Latest news with #TradewebMarketsInc
Business Wire
18 hours ago
- Business
- Business Wire
Tradeweb Reports May 2025 Total Trading Volume of
NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of May 2025 of $55.4 trillion (tn) 1. Average daily volume (ADV) for the month was $2.5tn, an increase of 33.3 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of May was up 20.3% YoY. In May 2025, Tradeweb records included: ADV in global repurchase agreements May 2025 Highlights RATES U.S. government bond ADV was up 22.6% YoY to $236.0 billion (bn). European government bond ADV was up 22.6% YoY to $50.8bn. U.S. government bond ADV was led by strong activity across the institutional and wholesale client channels. Robust European government bond ADV was driven by strong volumes in our institutional client channel. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 16.8% YoY to $230.2bn. To-Be-Announced (TBA) activity was primarily driven by strong roll volume and elevated trading activity from real and fast money accounts. Tradeweb's specified pool platform reported strong volumes driven by a record number of clients executing on the platform. Swaps/swaptions ≥ 1-year ADV was up 1.6% YoY to $492.0bn and total rates derivatives ADV was up 13.5% YoY to $890.3bn. Swaps/swaptions ≥ 1-year saw strong increases in risk trading activity YoY driven by market volatility due to changes in U.S. tariff policy and an active Treasury yield curve. This was partially offset by a 21% YoY decline in compression activity, which carries a relatively lower fee per million. Quarter to date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25. CREDIT Fully electronic U.S. credit ADV was up 25.0% YoY to $8.3bn and European credit ADV was up 8.6% YoY to $2.4bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 17.8% and 8.3% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.3% total share of U.S. high grade TRACE and 11.0% total share of U.S. high yield TRACE. European credit volumes in May were driven by heightened use of Tradeweb AllTrade® and continued client engagement in our Automated Intelligent Execution (AiEX) tool. Municipal bonds ADV was up 38.3% YoY to $494 million (mm). Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 13.6% YoY. 2 Credit derivatives ADV was up 94.9% YoY to $17.0bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. EQUITIES U.S. ETF ADV was up 43.4% YoY to $8.8bn and European ETF ADV was up 42.6% YoY to $3.3bn. U.S. and European ETF volumes were supported by a growing client base and increased adoption of Tradeweb's AiEX tool. On the Tradeweb institutional platform, U.S. ETF and European ETF volumes were up 84.9% YoY and 42.7% YoY, respectively. MONEY MARKETS Repo ADV was up 28.8% YoY to $779.7bn. Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed's balance sheet unwind, in addition to balances in the Fed's reverse repo facility (RRP) remaining at relatively low levels. In Europe, volumes were driven by increased government bond issuance as well as market volatility. Other Money Markets ADV was up YoY to $269.5bn. Other money markets volume growth was driven by the inclusion of ICD volumes in May 2025. Please refer to the report posted to for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes. 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, retail and corporates 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 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to Basis of Presentation All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release. Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated. Market and Industry Data This release and the complete report include 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. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and 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. In particular, preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. 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. 1 Tradeweb acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the date of the acquisition. 2 Based on data from MSRB.
Finextra
3 days ago
- Business
- Finextra
Tradeweb appoints Sherry Marcus from AWS as head of AI
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the appointment of Sherry Marcus as Head of Artificial Intelligence (AI). 0 Building on Tradeweb's strong foundation utilizing AI to enhance price discovery, dealer selection and analytics, Ms. Marcus will lead the next generation of Tradeweb's AI strategy serving more than 3,000 institutional, wholesale, retail advisory and corporate clients around the world. In this newly-created global role, she will report to Tradeweb Chief Technology Officer Justin Peterson. Ms. Marcus joins Tradeweb from Amazon Web Services, where she led the 300-person science and data team behind Amazon Bedrock, the company's flagship generative AI platform serving hundreds of thousands of enterprise customers. Previously, she was a Managing Director, Data and AI at BlackRock, creating a global AI office and leading the AI Leadership & Transformation team. Prior to this role, Ms. Marcus held various senior positions across financial services, including serving as Chief Data Analytics Officer at Millennium Partners and Global Head, Big Data Analytics at Credit Suisse. Tradeweb's Chief Technology Officer, Justin Peterson, commented: 'Sherry Marcus is an influential voice on AI and financial markets, and we're excited to welcome her to Tradeweb. With AI continuing to evolve at breakneck speed, Sherry's impressive track record leading strategic, data-driven initiatives at top asset managers will be a strong asset to our team. We look forward to collaborating with her as Tradeweb scales its electronic solutions and continues to innovate with our clients.' Ms. Marcus serves as Vice President and sits on the board of the MIT Club of New York. She is also on the board of the Allen Brain Institute, the Carnegie Mellon Computational Finance Department and acts as an advisor to the NYC Gen AI Council. Previously, she was a member of the NSA Advisory Board as well as the Science Board at the National Counter Terrorism Center. Ms. Marcus received her bachelor's in Applied Mathematics from Cornell University and her Ph.D. in Mathematics from MIT.
