Tradeweb Markets Inc. (Tradeweb) is a leader in building and operating electronic marketplaces for its global network of clients across the financial ecosystem.
The company's network comprises more than 3,000 clients across the institutional, wholesale, retail, and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional de...
Tradeweb Markets Inc. (Tradeweb) is a leader in building and operating electronic marketplaces for its global network of clients across the financial ecosystem.
The company's network comprises more than 3,000 clients across the institutional, wholesale, retail, and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers, and corporations. The company's marketplaces facilitate trading across a range of asset classes, including rates, credit, equities, and money markets.
The company is global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. The company supports its clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade, and data and analytics.
The company’s platforms provide transparent, efficient, and compliant trading solutions across multiple products, regions and regulatory regimes.
The company's technology supports multiple asset classes, trading protocols, and geographies, and as a result, it is able to provide a broad spectrum of solutions and cost savings to its clients. The company has built, and continues to invest in, a scalable, flexible, and resilient proprietary technology architecture that enables it to remain agile and evolve with market structure. This allows the company to partner with its clients to develop customized solutions for their trading and workflow needs. The company's technology is deeply integrated with its clients’ order, risk, and treasury management systems, accounting systems, clearinghouses, trade repositories, middleware providers, and other important links in the trading value chain. These qualities allow the company to be quick to market with new offerings, to constantly enhance its existing platforms and solutions, and to collect a robust set of data and analytics to support its marketplaces.
The company's expansion into emerging markets continued in 2024 with the addition of clients across Latin America and the Middle East.
The company has also continued its efforts to strategically invest in technology that it expects to help advance its business, such as entering into minority investments, commercial agreements and strategic partnerships with companies involved in blockchain infrastructure and digital assets. This strategy for these strategic investments allows the company to leverage and benefit from the technical expertise of its partners, without having to make significant investments in research and development in-house. By expanding the scope of its platforms and solutions, building scale and integration across marketplaces, and benefiting from broader network effects, the company has continued to grow both its transaction volume and subscription-based revenues year-over-year.
Growth Strategy
The key elements of the company’s strategy are to continue to grow its existing markets (such as growth in its underlying asset classes, growth in its market share, and electronification of its markets), expand its product set and reach, enhance underlying data and analytics capabilities to develop innovative solutions, and pursue strategic acquisitions and alliances.
Client Sectors
The company has a network of more than 3,000 clients across the institutional, wholesale, retail, and corporates client sectors. Its clients include leading global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations.
The company provides deep liquidity pools to the institutional, wholesale, retail, and corporates client sectors through its Tradeweb Institutional, Dealerweb, Tradeweb Direct, and ICD Portal platforms. It is dependent on its dealer clients to support its institutional, wholesale, and retail marketplaces by providing liquidity on its trading platforms, and certain of the company’s dealer clients may account for a significant portion of its trading volume.
The company's client sectors are continuing to become more interwoven and the company is well positioned to deliver the benefits of cross-marketplace network effects. Many of its asset manager, hedge fund, insurance, central bank/sovereign entity, and regional dealer clients actively trade multiple products on its platforms. In addition, many of the global commercial banks and dealers providing liquidity on Tradeweb Institutional are also active traders on Dealerweb, its wholesale platform, and provide odd-lot inventory for its retail client sector.
Institutional
Tradeweb Institutional offers dealer-to-client and all-to-all trading and related solutions to liquidity-taking clients. Its clients include leading asset managers, hedge funds, insurance companies, regional dealers, and central banks/sovereign entities. Through its Tradeweb Institutional platform, the company offers trading in a wide variety of products, including the U.S. Treasuries, European government bonds, TBA MBS, global interest rate swaps, global corporate bonds, and global ETFs, among others. Its trading protocols include RFQ, RFM, Request-for-Stream, list trading, compression, blast all-to-all, Click-to-Trade, portfolio trading, and inventory-based.
