![]() | Investor Relations Sameer Murukutla + 1 646 767 4864 Sameer.Murukutla@Tradeweb.com | Media Relations Daniel Noonan + 1 646 767 4677 Daniel.Noonan@Tradeweb.com | ||||||||||||
TRADEWEB REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS | ||||||||||||||||||||||||||||||||||||||||||||
New York, April 30, 2025 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended March 31, 2025. | ||||||||||||||||||||||||||||||||||||||||||||
$509.7 million quarterly revenues, an increase of 24.7% (25.8% on a constant currency basis) compared to prior year period $2.5 trillion average daily volume (“ADV”) for the quarter, an increase of 33.7% compared to prior year period; quarterly ADV records in U.S. government bonds, European government bonds, mortgages, U.S. swaps/swaptions ≥ 1-year, fully electronic U.S. high grade credit, fully electronic U.S. high yield credit, European credit, credit swaps, and global repurchase agreements $168.3 million net income and $205.7 million adjusted net income for the quarter, increases of 17.4% and 22.5% respectively from prior year period 54.6% adjusted EBITDA margin and $278.2 million adjusted EBITDA for the quarter, compared to 53.7% and $219.5 million respectively for prior year period $0.69 diluted earnings per share (“Diluted EPS”) and $0.86 adjusted diluted earnings per share for the quarter $0.12 per share quarterly cash dividend declared, a 20.0% per share increase from prior year period | Billy Hult, CEO of Tradeweb: “Tradeweb delivered strong financial results for the first quarter of 2025, underscoring how technology is reshaping single market and multi-asset class trading. We reported record revenue of $509.7 million—up nearly 25% YoY—alongside record trading volume of $164.5 trillion and average daily volume of $2.5 trillion, up 33.7% YoY. While market volatility contributed to record volumes, we also saw positive market share trends and greater adoption of electronic protocols and tools. In rates, performance was fueled by the combined strength of Tradeweb’s institutional and wholesale U.S. Treasuries platforms, as well as our global strength in interest rate swaps. This quarter also marked the 20th anniversary of Tradeweb’s interest rate swaps platform—two decades of driving innovation in this market. In credit, we captured nearly 26% of total and 18% of fully electronic share of U.S. high grade TRACE, respectively, and 10% and 7.5% of total and fully electronic share of U.S. high yield TRACE, respectively. In January, Troy Dixon joined our leadership team as co-head of global markets alongside Enrico Bruni, and in March, we welcomed Rich Repetto to our Board. More recently, as volatility played out across Treasury markets in early April, we facilitated record single-day volume of $472.5bn in U.S. government bonds on April 9. Despite this intense volatility and record volumes, markets operated properly, and traders continued to rely on electronic trading.” | |||||||||||||||||||||||||||||||||||||||||||
SELECT FINANCIAL RESULTS | 1Q25 | 1Q24 | Change | Constant Currency Change(1) | ADV (US $bn) (Unaudited) | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share amounts)(Unaudited) | Asset Class | Product | 1Q25 | 1Q24 | YoY | |||||||||||||||||||||||||||||||||||||||
GAAP Financial Measures | Rates | Cash | $ | 559 | $ | 466 | 20.0 | % | ||||||||||||||||||||||||||||||||||||
Total revenue | $ | 509,677 | $ | 408,739 | 24.7 | % | 25.8 | % | Derivatives | 884 | 800 | 10.5 | % | |||||||||||||||||||||||||||||||
Rates | $ | 265,432 | $ | 214,093 | 24.0 | % | 25.4 | % | Total | 1,443 | 1,266 | 14.0 | % | |||||||||||||||||||||||||||||||
Credit | $ | 124,000 | $ | 115,839 | 7.0 | % | 7.7 | % | Credit | Cash | 18 | 17 | 4.9 | % | ||||||||||||||||||||||||||||||
Equities | $ | 31,410 | $ | 27,050 | 16.1 | % | 17.7 | % | Derivatives | 30 | 18 | 73.9 | % | |||||||||||||||||||||||||||||||
Money Markets | $ | 43,712 | $ | 16,791 | 160.3 | % | 161.6 | % | Total | 49 | 35 | 39.4 | % | |||||||||||||||||||||||||||||||
Market Data | $ | 38,707 | $ | 29,022 | 33.4 | % | 33.5 | % | Equities | Cash | 12 | 13 | (1.3) | % | ||||||||||||||||||||||||||||||
Other | $ | 6,416 | $ | 5,944 | 7.9 | % | 8.0 | % | Derivatives | 14 | 15 | (5.0) | % | |||||||||||||||||||||||||||||||
Net income | $ | 168,305 | $ | 143,382 | 17.4 | % | Total | 27 | 27 | (3.3) | % | |||||||||||||||||||||||||||||||||
Net income attributable to Tradeweb Markets Inc. (2) | $ | 148,382 | $ | 126,142 | 17.6 | % | Money Markets | Cash | 1,029 | 577 | 78.5 | % | ||||||||||||||||||||||||||||||||
