FT Markets Data
Tradeweb Markets Inc

Tradeweb Reports Third Quarter 2024 Financial Results

NEW YORK--(BUSINESS WIRE)--Oct. 30, 2024-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended September 30, 2024.

$448.9 million quarterly revenues, an increase of 36.7% (36.5% on a constant currency basis) compared to prior year period

$2.2 trillion average daily volume (“ADV”) for the quarter, an increase of 55.3% compared to prior year period; quarterly ADV records in U.S. government bonds, fully electronic U.S. high yield credit, credit derivatives and global repurchase agreements

$130.2 million net income and $179.3 million adjusted net income for the quarter, increases of 16.7% and 37.1% respectively from prior year period

53.4% adjusted EBITDA margin and $239.8 million adjusted EBITDA for the quarter, compared to 51.9% and $170.4 million respectively for prior year period

$0.53 diluted earnings per share (“Diluted EPS”) and $0.75 adjusted diluted earnings per share for the quarter

$0.10 per share quarterly cash dividend declared; $25.0 million of shares repurchased

Billy Hult, CEO of Tradeweb:

“We are pleased to report record quarterly revenues of $448.9 million, reflecting a 36.7% increase year-over-year. This strong growth was driven by record average daily volume (ADV) of $2.2 trillion, up 55% compared to the same period last year. We achieved quarterly ADV records across rates, credit, and money markets, highlighting the success of our organic expansion efforts and the contributions from our recent acquisitions of ICD, r8fin, and Yieldbroker, which have strengthened our global business.

Throughout the quarter, we worked closely with clients as they navigated a remarkable period of macroeconomic uncertainty and rates volatility. In Asia, we expanded our geographic presence into India with the appointment of a new country head. We also reinforced our global commitment to advancing ESG initiatives with the publication of our fourth annual Corporate Sustainability Report. Credit markets reached an important milestone in September, as electronic trading for the month accounted for 50% of total U.S. high grade TRACE volume for the first time.

Looking ahead, we remain focused on identifying strategic growth opportunities and further expanding our presence across key markets.”

SELECT FINANCIAL RESULTS

 

3Q24

 

 

 

3Q23

 

 

Change

 

Constant

Currency

C hange(1)

(dollars in thousands except per share amounts)(Unaudited)

GAAP Financial Measures

Total revenue

$

448,915

 

$

328,357

 

36.7

%

36.5

%

Rates

$

233,122

 

$

172,832

 

34.9

%

34.7

%

Credit

$

118,305

 

$

90,062

 

31.4

%

31.3

%

Equities

$

25,514

 

$

20,890

 

22.1

%

22.0

%

Money Markets

$

36,126

 

$

15,763

 

129.2

%

128.2

%

Market Data

$

29,760

 

$

22,956

 

29.6

%

29.2

%

Other

$

6,088

 

$

5,854

 

4.0

%

4.0

%

Net income

$

130,223

 

$

111,630

 

16.7

%

 

 

Net income attributable to Tradeweb Markets Inc.(2)

$

113,916

 

$

98,614

 

15.5

%

Diluted EPS

$

0.53

 

$

0.46

 

15.2

%

 

 

Net income margin

 

29.0

%

 

34.0

%

-499

bps

 

 

Non-GAAP Financial Measures

Adjusted EBITDA(1)

$

239,816

 

$

170,360

 

40.8

%

39.2

%

Adjusted EBITDA margin(1)

 

53.4

%

 

51.9

%

+154

bps

+102

bps

Adjusted EBIT(1)

$

223,893

 

$

155,772

 

43.7

%

41.9

%

Adjusted EBIT margin(1)

 

49.9

%

 

47.4

%

+243

bps

+192

bps

Adjusted Net Income(1)

$

179,332

 

$

130,794

 

37.1

%

35.6

%

Adjusted Diluted EPS(1)

$

0.75

 

$

0.55

 

36.4

%

33.9

%

(1)

 

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.

(2)

 

Represents net income less net income attributable to non-controlling interests.