Wholesale
The company provides fully electronic, hybrid, and voice trading for the wholesale community on its Dealerweb platform. Its clients include dealers and financial institutions trading on its electronic and hybrid markets. Nearly all of its electronic and hybrid dealer clients also trade on the Tradeweb Institutional and Tradeweb Direct platforms. Wholesale’s leading markets include TBA MBS, specified pools, other securitized products, global credit products, the U.S. Treasuries, repurchase agreements, the U.S. dollar-denominated swaps, the U.S. ETFs, and the U.S. equity derivative products. Its electronic trading protocols include directed streams, central limit orderbook, and session-based trading. The company is well positioned to facilitate and capitalize on the continued transition of wholesale client trading from voice or hybrid trading to fully electronic trading.
Retail
Tradeweb Direct, the company’s regulated Alternative Trading System (‘ATS’), offers financial advisors at retail brokerage and advisory firms and their retail client’s access to micro-lot liquidity provided by its network of broker-dealers. Certain Tradeweb Direct clients also provide access to retail clients through white-labeled, web-based front ends. Its large and middle-market asset manager clients also have access to the Tradeweb Direct ATS. Tradeweb Direct offers trading in a range of products, including the U.S. corporate bonds, the U.S. Treasuries, municipal bonds, structured products, and certificates of deposit (CDs), using its Click-to-Trade, inventory-based, and RFQ trading protocols. Participants on Tradeweb Direct have the ability to connect to its marketplaces via workstations or APIs, or through access to websites that are white-labeled for its clients.
Corporates
The company expanded into the corporates client sector through its acquisition of ICD on August 1, 2024. Its ICD Portal offers corporate treasurers globally a one-stop shop to research, trade, analyze, and report on investments across more than 40 available investment providers, primarily offering money market funds and access to other short-term products, including fixed-term funds and separately managed accounts (collectively referred to as ‘money market funds’). Through its ICD Portfolio Analytics tool, corporate treasury organizations also have access to an AI-driven cloud solution for aggregating investment positions for comprehensive analysis, monitoring, and reporting. The company’s acquisition of ICD broadened its product suite, further diversified its client and revenue base, and strengthened its position in the corporate treasury space, enabling it to provide a more comprehensive range of liquidity management tools and services. In the future, it expects to provide existing ICD clients with the ability to optimize yield and duration through its existing suite of products and partnerships, as well as manage liquidity needs and related FX risk.
Asset Classes and Products
The company offers efficient and transparent trading across a diverse range of asset classes:
Rates: The company facilitates trading in a broad range of cash and derivatives rates products, including major government securities, such as the U.S. Treasury securities and European government bonds, mortgage-backed securities, interest rate swaps, agency/supranational securities, and other rates products.
Credit: The company offers deep pools of liquidity in cash and derivatives credit products, including the U.S. and European high-grade and high-yield bonds, China bonds, municipal bonds, index, single name, and sovereign credit default swaps, and other credit products.
Equities: The company offers trading in a range of cash and derivatives equities products, including global ETFs, equity derivatives, and other equities products.
Money Markets: The company offers trading in repurchase agreements and a broad range of other money market products, including agency discount notes, commercial paper, certificates of deposit (including structured CDs), and institutional funds of money market and other short-term investments.
Geographies
The company has a global footprint serving more than 3,000 clients in over 85 countries across the Americas, EMEA (Europe, Middle East, and Africa), and APAC (the Asia Pacific) regions, with offices in North America, South America, Europe, Australia, Asia, and the Middle East. In addition, it supports trading across over 30 currencies globally.
Solutions
Institutional, Wholesale, and Retail Client Solutions
The company provides its institutional, wholesale, and retail clients with solutions across the trade lifecycle, including pre-trade data and analytics, intelligent trade execution, straight-through processing, and post-trade data, analytics, and reporting.
