Tradeweb Markets has entered into a definitive agreement to acquire algorithmic technology provider r8fin in the first quarter of 2024, subject to closing conditions.
The Chicago-based technology company offers a range of algorithmic tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trading.
According to Tradeweb, the acquisition will “moderately increase revenue growth and operating margins” and be accretive to earnings per share in 2024.
The r8fin technology enables the algorithmic execution of an average of more than $23 billion in U.S. Treasury securities and 350,000 futures contracts per day.
The company’s solutions are intended to complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB) and Request-for-Quote (RFQ) offerings and provide a “broad approach” to U.S. Treasury and futures trading. create trade.
Commenting on the acquisition, Tradeweb CEO Billy Hult said: “r8fin technology will help Tradeweb achieve a new and differentiated level of intelligent execution through a combination of algorithmic technology and cross-market connectivity.”
“This is another step forward in achieving our vision of providing an integrated product suite to access the U.S. Treasury market across multiple cash and futures liquidity pools.”
Hult added: “Looking forward, we believe that combining r8fin’s technology with our global network will open up a range of new opportunities for clients engaging in relative value or macro trading across multiple asset classes.”
Assad Fehmy, co-founder of r8fin, comments: “The merger with Tradeweb will further strengthen and scale r8fin technology, providing customers with more comprehensive integrated execution solutions and asset classes.”
“It has been an incredible experience watching the evolution of our technology and network over the last seven years, and I am confident that r8fin, as part of Tradeweb, will be poised for further growth in this new chapter.”
Fehmy will move to Tradeweb upon completion of this acquisition.
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