Tradeweb Markets Inc. (NASDAQ:TW), a global operator of online markets for interest rates, credit, equities and money markets, today announced financial results for the quarter ended March 31, 2024.

The company posted quarterly revenue of $408.7 million, an increase of 24.1% (23.8% on a constant currency basis) compared to the prior-year period.

The shares generated revenue of $27.1 million in the first quarter of 2024, up 3.2% compared to the year-ago period (up 2.8% on a constant currency basis). Equity ADV was up 40.5% year-over-year due to record activity in equity convertibles/swaps/options.

Money Markets generated revenue of $16.8 million in the first quarter of 2024, up 13.4% compared to the prior-year period (up 13.1% on a constant currency basis). Money Markets ADV rose 30.3% year-on-year due to record activity in global repurchase agreements and increased client adoption of Tradeweb’s electronic trading solutions.

Market Data revenue of $29.0 million in the first quarter of 2024 was up 29.4% compared to the prior-year period (up 28.8% on a constant currency basis). The increase was primarily due to an increase in LSEG market data fees from the contract amended from 1 November 2023 and proprietary revenue from third party market data.

Tradeweb saw $1.9 trillion in average daily volume (“ADV”) during the quarter, an increase of 39.1% compared to the prior-year period. quarterly ADV entries on fully electronic high grade US credit, US Treasuries, European Treasuries, ≥ 1 year swaps/swaps, European credit, US ETFs, equity convertibles/swaps/options, global repurchase agreements. record 17.6% share of fully electronic US High Grade TRACE.

The company reported $143.4 million in net revenue and $167.9 million in adjusted net income for the quarter, increases of 40.3% and 30.1%, respectively, from the year-ago period.

The company reported $0.59 in diluted earnings per share (“Diluted EPS”) and $0.71 in adjusted diluted earnings per share for the quarter.

The Board of Directors declared a quarterly cash dividend of $0.10 per share.

Billy Hult, CEO of Tradeweb, commented:

“We had a very strong start to 2024, continuing last year’s momentum thanks to broad-based organic growth and a number of important milestones. Our quarterly ADV was up 39% year-over-year to a record $1.9 trillion, with several more record ADVs in rates, credit, equities and money markets. Tradeweb captured a record 17.6% share of US High Grade TRACE (+420 bps from the prior year period), reflecting steady growth in an area of ​​strategic focus and investment for us. In January, we finalized the acquisition of r8fin, a technology provider specializing in algorithmic executions for US Treasuries and interest rate futures, and we feel great about how this will strengthen our macro hedge fund offering.

In April, we agreed to acquire ICD, a leading provider of institutional investment technology for corporate treasury organizations, which will add corporates as a new customer channel with significant cross-sell opportunities.

We also recently celebrated the five-year anniversary of Tradeweb’s IPO and remain laser-focused on keeping continuous innovation and collaboration at the heart of Tradeweb’s success. Now more than ever, we believe the future of trading is multi-asset — and innovative technology is how markets will get there.”


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