The acquisition will further enhance and differentiate Tradeweb’s intelligent execution capabilities in fixed income and futures
NEW YORK, November 16, 2023–(BUSINESS WIRE)–Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for interest rates, credit, equity and money markets, today announced that it has completed a definitive agreement to acquire r8fin, a technology provider specializing in the algorithmic execution of U.S. Treasury bonds and interest rate futures.
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Billy Hult, CEO of Tradeweb (Photo: Business Wire)
Founded in Chicago in 2016, r8fin provides a suite of algorithmic tools and a thin-client execution management system (EMS) trading application to facilitate futures and cash trading. The solutions complement existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings, creating a valuable and broad-based approach to U.S. Government bonds and related futures trading.
Tradeweb expects the acquisition to be modestly accretive to revenue growth and operating margins and accretive to 2024 earnings per share. The acquisition is expected to close in the first quarter of 2024, subject to customary closing conditions and receipt of regulatory approvals.
Billy Hult, CEO of Tradeweb, commented: “r8fin technology will help Tradeweb achieve new and differentiated levels of intelligent execution through a powerful combination of algorithmic technology and cross-market connectivity. This is another step forward in achieving our vision of providing an integrated suite to access the US Treasury market across multiple cash and futures liquidity pools. “In addition, looking forward, we believe that combining r8fin’s advanced technology with our global network will open up a range of new opportunities for clients engaged in relative value or macro businesses that span multiple asset classes.”
The story goes on
r8fin has a customer base that includes 65 relative value hedge funds, systematic hedge funds, professional trading firms and primary traders. 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.1
Tradeweb is the leading electronic trading platform for US Treasury securities with a broad and deep network spanning institutional, wholesale and retail markets. Tradeweb launched the first multi-dealer online U.S. Treasury securities marketplace 25 years ago and today facilitates an average of $142.7 billion in U.S. Treasury securities trading per day.2
Assad Fehmy, co-founder of r8fin, commented: “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 positioned for further growth in this new chapter.” Mr. Fehmy will be following completion switch to Tradeweb after this takeover.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading global operator of electronic marketplaces for interest rates, credit, equities and money markets. Founded in 1996, Tradeweb provides clients in the institutional, wholesale and retail markets with access to markets, data and analytics, electronic trading, straight-through processing and reporting for more than 40 products. Advanced technologies developed by Tradeweb improve pricing, order execution and trading operations, while enabling greater scale and helping to reduce risk in clients’ trading businesses. Tradeweb serves more than 2,500 customers in more than 65 countries. On average, Tradeweb facilitated daily trading turnover of more than $1.2 trillion over the last four fiscal quarters. For more information, visit www.tradeweb.com.
About r8fin
r8fin algorithms and the entire r8fin ecosystem are used by hundreds of institutional risk takers to manage their fixed income trading. The r8fin platform is a long-proven, highly scalable and robust technology infrastructure hosted in multiple global data centers at the same location. For more information, visit www.r8fin.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements relating, among other things, to our prospects and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
These forward-looking statements are based on our current expectations, assumptions, estimates and forecasts. Although we believe that these expectations, assumptions, estimates and forecasts are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in Tradeweb Markets Inc. documents filed with or furnished to the SEC, could cause our actual results, performance or achievements to be materially different These forward-looking statements differ from those expressed or implied. Given these risks and uncertainties, you are urged not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this press release are not guarantees of future performance and our actual results of operations, financial condition or liquidity and the development of the industry and markets in which we operate may differ materially from the forward-looking statements contained in this release. Although our results of operations, financial condition or liquidity and events in the industry and markets in which we operate are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods.
Any forward-looking statement we make in this press release speaks only as of the date of such statement. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to publicly announce any update or revision to them as of the date hereof.
1.2 Since the beginning of the year, as of October 31, 2023
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contacts
Media contact:
Daniel Noonan, Tradeweb, +1 646 767 4677, [email protected]
Contacts for investors:
Ashley Serrao, Tradeweb, +1 646 430 6027, [email protected]
Sameer Murukutla, Tradeweb, +1 646 767 4864, [email protected]
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