Tradeweb

Tradeweb’s original business plan was drafted at Credit Suisse First Boston in 1996. Four banks financed Tradeweb Markets LLC in 1997; its multi-dealer online U.S. Treasury marketplace launched in 1998.⁠[1]

Tradeweb opened in London and expanded European government-bond trading in 2000, adding mortgage-backed securities, commercial paper and covered bonds in 2001. It entered retail trading through LeverTrade in 2006 and wholesale brokerage through Hilliard Farber in 2008, launching Dealerweb in 2009. BondDesk and Interactive Portfolio Solutions acquisitions formed Tradeweb Direct in 2013.⁠[1]

On May 24, 2004, Thomson announced completion of its TradeWeb Group acquisition for $385 million cash, with up to approximately $150 million in additional payments over three years tied to growth targets.⁠[2]

On April 8, 2019, Tradeweb closed its IPO of 46 million Class A shares, including a six-million-share underwriters’ option, at $27 each. Shares traded on the Nasdaq Global Select Market as TW. Proceeds of approximately $1.1613 billion, after underwriting discounts and commissions but before estimated offering expenses, funded purchases of interests from certain existing bank shareholders. Refinitiv retained control.⁠[3]

On June 25, 2021, Tradeweb completed the $190 million cash acquisition of Nasdaq’s U.S. fixed-income electronic trading platform. Formerly eSpeed, its central limit order book for on-the-run Treasuries joined Dealerweb’s wholesale business.⁠[4]

Billy Hult became CEO on January 1, 2023, with Thomas Pluta becoming president. Lee Olesky retired as CEO on December 31, 2022 and became non-executive chairman. Hult joined Tradeweb in 2000 and served as president from 2008 to 2022.⁠[5]

On August 31, 2023, Tradeweb completed the A$125 million cash acquisition of Yieldbroker, which served Australian and New Zealand government-bond and interest-rate derivatives markets and operated government-bond primary-auction technology.⁠[6]

On August 1, 2024, Tradeweb completed its $785 million cash acquisition of Institutional Cash Distributors (ICD), a technology provider for corporate short-term investment. Corporate treasury became its fourth client channel alongside institutional, wholesale and retail clients.⁠[7]

On November 4, 2025, Tradeweb and ChainlinkChainlink (LINK)Chainlink is a decentralized oracle and cross-chain computing platform co-founded by Sergey Nazarov and Steve Ellis. LINK supports network incentives and payments. From its 2017 whitepaper and 2019 Ethereum mainnet launch, the protocol expanded into data feeds, Proof of Reserve, Automation, VRF, CCIP, staking and the Chainlink Runtime Environment.Open the full entry announced on-chain publication of Tradeweb FTSE U.S. Treasury Benchmark Closing Prices through DataLink. The methodology includes executable platform prices, covering notes, bonds, bills, strips and TIPS, with benchmarks collected at 3 p.m. and 4 p.m. New York time.⁠[8]

On February 19, 2026, Tradeweb announced a minority investment in KalshiKalshiKalshi is a New York-based prediction-market and derivatives platform founded by Tarek Mansour and Luana Lopes Lara. Users trade outcomes of economic, election, sports and cultural events through event contracts. KalshiEX is a CFTC-designated contract market, and Kalshi Klear provides clearing. The platform has added brokerage and crypto-wallet access, perpetual futures and Kalshi Pro. Its election contracts, the application of state law to sports trading, insider trading and settlement rules have remained subjects of regulatory and legal disputes.Open the full entry and a partnership intended to integrate prediction-market data, analytics and event probabilities into institutional workflows and develop institutional prediction-market trading infrastructure.⁠[9]

On March 4, Crossover Markets announced a Tradeweb-led $31 million Series B at a $200 million valuation. Tradeweb also planned to connect global clients to Crossover’s institutional spot-crypto liquidity through its algorithmic order-routing technology.⁠[10]

On July 1, 2026, Tradeweb announced a real-time tokenized Treasury/USDCx transaction. Franklin TempletonFranklin TempletonFranklin Templeton is a global asset management company headquartered in San Mateo, California, United States. Founded in New York in 1947, its parent company is listed on the New York Stock Exchange (ticker: BEN), and it had approximately $1.83 trillion in assets under management at the end of August 2026. The company has pursued digital assets since 2018, launched FOBXX (BENJI), a U.S. government money fund that records shares on a blockchain, in 2021, and in 2026 established Franklin Crypto, a dedicated crypto asset management division.Open the full entry transferred the Treasury to Virtu Financial for USDCx. Tradeweb provided execution and price discovery, while Canton Network synchronized settlement. Participants also included Blockdaemon, Digital Asset and Societe Generale.⁠[11]

In BNYBNYBNY, formerly branded BNY Mellon, is a financial services company headquartered in New York City whose legal name is The Bank of New York Mellon Corporation. Its predecessor, the Bank of New York, was founded by Alexander Hamilton in 1784; it merged with Mellon Financial Corporation in 2007 and adopted the single brand BNY in 2024.Open the full entry’s October 13 triparty repo announcement, Citadel SecuritiesCitadel SecuritiesCitadel Securities is an American market maker founded in Chicago in 2002 by Ken Griffin and partners and headquartered in Miami, providing liquidity to institutional and retail investors across a range of financial products. It is a separate company from Citadel, the hedge fund Griffin founded in 1990.Open the full entry bought a two-year Treasury through BNY on Tradeweb, then used its settled tokenized representation as overnight repo collateral.⁠[12]

On October 19, 2026, Tradeweb agreed to acquire Trumid for approximately $1.97 billion: $1.89 billion cash and $82 million equity. The price included $1.75 billion for the business and approximately $220 million for tax assets. The combination would expand credit-trading protocols and new-issue and secondary-market services. Closing, targeted for the first half of 2027, remained subject to regulatory approvals and other conditions.⁠[13]

For the third quarter of 2026, Tradeweb reported $584.5 million revenue, up 14.9%; $224.9 million net income; and $238.8 million adjusted net income. Average daily notional volume was approximately $3.2 trillion, up 22.4%.⁠[14]

At September 30, 2026, London Stock Exchange Group (LSEG) indirectly held 90.2% of Tradeweb Markets Inc.’s voting power and directly and indirectly held 51.7% of the economic interest in Tradeweb Markets LLC.⁠[15]

On November 9, 2026, Tradeweb and BNY announced LiquidityDirect integration with ICD Portal, targeting launch in the first quarter of 2027. Corporate clients would be able to select BNY custody and short-term investment services at account level for U.S. and international needs.⁠[16]

Tradeweb Markets Inc. operates electronic marketplaces across rates, credit, equities and money markets, providing market access, analytics, execution, straight-through processing and reporting. In November 2026 its website listed more than 3,000 clients in over 85 countries, over 50 products, and more than 1,500 employees, including over 400 technologists.⁠[17]

In November 2026, the website listed Billy Hult as CEO, Sara Furber as CFO and Jacques Aigrain as board chair. Enrico Bruni and Troy Dixon were co-heads of global markets, and Chris Bruner headed frontier markets.⁠[18]