Tradeweb Markets Inc. (Tradeweb) is an international financial services company that builds and operates electronic over-the-counter (OTC) marketplaces for trading fixed income products, ETFs, and derivatives. The company was co-founded in 1996 by Lee Olesky and Jim Toffey.Janet Whitman and Agnes T. Crane
"Thomson Signs An Agreement To Buy TradeWeb,"
'' The Wall Street Journal'', April 9, 2004. Its customers include

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s, asset managers,

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

s, pension funds and insurance companies. Tradeweb's headquarters are in New York City.

History

Tradeweb was launched in 1998, creating 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. Tradeweb established its Tokyo office in 2005, starting a partnership with CanDeal to launch Canadian debt securities trading. 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. 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. In 2008, Olesky became CEO."The 2016 Tech 50: Lee Olesky,"
'' Institutional Investor'', July 18, 2016. That same year, the firm acquired brokerage firm Hilliard Farber & Co. Inc. In 2009, it launched Dealerweb, an electronic interdealer platform for to-be-announced, or forward, mortgage-backed securities (TBA-MBS). In 2010, it facilitated the first fully electronic, dealer-to-customer interest rate swap to be processed by a central

clearing house Clearing house or Clearinghouse may refer to: Banking and finance * Clearing house (finance) * Automated clearing house * ACH Network, an electronic network for financial transactions in the U.S. * Bankers' clearing house * Cheque clearing * Cle ...

in the U.S. In 2011, it acquired the brokerage assets of Rafferty Capital Markets LLC (RaffCap) and the

municipal bond A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, ...

broking business of J.J. Kenny Drake. In 2013, the firm secured CFTC temporary approval of two wholly owned swap execution facilities (SEFs) TW SEF and DW SEF. Live SEF trading on the platforms began on October 2, 2013. 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. In May 2014, Tradeweb and

BlackRock BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with trill ...

announced a strategic partnership in electronic trading in rates and derivatives markets for BlackRock's Aladdin clients. 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. In October 2014, the company announced the launch of its U.S. institutional corporate bond platform. 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. In October 2016, Tradeweb, along with

FTSE FTSE may refer to: * FTSE Group, a British provider of stock market indices * FTSE 100 Index and other stock market indices: ** FTSE/Athex Large Cap (symbol: FTSE) on the Athens Stock Exchange * Fundamental theorem of software engineering *Fellow ...

Russell, was named a provider of Gilt and Treasury Bill end-of-day reference pricing by the U.K. Treasury."UK Treasury opts for Tradeweb and FTSE Russell for end-of-day reference pricing,"The TRADE
October 11, 2016. The same month, the firm became one of four electronic trading platforms to launch th
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. 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 Markets in Financial Instruments Directive 20142014/65/EU commonly known as MiFID 2 (Markets in financial instruments directive 2), is a legal act of the European Union. Together with Regulation (EU) No 600/2014 it provides a legal framework fo ...

) II. In March 2017,

Citadel Securities Citadel Securities is an American market making firm headquartered in Miami. It is one of the largest market makers in the world, and is active in more than 50 countries. It is the largest designated market maker on the New York Stock Exchange. ...

became a liquidity provider on the Tradeweb institutional

U.S. Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

marketplace, expanding its role on the platform beyond IRS, CDS indices, and U.S. ETFs."Citadel Securities to trade Treasuries on Tradeweb,"
'' Financial Times'', March 15, 2017. 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."Tradeweb to launch all-to-all corporate bond trading in Europe,"The TRADE
April 11, 2017. In June 2017, it became the first offshore trading platform to connect with
hina Foreign Exchange Trade System
(CFETS), allowing investors outside of China to invest in the China Interbank Bond Market for the first time. In 2017, the firm also made a strategic investment in DealVector, Inc., a fixed income asset registry and communication platform. In May 2018, Tradeweb partnered with Plato to launch eBlock, a European cash equities block trading platform. In August 2018, it launched an RFQ platform for US equity options allowing traders to send multiple price requests to multiple liquidity providers. Tradeweb tendered an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on April 3, 2019. According to ''Bloomberg'', its offering was the best-performing IPO exceeding $1 billion for 2019. 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.John D'Antona
"Tradeweb Shares 2019 Fixed Income Year in Review,"Traders Magazine
December 11, 2019."Freddie Mac Moves Toward Single Security,"MReport Magazine
April 3, 2019. 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, and in October the firm expanded portfolio trading for corporate bonds. In 2020, the firm's average daily trading volume across all asset classes exceeded $837 billion. In June 2021, Tradeweb acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed for $190 million in cash. In June 2022, Tradeweb announced a partnership with

FXall FXall (FX Alliance Inc) is a foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network with headquarters in New York. The company provides electronic trading in the foreign exchange ma ...

, 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. In June 2022, Tradeweb also announced a joint venture with

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ...

and MarketAxess to provide a consolidated tape for bond prices in European capital markets that would operate independently from its existing business. At the time of the announcement, it already operated its own APA. This move was in response to a long-standing effort by European authorities to unify their capital markets and improve trade data quality, and it might be the first move in bringing a single feed to many asset classes. Once implemented, European

capital market A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

s would be more similar to those of the U.S., which has TRACE.

Management

Billy Hult is the current CEO of Tradeweb. He was President prior to this and played a key role in the firm's growth and acquisitions. He joined the firm in 2000 from Société Générale."The 2017 Trading Tech 40: Billy Hult,"
'' Institutional Investor'', March 7, 2017. Hult replaced Lee Olesky, who was CEO until this the time of the transition and then became non-executive Chairman of the Board. Olesky was previously Chief Operating Officer for Credit Suisse First Boston (CSFB)'s Fixed Income Americas division. While at CSFB, Olesky completed the initial business plan for introducing institutional electronic trading of U.S. securities in 1996. After launching Tradeweb in 1998 and serving as chairman, Olesky left CSFB and co-founde
BrokerTec
Global, a competing trading platform. He rejoined Tradeweb as President in 2002 and became CEO in 2008. Replacing Hult as President was Thomas Pluta, who joined from JP Morgan where he was most recently global head of linear rates trading and co-head of North America rates trading. As of January 2023, the management structure was as follows: * Billy Hult, Chief Executive Officer * Thomas Pluta, President * Sara Furber, Chief Financial Officer * Chris Bruner, Chief Product Officer * Enrico Bruni, Managing Director, Head of Europe and Asia Business * Douglas Friedman, General Counsel * Justin Peterson, Chief Technology Officer * Fred Strobel, Global Head of Human Resources * Scott Zucker, Chief Risk and Administrative Officer

References

External links

* {{authority control American companies established in 1998 Financial services companies established in 1998 Financial services companies based in New York City Publicly traded companies based in New York City Electronic trading platforms Online financial services companies of the United States Online marketplaces of the United States Internet properties established in 1998 2004 mergers and acquisitions 2019 initial public offerings Companies listed on the Nasdaq London Stock Exchange Group

History

Management

See also

References

External links