ADV (US $bn)

(Unaudited)

Asset Class

Product

 

3Q24

 

3Q23

YoY

Rates

Cash

$

497

$

361

37.4%

 

Derivatives

 

802

 

492

63.0%

 

Total

 

1,298

 

853

52.1%

Credit

Cash

 

15

 

13

17.5%

 

Derivatives

 

27

 

17

61.2%

 

Total

 

43

 

30

42.3%

Equities

Cash

 

10

 

9

8.8%

 

Derivatives

 

13

 

9

32.3%

 

Total

 

23

 

19

20.6%

Money Markets

Cash

 

848

 

522

62.5%

 

Total

 

848

 

522

62.5%

 

Total

$

2,212

$

1,424

55.3%

DISCUSSION OF RESULTS

Rates – Revenues of $233.1 million in the third quarter of 2024 increased 34.9% compared to prior year period (increased 34.7% on a constant currency basis). Rates ADV was up 52.1% from prior year period, driven by record ADV in U.S. government bonds as well as strong year-over-year growth in mortgages and swaps/swaptions ≥ and < 1-year. The addition of r8fin continued to contribute to wholesale volumes. European government bonds ADV was up 15.3% from prior year period, led by strong growth in UK Gilts. Mortgages ADV was up 27.3% from prior year period, reflecting record specified pool volumes as well as record to-be-announced ("TBA") volumes, which was led by record roll trading activity.

Credit – Revenues of $118.3 million in the third quarter of 2024 increased 31.4% compared to prior year period (increased 31.3% on a constant currency basis). Credit ADV was up 42.3% from prior year period, driven by record activity in credit derivatives and strong U.S. credit volumes, including record ADV in fully-electronic U.S. high yield credit. U.S. credit ADV was up 37.0% from prior year period, reflecting continued client adoption across Tradeweb products and protocols, including request-for-quote ("RFQ"), Tradeweb AllTrade® and portfolio trading. European credit ADV was up 12.0% from prior year period, driven by strong activity across a wide range of protocols. We reported 17.7% share of fully electronic U.S. high grade TRACE, up 109 bps from prior year period, and a 7.8% share of fully electronic U.S. high yield TRACE, down 3 bps from prior year period.

Equities – Revenues of $25.5 million in the third quarter of 2024 increased 22.1% compared to prior year period (increased 22.0% on a constant currency basis). Equities ADV was up 20.5% from prior year period, driven by strong institutional ETF platform activity and higher trading volumes in European ETFs and equity derivative products.

Money Markets – Revenues of $36.1 million in the third quarter of 2024 increased 129.2% compared to prior year period (increased 128.2% on a constant currency basis). Money Markets ADV was up 62.5% from prior year period, driven by contributions from the August 1, 2024 acquisition of ICD, record activity in global repurchase agreements and increased client adoption of Tradeweb's electronic trading solutions.

Market Data – Revenues of $29.8 million in the third quarter of 2024 increased 29.6% compared to prior year period (increased 29.2% on a constant currency basis). The increase was derived primarily from increased LSEG market data fees from the contract that was amended effective November 1, 2023 and proprietary third party market data revenue.

Other – Revenues of $6.1 million in the third quarter of 2024 increased 4.0% compared to prior year period (increased 4.0% on a constant currency basis).

Operating Expenses of $289.6 million in the third quarter of 2024 increased 42.2% compared to $203.6 million in prior year period, primarily due to an increase in employee compensation and benefits, including incentive compensation expense tied to our financial performance, as well as an increase in headcount and related salaries, bonus and benefits associated with our continued growth, including the August 1, 2024 ICD Acquisition. During the quarter, we also incurred $2.4 million in accelerated stock-based compensation expense in connection with the departure of an executive effective September 30, 2024 and $1.4 million in compensation expense related to the acceleration of vesting of previously unvested stock awards issued by the ICD seller.

Adjusted Expenses of $225.0 million in the third quarter of 2024 increased 30.4% (increased 31.5% on a constant currency basis) compared to prior year period primarily due to higher expenses related to adjusted employee compensation and benefits. Please see "Non-GAAP Financial Measures" below for additional information.

RECENT HIGHLIGHTS

October 2024

  • FTSE Russell to incorporate a price source change to include Tradeweb FTSE benchmark closing prices for U.S Treasuries, European Government Bonds and UK Gilts in FTSE’s global fixed income indices, including its premiere World Government Bond Index (WGBI).
  • Commemorated the 10-year anniversary of the launch of our U.S. Credit Platform.
  • Recognized as Multi-Asset Trading System of the Year - Asia Pacific Awards (FOW) and 100 Women in European Finance - Nawel Khelil (Financial News)

