Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, 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.”

Read the full results here 

Source: Tradeweb