Tradeweb Markets Inc., a leading global operator of electronic marketplaces for interest rates, credit, equity and money markets, announced that it has entered into a definitive agreement to acquire r8fin, a technology provider specializing in algorithmic execution for U.S. Interest rate futures specializes in government bonds and government bonds.
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: “The r8fin technology will help Tradeweb achieve a new and differentiated level of intelligent execution through a powerful combination of algorithmic technology and cross-market connectivity.” This is another step forward in implementation our vision to provide an integrated product suite to access the U.S. Treasury market across multiple cash and futures liquidity pools. Furthermore, looking forward, we believe that combining r8fin’s advanced 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.”
r8fin has a customer base that includes 65 relative value hedge funds, systematic hedge funds, professional trading firms and primary traders. 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.[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 trading in U.S. Treasury securities worth an average of $142.7 billion per day.[2]
Assad Fehmy, co-founder of r8fin, commented: “Joining forces with Tradeweb will further strengthen and scale r8fin technology, providing clients with more comprehensive integrated execution solutions and asset classes.” It has been an incredible experience, evolving our technology and network over the last seven “I am confident that r8fin, as part of Tradeweb, will be poised for further growth in this new chapter.”
Mr. Fehmy will join Tradeweb upon completion of this acquisition.
Source: Tradeweb
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