Pre-Trade Data and Analytics: The company provides its clients with accurate, real-time market data and streaming price updates across more than 50 products. Major financial publications across the globe reference its market data. Its real-time market data services include coverage of government bonds, corporate bonds, mortgage-backed securities, fixed income derivatives, and money markets. The company’s pre-trade service offerings also include:
Ai-Price: The company’s Automated Intelligent Price, or Ai-Price, functionality is an innovative bond pricing engine that applies data science to help make markets more efficient by delivering real-time and end-of-day reference pricing for nearly 30,000 U.S. corporate bonds and approximately 1 million U.S. municipal bonds, regardless of how frequently a bond trades. Clients leverage the service to power their AiEX auto-trading, portfolio trading, and transaction cost analysis.
iNAV for ETFs: The company’s real-time indicative multi-asset class portfolio calculation service can be used to calculate real-time valuations for any portfolio of securities or index and is being leveraged to produce intraday net asset values (‘iNAVs’) for ETFs. This solution was built for issuers of ETFs, to assist them in bringing high-quality transparency of their funds to investors, to support market surveillance, and to satisfy numerous listing obligations across European exchanges. Robust iNAVs help increase market transparency and trading confidence by enabling investors to assess whether an ETF is being fairly priced.
Integrations: The company’s trade data is integrated directly with certain order management systems, allowing for order entry and pre-trade compliance and risk analysis. Clients are also able to perform credit checks for cleared derivatives trading — either with limits on its system or through connectivity to the futures commission merchants. The company was also the first electronic trading platform to make OIS curves available during the repurchase agreement trade negotiation process, helping institutional clients assess the price competitiveness of different repurchase agreement rates across various currencies and maturities.
LSEG market data: The company provides LSEG with certain real-time market data feeds for multiple fixed income and derivatives products under a license pursuant to which LSEG distributes such market data to its customers on its platforms and through direct feeds.
Trade Execution: Trade execution is at the core of the company’s business. It provides marketplaces and tools that facilitate trading by its clients and streamline their related workflows. The company’s market specialists and technology team work closely with its clients to continuously innovate and improve their trading practices. The trading protocols it offers on its platforms include:
Request-for-quote: The company’s multi-dealer request-for-quote, or RFQ, protocol provides institutional clients with the ability to hold a real-time auction with multiple dealers and select the best price. RFQ was pioneered by Tradeweb in 1998 and has been deployed across all of its rate markets, including government bonds, mortgage-backed securities, and the U.S. agencies, as well as its other asset classes. The RFQ is a fully-disclosed trading protocol — both buy-side and sell-side names are known prior to execution. Multi-dealer RFQ assists clients with achieving best execution. During 2024, the company deployed RFQ Edge, a new functionality that applies advanced portfolio trading analytics to the RFQ protocol in U.S. credit markets, allowing clients to make better-informed trade decisions.
Request-for-market: The company’s request-for-market, or RFM, protocol provides institutional clients with the ability to request a two-sided market from a particular dealer. This mirrors the approach of a client calling a specific trader for market prices and rates before showing the direction they want to trade. The RFM protocol has been effective in some of the company’s newer markets, including credit default swap indices, where it is integrated with the RFQ and click-to-trade protocols on a single trading screen.
Request-for-stream: The company’s request-for-stream, or RFS, protocol allows multiple dealers to show clients continuously updating rates, in line with market movements, during a client’s request window.
List trading: Used by clients with multiple transactions to complete, the company’s list trading protocol is a highly efficient workflow tool. By executing many trades at once, clients can request prices from multiple dealers to extract the best price and complete the hedging of the trades at one time, saving significant manual effort compared to executing on the telephone.
Compression: Clients utilize the company’s interest rate swap compression tool as an efficient means to reduce the number of line items they have outstanding at a clearinghouse by netting offsetting positions in a single transaction. This functionality allows clients to submit up to 200 line items to liquidity providers for simultaneous list pricing, which they can execute, clear, and report in one transaction, reducing both their risk and clearing costs. The compression tool is flexible and versatile in design, allowing clients to adapt the tool to their workflow and customize for non-standard or bespoke swaps.