Business Wire
7 days ago
- Business
- Business Wire
Tradeweb Appoints Sherry Marcus as Head of AI
NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the appointment of Sherry Marcus as Head of Artificial Intelligence (AI). 'With AI continuing to evolve at breakneck speed, Sherry's impressive track record leading strategic, data-driven initiatives at top asset managers will be a strong asset to our team." Building on Tradeweb's strong foundation utilizing AI to enhance price discovery, dealer selection and analytics, Ms. Marcus will lead the next generation of Tradeweb's AI strategy serving more than 3,000 institutional, wholesale, retail advisory and corporate clients around the world. In this newly-created global role, she will report to Tradeweb Chief Technology Officer Justin Peterson. Ms. Marcus joins Tradeweb from Amazon Web Services, where she led the 300-person science and data team behind Amazon Bedrock, the company's flagship generative AI platform serving hundreds of thousands of enterprise customers. Previously, she was a Managing Director, Data and AI at BlackRock, creating a global AI office and leading the AI Leadership & Transformation team. Prior to this role, Ms. Marcus held various senior positions across financial services, including serving as Chief Data Analytics Officer at Millennium Partners and Global Head, Big Data Analytics at Credit Suisse. Tradeweb's Chief Technology Officer, Justin Peterson, commented: 'Sherry Marcus is an influential voice on AI and financial markets, and we're excited to welcome her to Tradeweb. With AI continuing to evolve at breakneck speed, Sherry's impressive track record leading strategic, data-driven initiatives at top asset managers will be a strong asset to our team. We look forward to collaborating with her as Tradeweb scales its electronic solutions and continues to innovate with our clients.' Ms. Marcus serves as Vice President and sits on the board of the MIT Club of New York. She is also on the board of the Allen Brain Institute, the Carnegie Mellon Computational Finance Department and acts as an advisor to the NYC Gen AI Council. Previously, she was a member of the NSA Advisory Board as well as the Science Board at the National Counter Terrorism Center. Ms. Marcus received her bachelor's in Applied Mathematics from Cornell University and her Ph.D. in Mathematics from MIT. 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, retail and corporates 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 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and 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.
Yahoo
26-05-2025
- Business
- Yahoo
Strong Volume Trends Lifted Tradeweb Markets (TW) in Q1
Baron Funds, an investment management company, released its 'Baron FinTech Fund' first quarter 2025 investor letter. A copy of the letter can be downloaded here. U.S. equities closed 5% lower in Q1, following a sharp decline in March. Markets started well with the S&P 500 Index reaching new highs. However, concerns about tariffs, inflation, and softer economic growth, along with concerns about AI secular growth, contributed to risk-off conditions. In the first quarter, the fund fell 1.31% (Institutional Shares) compared to a -7.52% return for the FactSet Global FinTech Index (Benchmark) and a -4.27% decline for the S&P 500 index. Since its inception, the fund has appreciated at an annualized rate of 11.27%, compared to a 2.22% return for the Benchmark. In addition, please check the fund's top five holdings to know its best picks in 2025. In its first-quarter 2025 investor letter, Baron FinTech Fund highlighted stocks such as Tradeweb Markets Inc. (NASDAQ:TW). Tradeweb Markets Inc. (NASDAQ:TW) is a global financial technology company that builds and operates electronic marketplaces. The one-month return of Tradeweb Markets Inc. (NASDAQ:TW) was 7.64%, and its shares gained 29.73% of their value over the last 52 weeks. On May 23, 2025, Tradeweb Markets Inc. (NASDAQ:TW) stock closed at $145.62 per share with a market capitalization of $31.809 billion. Baron FinTech Fund stated the following regarding Tradeweb Markets Inc. (NASDAQ:TW) in its Q1 2025 investor letter: "Tradeweb Markets Inc. (NASDAQ:TW) operates electronic marketplaces for fixed income securities. Shares rose during the quarter due to strong volume trends driven by favorable market conditions and share gains in key products. Credit products saw accelerating growth with trading volume up 39%, while rates products saw stable trends with 14% growth. In credit, Tradeweb continued to grow faster than the market and its primary electronic trading competitor. We believe Tradeweb can achieve solid growth in a variety of macroeconomic conditions and expect further market share gains to drive long-term upside. We continue to own the stock due to Tradeweb's strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets." A commodities trader staring intently at an online trading platform, examining the trading opportunities. Tradeweb Markets Inc. (NASDAQ:TW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Tradeweb Markets Inc. (NASDAQ:TW) at the end of the first quarter which was 45 in the previous quarter. While we acknowledge the potential of Tradeweb Markets Inc. (NASDAQ:TW) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains. In another article, we covered Tradeweb Markets Inc. (NASDAQ:TW) and shared Lakehouse Global Growth Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Business Wire
06-05-2025
- Business
- Business Wire
Tradeweb Reports April 2025 Total Trading Volume of $57.8 Trillion and Average Daily Volume of $2.7 Trillion
NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of April 2025 of $57.8 trillion (tn) 1. Average daily volume (ADV) for the month was $2.7tn, an increase of 38.6 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of April was up 25.9% YoY. In April 2025, Tradeweb records included: April 2025 Highlights RATES U.S. government bond ADV was up 41.5% YoY to $290.4 billion (bn). European government bond ADV was up 29.1% YoY to $58.9bn. Record U.S. government bond ADV was led by record activity across the institutional and wholesale client channels. On April 9, Tradeweb facilitated record single-day volume of $472.5bn in U.S. government bonds following the U.S. federal administration's tariff announcements. Robust European government bond ADV was driven by strong volumes across our institutional client channel. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 12.6% YoY to $232.2bn. To-Be-Announced (TBA) activity was primarily driven by heightened volatility and increased trading activity from the originator community. Tradeweb's specified pool platform reported strong volumes driven by a growing number of clients executing on the platform. Swaps/swaptions ≥ 1-year ADV was up 10.1% YoY to $523.8bn and total rates derivatives ADV was up 22.1% YoY to $971.9bn. Swaps/swaptions ≥ 1-year saw strong risk trading activity YoY driven by significant volatility in global rates markets, due to geopolitical tensions, regulatory uncertainties and shifts in investor sentiment. This was partially offset by an 18% YoY decline in compression activity, which carries a relatively lower fee per million. April compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 1Q25. CREDIT Fully electronic U.S. credit ADV was up 9.2% YoY to $8.8bn and European credit ADV was up 18.4% YoY to $2.7bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in Portfolio Trading and request-for-quote (RFQ). Tradeweb captured 16.7% and 8.4% share of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 25.6% total share of U.S. high grade TRACE and 10.8% total share of U.S. high yield TRACE. The first half of April was impacted by heightened volatility, which led to increased one-way flow in the wholesale channel and idiosyncratic client activity. However, activity normalized in U.S. high grade credit as the month progressed, with U.S. high grade credit market share reaching 18.8% in the second half of April. European credit volumes were driven by growth in Portfolio Trading and Tradeweb AllTrade®. Municipal bonds ADV was up 58.5% YoY to $550 million (mm). Municipal bonds saw strong growth across the retail and institutional platforms, reflecting growth relatively in-line with the overall market. Credit derivatives ADV was up 93.5% YoY to $29.6bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. EQUITIES U.S. ETF ADV was up 62.7% YoY to $12.7bn and European ETF ADV was up 86.3% YoY to $5.3bn. Record U.S. and European ETF volumes were driven by increased activity in our Automated Intelligent Execution (AiEX) tool and elevated market volatility. On the Tradeweb institutional platform, U.S. ETF and European ETF volumes were up 122.5% and 86.6% YoY, respectively. MONEY MARKETS Repo ADV was up 28.2% YoY to $766.7bn. Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the lasting effects of the Fed's balance sheet unwind, combined with balances still remaining relatively low at the reverse repo facility. In Europe, volumes and market activity continued to grow and were primarily driven by volatility caused by the current geopolitical landscape. Other Money Markets ADV was up YoY to $268.7bn. Other money markets volume growth was driven by the inclusion of ICD volumes in April 2025. Beginning with the publication of the March 2025 Monthly Activity Report press release, we included our overall share of U.S. credit volumes for high grade and high yield TRACE, in addition to breaking out our share of fully electronic portions of both. This mirrors what we have historically included in the full Monthly Activity Report and, we believe, provides a more transparent basis for understanding market share. Please refer to the report posted to for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes. 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, retail and corporates 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 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to Basis of Presentation All reported amounts are presented in U.S. dollars, unless otherwise indicated. In determining the reported U.S. dollar amounts for non-U.S. dollar denominated securities, the non-U.S. dollar amount for a particular month is translated into U.S. dollars generally based on the monthly average foreign exchange rate for the prior month. Volumes presented in this release exclude volumes generated by (i) unbilled trial agreements, (ii) products billed on an agreement basis where we do not calculate notional value, and (iii) products that are not rates, credit, equities or money markets products. Please see the footnotes on page 3 of the full report for information regarding how we calculate market share amounts presented in this release. Amounts for preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets included in this release and in the related report are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. Beginning with the publication of the December 2024 Monthly Activity Report, Tradeweb adjusted its methodology for reflecting acquisitions in its reported average daily volume figures. For average daily volume derived from acquisitions, the denominator is now the number of trading days that have elapsed from the acquisition date to the end date of the reporting period, and not the total number of trading days in the reporting period, which was the previous methodology. Beginning in December 2024, this methodology was applied retroactively to restate the impact of both 2024 acquisitions; the average daily volume attributable to acquisitions occurring prior to 2024 was not restated. Market and Industry Data This release and the complete report include 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. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and 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. In particular, preliminary average variable fees per million dollars of volume traded and preliminary fixed fees for rates, credit, equities and money markets are subject to the completion of management's final review and our other financial closing procedures and therefore are subject to change. 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. 1 Tradeweb acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the date of the acquisition.