Third Quarter 2024

  • Announced the addition of Daniel Maguire to Tradeweb's Board of Directors, effective as of September 18, 2024.
  • Appointed Maxlin Thomas as Head of India as part of our efforts to further strengthen our global presence.
  • Completed Tradeweb's acquisition of Institutional Cash Distributors (“ICD”), an investment technology provider for corporate treasury organizations trading short-term investments, adding corporates as a fourth client channel, alongside our existing focus on institutional, wholesale and retail clients.
  • Published our fourth annual Corporate Sustainability Report and our second annual standalone Task Force on Climate-Related Financial Disclosure (TCFD) Report.
  • Executed the first fully-automated European Government Bond Basis trade, in collaboration with Eurex, with Nomura providing liquidity to Nykredit Bank.
  • In June 2024, we signed a 16-year lease for our new NYC headquarters, which is expected to commence in July 2025. Including expected double rent from our existing NYC office and other anticipated leasing activity in the second half of 2025, we expect our second half 2025 occupancy expenses to be approximately $7 million higher than the second half of 2024.
  • Recognized in numerous awards celebrating our company, as well as our outstanding and diverse talent, including: Best Company - Markets Choice Awards (Markets Media); Best Sustainable Companies to Own (Morningstar); Most Influential in European Finance - Enrico Bruni (Financial News); Rising Star - Allie Hunt (Women in Financial Markets); European Women in Finance Awards - Excellence in Trading Platforms - Alessandra Stagliano (Markets Media)

CAPITAL MANAGEMENT

  • $1.2 billion in cash and cash equivalents and an undrawn $500 million credit facility at September 30, 2024
  • As purchase consideration for the August 1, 2024 acquisition of ICD, we paid $771.2 million in net cash and also issued 41,705 shares of restricted Class A common stock in connection with the acquisition
  • Free cash flow for the trailing twelve months ended September 30, 2024 of $797.4 million, up 23.6% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
  • Cash capital expenditures and capitalized software development in the third quarter 2024 of $17.0 million (excludes amounts paid at closing for acquisitions)
  • During the third quarter of 2024, as part of its share repurchase program, Tradeweb purchased 214,795 shares of Class A common stock, at an average price of $116.41, for purchases totaling $25.0 million. $214.8 million remained available for repurchase pursuant to the share repurchase program authorization as of September 30, 2024
  • $2.1 million in shares of Class A common stock were withheld in the third quarter of 2024 to satisfy tax obligations related to the exercise of stock options and vesting of restricted stock units and performance-based restricted stock units held by employees
  • The Board declared a quarterly cash dividend of $0.10 per share of Class A common stock and Class B common stock. The dividend will be payable on December 16, 2024 to stockholders of record as of December 2, 2024

OTHER MATTERS

Updated Full-Year 2024 Guidance*

  • Adjusted Expenses: $855 - 875 million (trending toward middle of range)
  • Acquisition and Refinitiv Transaction related depreciation and amortization expense: $158 million
  • Assumed non-GAAP tax rate: ~ 24.5% - 25.5%
  • Cash capital expenditures and capitalized software development: ~ $77 - 85 million
  • LSEG Market Data Contract Revenue: ~$80 million (~$90 million in 2025)

The guidance has been revised to reflect higher adjusted expenses in light of strong business momentum. Depreciation and amortization, assumed non-GAAP tax rate, expenditures and LSEG Market Data Contract Revenue guidance is unchanged from the prior quarter guidance.

*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2024 Sterling/US$ foreign exchange rate of 1.24 and includes completed M&A transactions. Guidance amounts for cash capital expenditures and capitalized software development excludes amounts paid at closing for acquisitions.

CONFERENCE CALL

Tradeweb Markets will hold a conference call to discuss third quarter 2024 results starting at 9:30 AM EDT today, October 30, 2024. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.

An archived recording of the call will be available afterward at https://investors.tradeweb.com.

ABOUT TRADEWEB MARKETS

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,800 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.9 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

TRADEWEB MARKETS INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues

(dollars in thousands, except per share amounts)

Transaction fees and commissions

 

$

373,493

 

 

$

263,485

 

 

$

1,039,419

 

 

$

776,544

 

Subscription fees

 

 

51,206

 

 

 

46,361

 

 

 

151,633

 

 

 

136,483

 

LSEG market data fees

 

 

20,512

 

 

 

15,460

 

 

 

61,593

 

 

 

46,515

 

Other

 

 

3,704

 

 

 

3,051

 

 

 

9,960

 

 

 

8,677

 

Total revenue

 

 

448,915

 

