Blackstone and Thomson Reuters are considering an initial public offering or a sale of their stake in bond-trading platform Tradeweb, whose users and co-investors include some of the world’s biggest banks, Bloomberg reported, citing people with knowledge of the matter.

The two firms have consulted with shareholders including Deutsche Bank, UBS and Royal Bank of Scotland about selling the company or taking it public this year, sources told Bloomberg. Tradeweb, now majority owned by Thomson Reuters, is likely to be valued at more than $4 billion in an IPO or sale, the sources said.

The plan to explore an IPO or sale comes as Blackstone is leading a group of investors in buying 55% of Thomson Reuters’ financial and risk unit. That transaction, which values the Thomson Reuters data and information business at about $20 billion, is scheduled to close in the second half of this year.

A Tradeweb sale or IPO wouldn’t happen until after that transaction, sources told Bloomberg. Blackstone and Thomson Reuters consider an IPO to be the most likely option and seek a sale or listing that would include the banks’ shares as well as their own stake, according to one source.