Total | 1,029 | 577 | 78.5 | % | ||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | 0.69 | $ | 0.59 | 16.9 | % | Total | $ | 2,547 | $ | 1,905 | 33.7 | % | |||||||||||||||||||||||||||||||
Net income margin | 33.0 | % | 35.1 | % | -206 | bps | ||||||||||||||||||||||||||||||||||||||
Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 278,219 | $ | 219,528 | 26.7 | % | 27.6 | % | (1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures. (2) Represents net income less net income attributable to non-controlling interests. | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (1) | 54.6 | % | 53.7 | % | +88 | bps | +79 | bps | ||||||||||||||||||||||||||||||||||||
Adjusted EBIT (1) | $ | 260,993 | $ | 204,558 | 27.6 | % | 28.5 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBIT margin (1) | 51.2 | % | 50.0 | % | +116 | bps | +110 | bps | ||||||||||||||||||||||||||||||||||||
Adjusted Net Income (1) | $ | 205,691 | $ | 167,925 | 22.5 | % | 23.3 | % | ||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS (1) | $ | 0.86 | $ | 0.71 | 21.1 | % | 24.3 | % | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2025 | 2024 | |||||||||||||
Revenues | (dollars in thousands, except per share amounts) | |||||||||||||
Transaction fees and commissions | $ | 421,344 | $ | 335,451 | ||||||||||
Subscription fees | 55,777 | 49,681 | ||||||||||||
LSEG market data fees | 28,925 | 20,500 | ||||||||||||
Other | 3,631 | 3,107 | ||||||||||||
Total revenue | 509,677 | 408,739 | ||||||||||||
Expenses | ||||||||||||||
Employee compensation and benefits | 176,877 | 143,087 | ||||||||||||
Depreciation and amortization | 62,699 | 49,337 | ||||||||||||
Technology and communications | 28,728 | 21,310 | ||||||||||||
General and administrative | 19,740 | 10,854 | ||||||||||||
Professional fees | 12,458 | 11,800 | ||||||||||||
Occupancy | 5,074 | 4,673 | ||||||||||||
Total expenses | 305,576 | 241,061 | ||||||||||||
Operating income | 204,101 | 167,678 | ||||||||||||
Interest income | 13,849 | 21,060 | ||||||||||||
Interest expense | (587) | (1,718) | ||||||||||||
Other income (loss), net | 4,221 | — | ||||||||||||
Income before taxes | 221,584 | 187,020 | ||||||||||||
Provision for income taxes | (53,279) | (43,638) | ||||||||||||
Net income | 168,305 | 143,382 | ||||||||||||
Less: Net income attributable to non-controlling interests | 19,923 | 17,240 | ||||||||||||
Net income attributable to Tradeweb Markets Inc. | $ | 148,382 | $ | 126,142 | ||||||||||
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: | ||||||||||||||
Basic | $ | 0.70 | $ | 0.59 | ||||||||||
Diluted | $ | 0.69 | $ | 0.59 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 213,087,496 | 212,709,872 | ||||||||||||
Diluted | 214,895,418 | 214,660,853 |
Three Months Ended | ||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin | March 31, | |||||||||||||
2025 | 2024 | |||||||||||||
(dollars in thousands) | ||||||||||||||
Net income | $ | 168,305 | $ | 143,382 | ||||||||||
Merger and acquisition transaction and integration costs (1) | 2,496 | 3,614 | ||||||||||||
Interest income | (13,849) | (21,060) | ||||||||||||
Interest expense | 587 | 1,718 | ||||||||||||
Depreciation and amortization | 62,699 | 49,337 | ||||||||||||
Stock-based compensation expense (2) | 594 | 1,183 | ||||||||||||
Provision for income taxes | 53,279 | 43,638 | ||||||||||||
Foreign exchange (gains) / losses (3) | 8,329 | (2,284) | ||||||||||||
Tax receivable agreement liability adjustment (4) | — | — | ||||||||||||
Other (income) loss, net | (4,221) | — | ||||||||||||
Adjusted EBITDA | $ | 278,219 | $ | 219,528 | ||||||||||
Less: Depreciation and amortization | (62,699) | (49,337) | ||||||||||||
Add: D&A related to acquisitions and the Refinitiv Transaction (5) | 45,473 | 34,367 | ||||||||||||
Adjusted EBIT | $ | 260,993 | $ | 204,558 | ||||||||||
Net income margin (6) | 33.0 | % | 35.1 | % | ||||||||||
Adjusted EBITDA margin (6) | 54.6 | % | 53.7 | % | ||||||||||
Adjusted EBIT margin (6) | 51.2 | % | 50.0 | % |
(1) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
(2) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2025, this adjustment also includes $0.6 million of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
(3) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | ||||
(4) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | ||||
(5) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
(6) | Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. |
Three Months Ended | ||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS | March 31, | |||||||||||||
2025 | 2024 | |||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||
Earnings per diluted share | $ | 0.69 | $ | 0.59 | ||||||||||
