Tradeweb Markets Inc. (NASDAQ:TW), a leading, global operator of
electronic marketplaces for rates, credit, equities and money
markets, today announced that it has completed its previously
announced acquisition of Nasdaq’s U.S. fixed income electronic
trading platform. Formerly known as eSpeed, the fully executable
central limit order book (CLOB) for on-the-run U.S. Treasuries is
now part of Tradeweb’s Dealerweb unit serving the wholesale U.S.
Treasury market. The acquisition was first announced February 2,
2021.
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Tradeweb CEO and co-founder Lee Olesky
(Photo: Business Wire)
The total purchase price was $190 million, and was funded using
cash on hand. The acquisition is immediately accretive to adjusted
earnings. Tradeweb expects the acquisition will reach its corporate
EBITDA margins exiting year one of a two-year integration
period.
Tradeweb CEO Lee Olesky commented: “This acquisition reflects
Tradeweb’s commitment to expanding our offering with platforms that
deliver the choice and flexibility our clients demand. Looking
ahead, we will continue to evaluate targeted investment
opportunities that enable us to meet the needs of our clients,
foster innovation and drive further value creation for our
shareholders.”
The addition of this fully-electronic CLOB gives Dealerweb
clients the flexibility to trade on-the-run U.S. Treasuries using
either the CLOB or Dealerweb’s directed streams protocol. Both
protocols will be operated on the same architecture once the
integration is complete, leveraging the same API and offering a
more flexible, efficient approach to trading in the wholesale U.S.
Treasury market.
Tradeweb President Billy Hult added: “The U.S. Treasury market
is where the world comes to invest and hedge each day, so
Tradeweb’s comprehensive offering will also provide a real benefit
for clients trading credit, ETFs, mortgages and other asset
classes. In addition, and with this acquisition now finalized, we
can continue to focus on expanding the number of wholesale U.S.
Treasury market participants on our platform and driving further
growth on Dealerweb.”
With the closing of the transaction, Tradeweb now facilitates
trading in U.S. Treasuries through directed streams, CLOB,
request-for-quote (RFQ), sessions-based trading, automated trading,
list trading and click-to-trade to clients in the institutional,
wholesale and retail sectors. In the first quarter of 2021,
Tradeweb facilitated trading for an average of $115 billion
notional per day in U.S. Treasuries.
Centerview Partners LLC acted as financial advisor to Tradeweb
and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal
advisor.
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 40 products
to clients in the institutional, wholesale and retail 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 approximately 2,500 clients in more
than 65 countries. On average, Tradeweb facilitated more than $870
billion in notional value traded per day over the past four
quarters. For more information, please go to www.tradeweb.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 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 performance
and 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 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20210625005469/en/
Media Daniel Noonan, Tradeweb +1 646 767 4677
daniel.noonan@tradeweb.com
Investors Ashley Serrao, Tradeweb + 1 646 430 6027
ashley.serrao@tradeweb.com
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