Tradeweb Markets’ revenue rose 5.7% to $329.2 million during the first quarter of 2023, which was pushed by increases in
trading rates, credit, and money markets. The Nasdaq-listed
electronic markets operator disclosed this on Thursday,
noting that its equities market revenue declined by 1.3% quarter-over-quarter to $26.2
million.Tradeweb Reports First Quarter 2023 Financial Results. Click here to read the full news release: https://t.co/1rS3DzQfc8pic.twitter.com/mXXzEgWGjS— Tradeweb (@Tradeweb) April 27, 2023Furthermore,
Tradeweb in its newly released Q1 2023
financial results said the average
daily volume (ADV) of trades across its marketplaces
jumped 16.2% quarter-over-quarter (QoQ),
reaching a record $1.4 trillion. The peak performance rode on record increases in ADV of traded European government
bonds, swaps and swaptions with a year or less validity window, and fully
electronic US High Grade credit, equity convertibles, swaps and options. In addition, record increases in the ADV of retail US government bonds
and retail money markets contributed to the record growth in the overall daily
average.“Despite challenging market
conditions, including rising market volatility and economic concerns relating
to banking sector turmoil, Tradeweb was steadfast in our approach to providing
the best service for our clients and produced strong growth across many areas of our
business,” explained Billy Hult, the CEO of Tradeweb.Tradeweb Sees Rise in Net Income
in Q1During the first quarter, Tradeweb’s
net income jumped 4.9% QoQ to
$102.2 million, with adjusted net income rising 12.2% to $129 million.Moreover, the electronic marketplace operator’s adjusted
earnings before interest, taxes, depreciation and amortization (EBITDA) also shot
up 7% to $172.2 million at the end of March, which is up
from $160.6
million during
the prior year period.Hult previously said that at the end of 2022, Tradeweb reported its 23rd consecutive year of
revenue growth. This came as the company generated $293 million in revenue during the fourth quarter of last year.Tradeweb Targets AUD 125M Yieldbroker AcquisitionMeanwhile, Tradeweb disclosed on Thursday that it is in advanced talks to acquire Yieldbroker, an Australian government bond and
interest rate derivatives trading platform, for AUD 125 million. The operator believes that the takeover could help it grow its footprint in the Asia Pacific region.Tradeweb is in advanced discussions to acquire Australian electronic trading platform Yieldbroker. Click here to read the full news release: https://t.co/b3lPz008r9pic.twitter.com/1CPmNKsBjH— Tradeweb (@Tradeweb) April 26, 2023During the last quarter, Tradeweb introduced a new market data service for the calculation of Indicative Net Asset Values (iNAVs) for exchange-traded funds (ETFs) in real-time. The company onboarded money manager BlackRock as the first issuer of an ETF using iNAVs. LSEG and Deutsche Bank results; crypto in Hong Kong; read today’s news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