 

 

328,357

 

 

 

1,262,605

 

 

 

968,219

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

160,161

 

 

 

116,016

 

 

 

440,484

 

 

 

334,433

 

Depreciation and amortization

 

 

57,872

 

 

 

46,559

 

 

 

157,145

 

 

 

137,850

 

Technology and communications

 

 

24,300

 

 

 

19,733

 

 

 

69,840

 

 

 

56,001

 

General and administrative

 

 

20,417

 

 

 

6,700

 

 

 

44,026

 

 

 

31,692

 

Professional fees

 

 

21,434

 

 

 

10,479

 

 

 

46,558

 

 

 

32,321

 

Occupancy

 

 

5,415

 

 

 

4,132

 

 

 

15,064

 

 

 

12,283

 

Total expenses

 

 

289,599

 

 

 

203,619

 

 

 

773,117

 

 

 

604,580

 

Operating income

 

 

159,316

 

 

 

124,738

 

 

 

489,488

 

 

 

363,639

 

Tax receivable agreement liability adjustment

 

 

(870

)

 

 

—

 

 

 

(870

)

 

 

—

 

Interest income

 

 

16,663

 

 

 

17,929

 

 

 

59,234

 

 

 

46,445

 

Interest expense

 

 

(1,446

)

 

 

(464

)

 

 

(3,706

)

 

 

(1,380

)

Other income (loss), net

 

 

10

 

 

 

(1,907

)

 

 

10

 

 

 

(2,022

)

Income before taxes

 

 

173,673

 

 

 

140,296

 

 

 

544,156

 

 

 

406,682

 

Provision for income taxes

 

 

(43,450

)

 

 

(28,666

)

 

 

(134,135

)

 

 

(90,920

)

Net income

 

 

130,223

 

 

 

111,630

 

 

 

410,021

 

 

 

315,762

 

Less: Net income attributable to non-controlling interests

 

 

16,307

 

 

 

13,016

 

 

 

50,724

 

 

 

40,210

 

Net income attributable to Tradeweb Markets Inc.

 

$

113,916

 

 

$

98,614

 

 

$

359,297

 

 

$

275,552

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

0.53

 

 

$

0.47

 

 

$

1.69

 

 

$

1.31

 

Diluted

 

$

0.53

 

 

$

0.46

 

 

$

1.67

 

 

$

1.30

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

213,206,193

 

 

 

211,618,475

 

 

 

213,026,732

 

 

 

210,444,082

 

Diluted

 

 

215,096,974

 

 

 

213,491,634

 

 

 

214,885,210

 

 

 

212,276,908

 

TRADEWEB MARKETS INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

 

 

Three Months Ended

 

Nine Months Ended

Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin

 

September 30,

 

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(dollars in thousands)

Net income

 

$

130,223

 

 

$

111,630

 

 

$

410,021

 

 

$

315,762

 

Merger and acquisition transaction and integration costs(1)

 

 

14,488

 

 

 

4,614

 

 

 

21,752

 

 

 

6,411

 

Interest income

 

 

(16,663

)

 

 

(17,929

)

 

 

(59,234

)

 

 

(46,445

)

Interest expense

 

 

1,446

 

 

 

464

 

 

 

3,706

 

 

 

1,380

 

Depreciation and amortization

 

 

57,872

 

 

 

46,559

 

 

 

157,145

 

 

 

137,850

 

Stock-based compensation expense(2)

 

 

3,681

 

 

 

525

 

 

 

5,395

 

 

 

1,960

 

Provision for income taxes

 

 

43,450

 

 

 

28,666

 

 

 

134,135

 

 

 

90,920

 

Foreign exchange (gains) / losses(3)

 

 

4,459

 

 

 

(6,076

)

 

 

2,097

 

 

 

(4,242

)

Tax receivable agreement liability adjustment(4)

 

 

870

 

 

 

—

 

 

 

870

 

 

 

—

 

Other (income) loss, net

 

 

(10

)

 

 

1,907

 

 

 

(10

)

 

 

2,022

 

Adjusted EBITDA

 

$

239,816

 

 

$

170,360

 

 

$

675,877

 

 

$

505,618

 

Less: Depreciation and amortization

 

 

(57,872

)

 

 

(46,559

)

 

 

(157,145

)

 

 

(137,850

)

Add: D&A related to acquisitions and the Refinitiv Transaction(5)

 

 

41,949

 

 

 

31,971

 

 

 

111,031

 

 

 

95,217

 

Adjusted EBIT

 

$

223,893

 

 

$

155,772

 

 

$

629,763

 

 

$

462,985

 

Net income margin(6)

 

 

29.0

%

 

 

34.0

%

 

 

32.5

%

 

 

32.6

%

Adjusted EBITDA margin(6)

 

 

53.4

%

 

 

51.9

%

 

 

53.5

%

 

 

52.2

%

Adjusted EBIT margin(6)

 

 

49.9

%

 

 

47.4

%

 

 

49.9

%

 

 

47.8

%

(1)

 

Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.