Blast all-to-all: The company’s Blast all-to-all, or A2A, protocol allows clients to send RFQ trade inquiries to all market participants in a given market and receive responses for executions. Trades are exposed to all liquidity providers simultaneously to broaden their liquidity sources. Blast A2A is currently used by its institutional clients in its global credit marketplaces, including U.S. high grade, the U.S. high yield, European credit products, and other corporate bonds. The Blast A2A functionality provides alert and inquiry monitors so participants are notified of trading opportunities. Clients can send single or list trade inquiries and can receive responses for full or partial fills. Clients can also leverage the company’s AiEX tool in conjunction with this trading protocol.
Click-to-trade: The company’s click-to-trade, or CTT, protocol enables a liquidity-taking client to view a set of prices in real-time and click on the price and the dealer with whom they wish to execute. This trading protocol is especially popular with clients that are looking to view a range of executable, real-time prices across dealers.
Portfolio Trading: To support rebalancing of passive portfolios and ETFs, the company’s portfolio trading solution allows clients to obtain competitive prices and trade on net present value on a full basket of securities.
Session-based: Sweep, the company’s session-based trading protocol, allows clients to manage inventory and balance sheets by entering orders to be matched against opposite orders at a specified time and price, concentrating market liquidity to a particular point in time. This protocol leverages the company’s broker relationships, technology, and pricing from the overall Tradeweb network to fill the gap between voice brokering and fully electronic order book trading.
Central Limit Order Book: The company’s central limit order book, or CLOB, is a continuous electronic protocol that allows clients to trade on firm bids and offers from other market participants, as well as enter their own resting bids and offers for display to the market participants, typically anonymously.
Bilateral Firm Streams: The company’s Bilateral Firm Streams protocol, which is used by its wholesale clients in the On-The-Run U.S. Treasury marketplace, gives clients an efficient alternative to traditional voice and order book trading. Liquidity-taking and liquidity-providing clients can establish data-driven, customized bilateral trading relationships that deliver real-time price discovery and high-quality execution. In this matched principal model, clients can connect to a single platform to transact with multiple pools of directed liquidity.
Inventory-based: The company’s inventory-based protocol allows liquidity-providing clients to submit a range of bids and offers for particular securities that a counterparty can then look to execute on. These prices are not necessarily updated in real-time but provide a good indication of where the counterparty is likely to complete the trade. This protocol is most commonly deployed in less liquid, security-specific marketplaces, such as certain credit and money markets marketplaces.
Rematch: The company’s Rematch protocol allows dealers to send accepted, but unmatched orders from a Sweep session to the all-to-all network as an anonymous RFQ. For a pre-set period of time, sell-side participants create a second opportunity to trade a given security with a larger and more diverse set of counterparties. Rematch connects the company’s wholesale liquidity to its institutional and retail liquidity pools.
Voice: Voice-brokered products in the company’s wholesale client sector include, among other products, the U.S. Treasuries, MBS, municipal bonds, and repurchase agreements. Its voice brokers provide anonymity and insight for sell side traders and give the company valuable high-touch relationships and market understanding and access.
Futures vs. cash spreading: Within its r8fin technology, clients can create orders to trade futures vs. government bonds at specified levels. The algorithm uses a mix of passive and aggressive trading strategies across cash and futures venues to achieve the client’s target.
Tradeweb Automated Intelligent Execution, or AiEX, is an automated trading technology that allows clients to execute large volumes of trade tickets at high speed using pre-programmed execution rules that are tailored to the client’s trading strategy. Clients use AiEX to efficiently automate high volumes of small, basic trades to free up more time and create capacity. In addition, clients apply AiEX to more complex execution strategies to open up new trading opportunities. The trading benefits of AiEX include efficient accelerated execution, better optimization to fine-tune dealer selection, and enhanced automated compliance.
Trade Processing: The company’s trade processing technology allows its clients to increase productivity, reduce risk, and improve overall performance. For example, immediately after executing a long-dated fixed-rate repurchase agreement transaction, buy-side traders can also manage their interest rate exposure in a fully electronic workflow, thereby achieving straight-through processing and reducing operational risk. The company’s post-trade solutions also allow clients to allocate their electronic or phone-executed trades electronically, including storing and communicating organizational and sub-account settlement, identity, and confirmation preference information for processing trades. The company’s post-trade solutions make it easier for clients to communicate trade settlement information to dealers, prime brokers, fund administrators, and confirmation vendors. Additionally, clients can send trades to clearinghouses and report in real-time through third-party middleware or Tradeweb-developed direct links. The company works side by side with numerous industry partners to provide direct server-to-server connections. By eliminating manual re-entry of trade and allocation information, its solutions assist clients in reducing failed trades and saving time, effort, and money.
