K/><ref>{{Cite news | url=https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=226488 | last=Richards | first=Jamie | title=Tradeweb finalises acquisition of Yieldbroker | work=Securities Finance Times | date=August 31, 2023}}</ref><ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-completes-yieldbroker-acquisition/ |last=Preece | first=Claudia | title=Tradeweb completes Yieldbroker acquisition | work=The Trade News |date=August 31, 2023}}</ref>
In January 2024, Tradeweb acquired r8fin, a technology provider that specializes in algorithmic-based execution for U.S. Treasuries and interest rate futures, for $125.9 million in cash and stock.<ref name=10K/><ref>{{Cite news |url=https://www.thetradenews.com/tradeweb-completes-acquisition-of-algo-based-execution-technology-provider-r8fin/ |title=Tradeweb completes acquisition of algo-based execution technology provider, r8fin | first=Claudia | last=Preece | work=The Trade News | date=January 22, 2024}}</ref>
In August 2024, Tradeweb acquired Institutional Cash Distributors, an investment technology provider for corporate treasury organizations trading short-term investments, for $785 million in cash.<ref>{{Cite news | title=Tradeweb Completes Acquisition of ICD |url=https://treasury-management.com/news/tradeweb-completes-acquisition-of-icd/ | work=Treasury Management International | date=August 5, 2024}}</ref><ref>{{Cite news | url=https://www.thetradenews.com/tradeweb-completes-all-cash-acquisition-of-institutional-cash-distributors/ | title=Tradeweb completes all-cash acquisition of Institutional Cash Distributors | first=Wesley | last=Bray | work=The Trade News | date=August 2, 2024}}</ref>
In April 2025, Tradeweb introduced electronic portfolio trading for European government bonds, including UK gilt-edged securities, euro, and single currency notes.<ref>{{Cite news | url=https://www.securitiesfinancetimes.com/securitieslendingnews/technologyarticle.php?article_id=227804 | title=Tradeweb launches portfolio trading for European government bonds | first=Daniel | last=Tison | work=Securities Finance Times | date=April 8, 2025}}</ref><ref>{{Cite news | url=https://www.marketsmedia.com/tradeweb-offers-portfolio-trading-for-european-government-bonds/ | title=Tradeweb Opens Portfolio Trading For European Sovereign Bonds | work=Markets Media | date=April 8, 2025}}</ref>
In June 2025, Tradeweb launched trading in U.S. Treasury bills for corporate treasurers via direct connection between its ICD Portal and its institutional trading platform.<ref>{{Cite news | url=https://fxnewsgroup.com/forex-news/institutional/tradeweb-launches-us-treasury-bill-trading-on-icd-portal/ | title=Tradeweb launches US Treasury bill trading on ICD Portal | first=Maria | last=Nikolova | work=FX News Group | date=June 26, 2025}}</ref>
In August 2025, Tradeweb executed the first electronic bilateral multi-asset package list trade, including uncleared swaps and cash bonds in a single package.<ref>{{Cite news | url=https://www.fi-desk.com/tradeweb-executes-first-bilateral-multi-asset-package-list-trade/ | title=Tradeweb executes first bilateral multi-asset package list trade | first=Lucy | last=Carter | work=FI Desk | date=August 28, 2025}}</ref>
==References== {{reflist}}
==External links== * {{official website|https://tradeweb.com/}} {{Finance links | name = Tradeweb Markets Inc. | google = TW | reuters = TW.O | yahoo = TW | sec_cik = TW }}
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Category:2004 mergers and acquisitions Category:2019 initial public offerings Category:American companies established in 1998 Category:Companies listed on the Nasdaq Category:Electronic trading platforms Category:Financial services companies based in New York City Category:Financial services companies established in 1998 Category:Internet properties established in 1998 Category:London Stock Exchange Group Category:Online financial services companies of the United States Category:Online marketplaces of the United States Category:Publicly traded companies based in New York City