(2)

 

Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and nine months ended September 30, 2024, this adjustment also includes $2.4 million and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President and $0.4 million and $0.4 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key employees during the integration of ICD.

(3)

 

Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

(4)

 

Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.

(5)

 

Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(6)

 

Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period.

 

 

Three Months Ended

 

Nine Months Ended

Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS

 

September 30,

 

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(dollars in thousands, except per share amounts)

Earnings per diluted share

 

$

0.53

 

 

$

0.46

 

 

$

1.67

 

 

$

1.30

 

Net income attributable to Tradeweb Markets Inc.

 

$

113,916

 

 

$

98,614

 

 

$

359,297

 

 

$

275,552

 

Net income attributable to non-controlling interests(1)

 

 

16,307

 

 

 

13,016

 

 

 

50,724

 

 

 

40,210

 

Net income

 

 

130,223

 

 

 

111,630

 

 

 

410,021

 

 

 

315,762

 

Provision for income taxes

 

 

43,450

 

 

 

28,666

 

 

 

134,135

 

 

 

90,920

 

Merger and acquisition transaction and integration costs(2)

 

 

14,488

 

 

 

4,614

 

 

 

21,752

 

 

 

6,411

 

D&A related to acquisitions and the Refinitiv Transaction(3)

 

 

41,949

 

 

 

31,971

 

 

 

111,031

 

 

 

95,217

 

Stock-based compensation expense(4)

 

 

3,681

 

 

 

525

 

 

 

5,395

 

 

 

1,960

 

Foreign exchange (gains) / losses(5)

 

 

4,459

 

 

 

(6,076

)

 

 

2,097

 

 

 

(4,242

)

Tax receivable agreement liability adjustment(6)

 

 

870

 

 

 

—

 

 

 

870

 

 

 

—

 

Other (income) loss, net

 

 

(10

)

 

 

1,907

 

 

 

(10

)

 

 

2,022

 

Adjusted Net Income before income taxes

 

 

239,110

 

 

 

173,237

 

 

 

685,291

 

 

 

508,050

 

Adjusted income taxes(7)

 

 

(59,778

)

 

 

(42,443

)

 

 

(171,323

)

 

 

(124,472

)

Adjusted Net Income

 

$

179,332

 

 

$

130,794

 

 

$

513,968

 

 

$

383,578

 

Adjusted Diluted EPS(8)

 

$

0.75

 

 

$

0.55

 

 

$

2.16

 

 

$

1.62

 

(1)

 

Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock.

(2)

 

Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.

(3)

 

Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(4)

 

Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and nine months ended September 30, 2024, this adjustment also includes $2.4 million and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President and $0.4 million and $0.4 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key employees during the integration of ICD.

(5)

 

Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

(6)

 

Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.

(7)

 

Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for the three and nine months ended September 30, 2024 and 24.5% for the three and nine months ended September 30, 2023.

(8)

 

For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below.

The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:

Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Diluted weighted average shares of Class A and Class B common stock outstanding

 

 

215,096,974

 

 

213,491,634

 

 

214,885,210

 

 

212,276,908

Weighted average of other participating securities(1)

 

 

126,903

 

 

265,681

 

 

137,252

 

 

266,453

Assumed exchange of LLC Interests for shares of Class A or Class B common stock(2)

 

 

23,076,235

 

 

23,080,571

 

 

23,077,298

 

 

24,179,583

Adjusted diluted weighted average shares outstanding

 

 

238,300,112

 

 

236,837,886

 

 

238,099,760

 

 

236,722,944

Adjusted Net Income (in thousands)

 

$

179,332

 

$

130,794

 

$

513,968

 

$

383,578

Adjusted Diluted EPS

 

$

0.75

 

$

0.55

 

$

2.16

 

$

1.62

(1)

 

Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share.

(2)

 

Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.