Post-Trade Data, Analytics, and Reporting: The company’s comprehensive post-trade services include:
Transaction Cost Analysis: Transaction cost analysis, or TCA, best execution reporting, and client performance reports are powerful tools that provide the company's clients with ways to measure and optimize their trade performance. The company's TCA tools monitor the cost-effectiveness and quality of execution of trading activities for trades executed on or off Tradeweb. The company's post-trade performance reports provide a summary of trading activity, including detailed exception reports, price benchmarking, and peer group comparisons.
Benchmark Prices: In partnership with FTSE Russell, the company also provides the U.S. Treasury, UK Gilt, and European government bond closing prices in a manner consistent with the International Organization of Securities Commissions (‘IOSCO’) principles and United Kingdom (‘U.K.’) and European Union (‘EU’) Benchmark Regulation (‘BMR’). These benchmark prices can be used for various purposes, including asset valuation, trade at close, and as reference rates in derivatives contracts. In October 2024, FTSE Russell announced that, starting in March 2025, it expects to make a price source change to include Tradeweb FTSE benchmark closing prices for the U.S. Treasuries, European government bonds, and UK Gilts in FTSE’s global fixed income indices, including its World Government Bond Index, FTSE’s flagship global index, and a leading global benchmark for fixed income markets.
APA: To support MiFID II regulatory obligations, the company also operates an APA reporting service in the UK and EU to allow clients to meet post-trade transparency requirements for off-venue or OTC trading activity. The company's APA service provides regulatory pre-trade and post-trade reporting across multiple asset classes, including for products not offered by Tradeweb. The APA service also provides venue reporting for clients for LSEG’s FX trading venues.
Corporates Solutions
The company provides clients in its corporates client sector with access to the ICD Portal, where clients can research money market fund products and place orders to purchase or redeem investments. Those orders are securely transmitted to the appropriate counterparties to ensure timely trade executions and cash transfers. Through the company's ICD Portfolio Analytics tool, corporate treasury organizations also have access to an AI-driven cloud solution for aggregating investment positions for comprehensive analysis, monitoring, and reporting.
Sales and Marketing
The company sells and promotes its offerings and solutions using a variety of sales and marketing strategies. It has increasingly leveraged its global and cross-product expertise to drive growth. The company's sales team, which works closely with its technology team, is responsible for new client acquisition and the management of ongoing client relationships to increase clients’ awareness, knowledge, and usage of its trading platforms, new product launches, information and data services, and post-trade services. The company's sales team is also responsible for training and supporting new and existing clients on their use of its platforms and solutions, and for educating clients more broadly on the benefits of electronic trading, including how to optimize their trading performance and efficiency through its various trading protocols.
Given the breadth of the company's global client network, trading volume activity, and engagement with regulatory bodies, it regularly works to help educate market participants on market trends, the impact of regulatory changes, and technology advancements. The company's senior executives often provide insight and thought leadership to the industry through conversations with the media, appearances at important industry events, roundtables and forums, submitting authored opinion pieces to media outlets, and conducting topical webinars for its clients.
Competition
Other Electronic Trading Platforms: The company competes with a number of other electronic trading venues. These include MarketAxess, Bloomberg, ICE (Bondpoint, TMC Bonds, Creditex), Trumid, TP ICAP (Liquidnet), and others in the credit and municipal markets; Bloomberg, Euronext (MTS), CME Group (NEX Group), BGC Partners (Fenics), MarketAxess (LiquidityEdge), GLMX, and others in the rates and derivatives markets; Virtu (RFQ-hub), Bloomberg, and others in the equities and ETF markets; and BNY Mellon, State Street, J.P. Morgan (Morgan Money), and Goldman Sachs, and others in the money market portal market.
