Tradeweb Markets Inc. (NASDAQ:TW), a global operator of online markets for interest rates, credit, equities and money markets, today announced that it has completed the acquisition of r8fin, a technology provider specializing in algorithmic execution of US bond and interest rate futures contracts. The transaction was announced in November 2023.
The integration of r8fin’s smart execution capabilities into Tradeweb’s online trading platform for US Treasuries will help clients take a broad approach to trading US Treasuries and related futures contracts.
Tradeweb CEO Billy Hult commented:
“We are developing an integrated approach to accessing the US Treasury market through multiple cash and futures liquidity pools – and r8fin is an important part of that approach. This acquisition is very much in Tradeweb’s wheelhouse and we believe it represents a significant step forward in how electronic trading can unlock new opportunities for value hedge funds and other clients. We are also delighted to welcome r8fin co-founder Assad Fehmy to Tradeweb.”
Tradeweb expects the acquisition to be modestly accretive to revenue growth, operating margins and accretive to 2024 earnings per share.
r8fin provides a suite of algorithmic tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trading. r8fin has a client base that includes hedge funds, systematic hedge funds, professional trading firms and principal dealers. r8fin technology facilitates algorithmic basis execution for an average of more than $24 billion notional in US Treasuries and 375,000 futures contracts per day in 2023.
Tradeweb is the leading online trading platform for US Treasuries, with a broad and deep network spanning institutional, wholesale and retail markets. Tradeweb launched the first online multi-dealer market for US Treasuries 25 years ago and by 2023 facilitated an average of $146 billion per day in US Treasury trades.