 

 

Three Months Ended

 

Nine Months Ended

Reconciliation of Operating Expenses to Adjusted Expenses

 

September 30,

 

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(dollars in thousands)

Operating expenses

 

$

289,599

 

 

$

203,619

 

 

$

773,117

 

 

$

604,580

 

Merger and acquisition transaction and integration costs(1)

 

 

(14,488

)

 

 

(4,614

)

 

 

(21,752

)

 

 

(6,411

)

D&A related to acquisitions and the Refinitiv Transaction(2)

 

 

(41,949

)

 

 

(31,971

)

 

 

(111,031

)

 

 

(95,217

)

Stock-based compensation expense(3)

 

 

(3,681

)

 

 

(525

)

 

 

(5,395

)

 

 

(1,960

)

Foreign exchange gains / (losses)(4)

 

 

(4,459

)

 

 

6,076

 

 

 

(2,097

)

 

 

4,242

 

Adjusted Expenses

 

$

225,022

 

 

$

172,585

 

 

$

632,842

 

 

$

505,234

 

(1)

 

Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.

(2)

 

Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(3)

 

Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and nine months ended September 30, 2024, this adjustment also includes $2.4 million and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President and $0.4 million and $0.4 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key employees during the integration of ICD.

(4)

 

Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

 

 

Trailing Twelve Months Ended

September 30,

Reconciliation of Cash Flow from Operating Activities to Free Cash Flow

 

 

2024

 

 

 

2023

 

 

 

(dollars in thousands)

Cash flow from operating activities

 

$

860,477

 

 

$

709,328

 

Less: Capitalization of software development costs

 

 

(46,312

)

 

 

(41,517

)

Less: Purchases of furniture, equipment and leasehold improvements

 

 

(16,791

)

 

 

(22,722

)

Free Cash Flow

 

$

797,374

 

 

$

645,089

 

TRADEWEB MARKETS INC.
BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED)

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.:

 

 

 

Three Months Ended

 

Nine Months Ended

EPS: Net income attributable to Tradeweb Markets Inc.

 

September 30,

 

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(dollars in thousands, except per share amounts)

Numerator:

 

 

 

 

 

 

 

 

Net income attributable to Tradeweb Markets Inc.

 

$

113,916

 

 

$

98,614

 

 

$

359,297

 

 

$

275,552

 

Less: Distributed and undistributed earnings allocated to participating securities(1)

 

 

(68

)

 

 

(124

)

 

 

(231

)

 

 

(348

)

Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted

 

$

113,848

 

 

$

98,490

 

 

$

359,066

 

 

$

275,204

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares of Class A and Class B common stock outstanding - Basic

 

 

213,206,193

 

 

 

211,618,475

 

 

 

213,026,732

 

 

 

210,444,082

 

Dilutive effect of PRSUs

 

 

625,822

 

 

 

504,945

 

 

 

564,996

 

 

 

380,740

 

Dilutive effect of options

 

 

363,623

 

 

 

1,110,175

 

 

 

470,816

 

 

 

1,240,923

 

Dilutive effect of RSUs and RSAs

 

 

405,562

 

 

 

258,039

 

 

 

367,375

 

 

 

211,163

 

Dilutive effect of PSUs

 

 

495,774

 

 

 

—

 

 

 

455,291

 

 

 

—

 

Weighted average shares of Class A and Class B common stock outstanding - Diluted

 

 

215,096,974

 

 

 

213,491,634

 

 

 

214,885,210

 

 

 

212,276,908

 

 

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

0.53

 

 

$

0.47

 

 

$

1.69

 

 

$

1.31

 

Earnings per share - Diluted

 

$

0.53

 

 

$

0.46

 

 

$

1.67

 

 

$

1.30

 

(1)

 

During the three months ended September 30, 2024 and 2023, there was a total of 126,903 and 265,681, respectively, and during the nine months ended September 30, 2024 and 2023, there was a total of 137,252 and 266,453, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

TRADEWEB MARKETS INC.