Exchanges: In recent years, exchanges have pursued acquisitions that have put them in competition with the company. For example, ICE acquired BondPoint and TMC Bonds, retail-focused platforms, and Interactive Data Corporation (‘IDC’), a provider of fixed income data, in an effort to expand its portfolio of fixed income products and services. CME Group and CBOE also operate exchanges that compete with the company.
Inter-Dealer Brokers: The company competes with inter-dealer brokers, particularly in its wholesale markets in products, such as MBS, the U.S. Treasuries, the U.S. repurchase agreements, and products traded on Swap Execution Facilities (‘SEFs’). Major competitors include TP ICAP, BGC Partners, and Tradition.
Trademarks
The company has registered trademarks, which include, but are not limited to, ‘Tradeweb,’ ‘Dealerweb,’ and ‘Tradeweb Direct.’
Regulation
Two of the company's broker-dealers operate alternative trading systems subject to the SEC’s Regulation ATS, which includes certain specific requirements and compliance responsibilities in addition to those faced by broker-dealers generally. The company is also subject to the various anti-fraud provisions of the Securities Act, the Exchange Act, the Commodity Exchange Act, certain state securities laws, and the rules and regulations promulgated thereunder.
In the case of the company's U.S. broker-dealer subsidiaries, the principal self-regulatory organization is the Financial Industry Regulatory Authority, Inc. (‘FINRA’). Accordingly, the company's U.S. broker-dealer subsidiaries are subject to both scheduled and unscheduled examinations by the SEC and FINRA. In addition, the company’s broker-dealers’ municipal securities-related activities are subject to the rules of the Municipal Securities Rulemaking Board (‘MSRB’). In connection with the company’s introducing broker-related activities, it is also subject to the oversight of the National Futures Association (‘NFA’), a self-regulatory organization that regulates certain CFTC registrants.
Outside of the United States, the company is regulated by the Financial Conduct Authority (‘FCA’) in the UK, the De Nederlandsche Bank (‘DNB’) and the Netherlands Authority for the Financial Markets (‘AFM’), Autorite Des Marches Financiers (‘AMF’) and Autorite de contrÔle prudentiel et de resolution (‘ACPR’) in France, Bundesanstalt für Finanzdienstleistungsaufsicht (‘BaFin’) in Germany, the Japan Financial Services Agency (the ‘JFSA’), the Japan Securities Dealers Association (the ‘JSDA’), the Securities & Futures Commission (the ‘SFC’) of Hong Kong, the Monetary Authority of Singapore (the ‘MAS’), the Australian Securities and Investment Commission (the ‘ASIC’), the Comisión Nacional Bancaria y de Valores (the ‘CBNV’) in Mexico, the Swiss Financial Market Supervisory Authority (‘FINMA’), the Investment Industry Regulatory Organization of Canada and provincial regulators in Canada, and the Dubai Financial Services Authority (the ‘DFSA’) in the DIFC.
Tradeweb LLC is a SEC-registered broker-dealer and a member of FINRA and MSRB. Tradeweb LLC is also a CFTC-registered introducing broker and a member of NFA. Tradeweb LLC relies on the international dealer exemption in the Canadian provinces of Ontario, Alberta, British Columbia, New Brunswick, Nova Scotia, Quebec, Saskatchewan, and Manitoba, and is recognized as a foreign trading venue in Switzerland.
Dealerweb Inc. is a SEC-registered broker-dealer, operates an ATS, and is a member of FINRA and MSRB. Dealerweb Inc. is also a CFTC-registered introducing broker and a member of NFA. Dealerweb Inc. is recognized as a foreign trading venue in Switzerland. Dealerweb relies on the international dealer exemption in the Canadian provinces of Ontario, Quebec, and Nova Scotia, and the ATS Order Exemption for Ontario, Quebec, and Nova Scotia.
Execution Access, LLC, acquired in June 2021, was a SEC-registered broker-dealer that operated an ATS and was a member of FINRA. In November 2022, Execution Access, LLC merged with and into Dealerweb Inc., with Dealerweb Inc. being the surviving entity.
