Tradeweb Markets Inc. a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported financial results for the quarter ended June 30, 2024.

$405.0 million quarterly revenues, an increase of 30.4% (30.8% on a constant currency basis) compared to prior year period

$1.9 trillion average daily volume (“ADV”) for the quarter, an increase of 48.3% compared to prior year period; quarterly ADV records in U.S. government bonds, fully electronic U.S. high yield credit and global repurchase agreements; record 18.8% share of fully electronic U.S. high grade TRACE

$136.4 million net income and $166.7 million adjusted net income for the quarter, increases of 33.8% and 34.7% respectively from prior year period

53.5% adjusted EBITDA margin and $216.5 million adjusted EBITDA for the quarter, compared to 52.5% and $163.1 million respectively for prior year period

$0.55 diluted earnings per share (“Diluted EPS”) and $0.70 adjusted diluted earnings per share for the quarter

$0.10 per share quarterly cash dividend declared

Billy Hult, CEO of Tradeweb: “We delivered strong organic growth complemented by continued investment in our multi-asset class, global business, resulting in a 30.4% revenue increase year-overyear in Q2 2024. Tradeweb set quarterly ADV records in rates, money markets, and credit – where we also captured a record 18.8% share of fully electronic U.S. high grade TRACE. Markets continue to become increasingly interconnected, and our technology is helping to make that possible.

Tradeweb recently became the first electronic trading platform to connect repo and IRS markets, and we expanded our partnership with FTSE Russell to produce benchmark U.S. treasury closing prices.

In Q2 2024, we agreed to acquire ICD, an institutional investment technology provider for corporate treasury organizations, which would introduce Corporates as our fourth client channel.

We also made a minority investment in Securitize, a leader in tokenizing real-world assets, and entered into a commercial agreement with blockchain infrastructure provider Alphaledger, reflecting our continued efforts to strategically place bets on technology that helps to advance our business. I’m proud of our strides this quarter and look forward to continually identifying new opportunities for our long-term growth.”

Click here to read the full news release.

Source: Tradeweb