REVENUES BY ASSET CLASS (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

2024

 

2023

 

$ Change

 

% Change

Revenues

 

Variable

 

Fixed

 

Variable

 

Fixed

 

Variable

 

Fixed

 

Variable

 

Fixed

 

 

(dollars in thousands)

Rates

 

$

173,698

 

$

59,424

 

$

114,128

 

$

58,704

 

$

59,570

 

 

$

720

 

 

52.2

%

 

1.2

%

Credit

 

 

109,518

 

 

8,787

 

 

82,484

 

 

7,578

 

 

27,034

 

 

 

1,209

 

 

32.8

%

 

16.0

%

Equities

 

 

23,218

 

 

2,296

 

 

18,567

 

 

2,323

 

 

4,651

 

 

 

(27

)

 

25.0

%

 

(1.2

)%

Money Markets

 

 

31,928

 

 

4,198

 

 

11,433

 

 

4,330

 

 

20,495

 

 

 

(132

)

 

179.3

%

 

(3.0

)%

Market Data

 

 

104

 

 

29,656

 

 

115

 

 

22,841

 

 

(11

)

 

 

6,815

 

 

(9.6

)%

 

29.8

%

Other

 

 

513

 

 

5,575

 

 

—

 

 

5,854

 

 

513

 

 

 

(279

)

 

N/M

 

 

(4.8

)%

Total revenue

 

$

338,979

 

$

109,936

 

$

226,727

 

$

101,630

 

$

112,252

 

 

$

8,306

 

 

49.5

%

 

8.2

%

N/M = not meaningful

TRADEWEB MARKETS INC.

AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME (UNAUDITED)

 

 

 

Three Months Ended

 

 

 

 

September 30,

 

YoY

 

 

2024

 

2023

 

% Change

Rates

 

$

2.07

 

$

2.10

 

(1.4

)%

Rates Cash

 

$

2.45

 

$

2.42

 

1.1

%

Rates Derivatives

 

$

1.85

 

$

1.87

 

(1.5

)%

Rates Derivatives (greater than 1 year)

 

$

3.19

 

$

2.72

 

17.2

%

Other Rates Derivatives(1)

 

$

0.22

 

$

0.22

 

1.1

%

 

 

 

 

 

 

 

Credit

 

$

39.76

 

$

43.26

 

(8.1

)%

Cash Credit(2)

 

$

151.90

 

$

162.20

 

(6.3

)%

Credit Derivatives, China Bonds and U.S. Cash EP

 

$

5.71

 

$

5.75

 

(0.7

)%

 

 

 

 

 

 

 

Equities

 

$

15.82

 

$

15.50

 

2.1

%

Equities Cash

 

$

27.68

 

$

25.42

 

8.9

%

Equities Derivatives

 

$

5.99

 

$

5.50

 

9.0

%

 

 

 

 

 

 

 

Money Markets

 

$

0.54

 

$

0.35

 

55.0

%

 

 

 

 

 

 

 

Total

 

$

2.29

 

$

2.51

 

(8.5

)%

Total excluding Other Rates Derivatives(3)

 

$

2.69

 

$

2.81

 

(4.4

)%

(1)

 

Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures.

(2)

 

The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity.

(3)

 

Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on totals for all periods presented.

TRADEWEB MARKETS INC.

AVERAGE DAILY VOLUME (UNAUDITED)(1)

 

 

 

 

2024 Q3

 

2023 Q3

 

YoY

Asset Class

Product

 

ADV (USD mm)

 

Volume (USD mm)

 

ADV (USD mm)

 

Volume (USD mm)

 

ADV

Rates

Cash

 

$

496,603

$

31,860,816

 

$

361,421

$

22,842,103

 

37.40

%

 

U.S. Government Bonds

 

 

221,864

 

14,199,309

 

 

142,641

 

8,986,371

 

55.54

%

 

European Government Bonds

 

 

42,964

 

2,835,614

 

 

37,251

 

2,421,306

 

15.34

%

 

Mortgages

 

 

221,999

 

14,207,950

 

 

174,436

 

10,989,473

 

27.27

%

 

Other Government Bonds

 

 

9,775

 

617,943

 

 

7,093

 

444,954

 

37.82

%

 

Derivatives

 

 

801,512

 

51,882,416

 

 

491,837

 

31,422,421

 

62.96

%

 

Swaps/Swaptions ≥ 1Y

 

 

439,683

 

28,436,368

 

 

325,350

 

20,746,985

 

35.14

%

 

Swaps/Swaptions < 1Y

 

 

352,589

 

22,850,905

 

 

164,178

 

10,529,049

 

114.76

%

 

Futures

 

 

9,239

 

595,143

 

 

2,310

 

146,388

 

300.01

%

 

Total

 

 

1,298,114

 

83,743,233

 

 

853,258

 

54,264,524

 

52.14

%

Credit

Cash

 

 

15,251

 