Tradeweb Direct LLC is a SEC-registered broker-dealer, operates an ATS, and is a member of FINRA and MSRB. Tradeweb Direct LLC also relies on the Ontario Securities Commission International Dealer Exemption in the Canadian provinces of Ontario and Quebec, is registered as an exempt firm with the AFM, and is a Recognized Body of the DFSA.
Tradeweb Europe Limited is authorized and regulated in the UK by the FCA as a MiFID Investment Firm. It has permissions to operate a Multilateral Trading Facility (‘MTF’), an Organized Trading Facility (‘OTF’), and an APA. Tradeweb Europe Limited is also regulated by ASIC and holds an Overseas Australian Market Operator License and is a recognized foreign trading venue by FINMA in Switzerland. In January 2022, Tradeweb Europe obtained a license to provide direct market access to trading participants (Handelsteilnehmer) domiciled in Germany via an electronic trading system pursuant to section 102(1) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG).
The Singapore branch of Tradeweb Europe Limited is regulated by the MAS as a Recognised Market Operator (‘RMO’).
The Hong Kong branch of Tradeweb Europe Limited is regulated by the SFC as an Automated Trading Service.
Tradeweb Information Technology Services (Shanghai) Co., Ltd. is a wholly-owned foreign enterprise (WOFE) in China. Its business scope includes information, data, and technology-related services, including development, sales, import and export, and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (‘PBOC’) for the provision of Bond Connect, CIBM Direct RFQ, and Swap Connect.
TW SEF LLC is a CFTC-registered SEF. TW SEF LLC is formally exempt from registration as an exchange in the Canadian provinces of Alberta, Ontario, Nova Scotia, and Quebec, and is recognized as a foreign trading venue in Switzerland. TW SEF LLC is approved and regulated by ASIC as an Overseas Australian Market Operator Licensee, recognized as a Foreign Trading Venue in Mexico, and is a Recognized Body of the DFSA.
DW SEF LLC is a CFTC-registered SEF. DW SEF LLC is formally exempt from registration in the Canadian provinces of Ontario and Nova Scotia, and is recognized as a foreign trading venue in Switzerland.
Tradeweb Japan KK is regulated by the JFSA and is registered as a Type 1 Financial Instruments Exchange Business Operator (reg. Kanto Local Finance Bureau (Kinsho) No.2997) pursuant to which it has been granted a Proprietary Trading System (PTS) Operator License. It is also a notified Electronic Trading Platform (ETP) operator for IRS intermediary business. Tradeweb Japan KK is a member of the JSDA, which is an authorized self-regulatory body under the Financial Instruments and Exchange Law of Japan, the governing law of the financial services industry in Japan.
Tradeweb EU B.V. is authorized and regulated by the DNB and AFM as a MiFID Investment Firm with permissions to operate an MTF and an OTF. Tradeweb EU B.V. passports its permissions under MiFID and accordingly provides services throughout the EU and the European Economic Area (‘EEA’). Tradeweb EU B.V. is also regulated by ASIC and holds an Overseas Australian Market Operator License and is a recognized foreign trading venue by FINMA in Switzerland.
The Paris branch of Tradeweb EU B.V. is supervised by the ACPR.
Tradeweb Execution Services Limited is authorized and regulated in the U.K. by the FCA as an Investment Firm (‘BIPRU Firm’).
Tradeweb Execution Services B.V. is authorized and regulated by the AFM as a MiFID investment firm with permission to trade on a matched principal basis.
Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited), acquired in August 2023, is a Tier 1 Australian Markets Licensee in Australia, regulated by the ASIC, that maintains a branch in Singapore that is regulated by the MAS as a Regulated Market Operator. Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024.
Tradeweb (DIFC) Limited is an Authorized Firm regulated by the DFSA with a license for ‘arranging deals in investments’ for users to access its various trading venues that are also separately recognized by the DFSA.
History
Tradeweb Markets Inc. was founded in 1996. The company was incorporated in Delaware in 2018.
