Tradeweb Reports Record Quarterly Revenues as Electronic Trading Volumes Surge | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Tradeweb Markets has reported record first-quarter revenues of $617.8 million, up 21.2% year-on-year, as heightened market volatility and continued structural migration towards electronic trading drove strong volume growth across its global multi-asset platform.
Average daily volume for the quarter reached $3.3 trillion, up 31.4% year-on-year, with quarterly ADV records set across US and European government bonds, mortgages, swaps, futures, fully electronic US high grade and high yield credit, European credit, credit derivatives, ETFs, repurchase agreements, and money markets.
Net income rose 38.5% to $233.2 million, with adjusted EBITDA increasing 22.1% to $339.7 million at a margin of 55.0%.
Diluted earnings per share were $0.96, up 39.1%, whilst adjusted diluted EPS reached $1.08. International revenues grew 29.4% to $274.1 million. The board declared a quarterly cash dividend of $0.14 per share, up 16.7% year-on-year.
Chief Executive Billy Hult said the results pointed to the strength of Tradeweb’s global platform and the continued structural shift towards electronic trading, with clients increasingly turning to electronic solutions during the volatility of March.
He highlighted advances in dealer algorithmic execution for US Treasuries, the first fully electronic swaption termination, and a new multi-asset package trading capability for USD swaps.
Strategic investments in prediction markets, digital assets, and spot cryptocurrency liquidity were also highlighted, including a $31 million Series B financing in Crossover Markets and on-chain repo activity via the Canton Network.
Tradeweb revised its full-year adjusted expense guidance to trend towards the top half of its $1.1 billion to $1.16 billion range.