980,526

 

 

12,980

 

824,984

 

17.49

%

 

U.S. High Grade - Fully Electronic

 

 

6,433

 

411,704

 

 

4,228

 

266,368

 

52.15

%

U.S. High Grade - Electronically Processed

 

 

2,649

 

169,509

 

 

2,339

 

147,359

 

13.23

%

 

U.S. High Yield - Fully Electronic

 

 

775

 

49,578

 

 

611

 

38,465

 

26.88

%

 

U.S. High Yield - Electronically Processed

 

 

276

 

17,679

 

 

217

 

13,668

 

27.33

%

 

European Credit

 

 

2,092

 

138,095

 

 

1,869

 

121,475

 

11.96

%

 

Municipal Bonds

 

 

380

 

24,300

 

 

334

 

21,054

 

13.62

%

 

Chinese Bonds

 

 

2,371

 

151,721

 

 

3,231

 

206,794

 

(26.63

)%

 

Other Credit Bonds

 

 

276

 

17,939

 

 

152

 

9,802

 

81.69

%

 

Derivatives

 

 

27,338

 

1,773,907

 

 

16,955

 

1,081,813

 

61.24

%

 

Swaps

 

 

27,338

 

1,773,907

 

 

16,955

 

1,081,813

 

61.24

%

 

Total

 

 

42,589

 

2,754,433

 

 

29,936

 

1,906,796

 

42.27

%

Equities

Cash

 

 

10,308

 

665,138

 

 

9,475

 

601,081

 

8.79

%

 

U.S. ETFs

 

 

7,608

 

486,909

 

 

7,402

 

466,323

 

2.78

%

 

European ETFs

 

 

2,700

 

178,229

 

 

2,073

 

134,758

 

30.25

%

 

Derivatives

 

 

12,507

 

802,100

 

 

9,451

 

596,615

 

32.33

%

 

Convertibles/Swaps/Options

 

 

9,279

 

595,271

 

 

6,285

 

396,969

 

47.63

%

 

Futures

 

 

3,228

 

206,829

 

 

3,166

 

199,646

 

1.97

%

 

Total

 

 

22,815

 

1,467,238

 

 

18,926

 

1,197,696

 

20.55

%

Money Markets

Cash

 

 

848,171

 

59,556,275

 

 

522,065

 

33,065,896

 

62.46

%

 

Repurchase Agreements (Repo)

 

 

647,745

 

41,687,516

 

 

505,191

 

32,000,195

 

28.22

%

 

Other Money Markets

 

 

200,427

 

17,868,759

 

 

16,874

 

1,065,701

 

1087.75

%

 

Total

 

 

848,171

 

59,556,275

 

 

522,065

 

33,065,896

 

62.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

ADV (USD mm)

Volume (USD mm)

 

ADV (USD mm)

Volume (USD mm)

 

YoY

 

Total

 

$

2,211,690

$

147,521,178

 

$

1,424,185

$

90,434,913

 

55.3

%

(1)

 

We acquired Yieldbroker, r8fin and ICD on August 31, 2023, January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the closing date of the applicable acquisition.

To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/

BASIS OF PRESENTATION

Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries.

Numerical figures included in this release have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%.

Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein.

UNAUDITED INTERIM RESULTS

The interim financial results presented herein for the three and nine months ended September 30, 2024 and 2023 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2024 guidance and full-year 2024 and 2025 revenue guidance related to the LSEG market data license agreement, pending and completed acquisitions, 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.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections 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 the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, 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. In addition, even if future events, 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 release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

NON-GAAP FINANCIAL MEASURES

This release contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation is based in part on components of Adjusted EBITDA.

We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. Each of the normal recurring adjustments and other adjustments included in Adjusted Net Income and Adjusted Diluted EPS help to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.

We use Adjusted Expenses as a supplemental metric to evaluate our underlying operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.

We use Free Cash Flow to assess our liquidity in a way that considers the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.

We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency change, which is a non-GAAP financial measure, is defined as change excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period’s results using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency change information because we believe it provides investors and analysts a useful comparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.

See the attached schedules for reconciliations of the non-GAAP financial measures contained in this release to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Expenses and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of these non-GAAP financial measures.

Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this release may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

MARKET AND INDUSTRY DATA

This release includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

TRADEWEB SOCIAL MEDIA

Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X (formerly Twitter). The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.

Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com

Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com

Source: Tradeweb Markets Inc.