Net income attributable to Tradeweb Markets Inc. | $ | 148,382 | $ | 126,142 | ||||||||||
Net income attributable to non-controlling interests (1) | 19,923 | 17,240 | ||||||||||||
Net income | 168,305 | 143,382 | ||||||||||||
Provision for income taxes | 53,279 | 43,638 | ||||||||||||
Merger and acquisition transaction and integration costs (2) | 2,496 | 3,614 | ||||||||||||
D&A related to acquisitions and the Refinitiv Transaction (3) | 45,473 | 34,367 | ||||||||||||
Stock-based compensation expense (4) | 594 | 1,183 | ||||||||||||
Foreign exchange (gains) / losses (5) | 8,329 | (2,284) | ||||||||||||
Tax receivable agreement liability adjustment (6) | — | — | ||||||||||||
Other (income) loss, net | (4,221) | — | ||||||||||||
Adjusted Net Income before income taxes | 274,255 | 223,900 | ||||||||||||
Adjusted income taxes (7) | (68,564) | (55,975) | ||||||||||||
Adjusted Net Income | $ | 205,691 | $ | 167,925 | ||||||||||
Adjusted Diluted EPS (8) | $ | 0.86 | $ | 0.71 |
(1) | Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. | ||||
(2) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
(3) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
(4) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2025, this adjustment also includes $0.6 million of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
(5) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | ||||
(6) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statement of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | ||||
(7) | Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for both the three months ended March 31, 2025 and March 31, 2024. | ||||
(8) | For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below. |
Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS | Three Months Ended | |||||||||||||
March 31, | ||||||||||||||
2025 | 2024 | |||||||||||||
Diluted weighted average shares of Class A and Class B common stock outstanding | 214,895,418 | 214,660,853 | ||||||||||||
Weighted average of other participating securities (1) | 185,309 | 159,957 | ||||||||||||
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2) | 23,070,027 | 23,077,973 | ||||||||||||
Adjusted diluted weighted average shares outstanding | 238,150,754 | 237,898,783 | ||||||||||||
Adjusted Net Income (in thousands) | $ | 205,691 | $ | 167,925 | ||||||||||
Adjusted Diluted EPS | $ | 0.86 | $ | 0.71 |
(1) | Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. | ||||
(2) | Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests. |
Three Months Ended | ||||||||||||||
Reconciliation of Operating Expenses to Adjusted Expenses | March 31, | |||||||||||||
2025 | 2024 | |||||||||||||
(dollars in thousands) | ||||||||||||||
Operating expenses | $ | 305,576 | $ | 241,061 | ||||||||||
Merger and acquisition transaction and integration costs (1) | (2,496) | (3,614) | ||||||||||||
D&A related to acquisitions and the Refinitiv Transaction (2) | (45,473) | (34,367) | ||||||||||||
Stock-based compensation expense (3) | (594) | (1,183) | ||||||||||||
Foreign exchange gains / (losses) (4) | (8,329) | 2,284 | ||||||||||||
Adjusted Expenses | $ | 248,684 | $ | 204,181 |
(1) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
(2) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
(3) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2025, this adjustment also includes $0.6 million of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
(4) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. |
Trailing Twelve Months Ended March 31, | ||||||||||||||
Reconciliation of Cash Flow from Operating Activities to Free Cash Flow | 2025 | 2024 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Cash flow from operating activities | $ | 920,034 | $ | 713,163 | ||||||||||
Less: Capitalization of software development costs | (50,403) | (44,078) | ||||||||||||
Less: Purchases of furniture, equipment and leasehold improvements | (36,016) | (18,239) | ||||||||||||
Free Cash Flow | $ | 833,615 | $ | 650,846 |
Three Months Ended | ||||||||||||||
EPS: Net income attributable to Tradeweb Markets Inc. | March 31, | |||||||||||||
2025 | 2024 | |||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net income attributable to Tradeweb Markets Inc. | $ | 148,382 | $ | 126,142 | ||||||||||
Less: Distributed and undistributed earnings allocated to participating securities (1) | (129) | (95) | ||||||||||||
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted | $ | 148,253 | $ | 126,047 | ||||||||||
Denominator: | ||||||||||||||
Weighted average shares of Class A and Class B common stock outstanding - Basic | 213,087,496 | 212,709,872 | ||||||||||||
Dilutive effect of PRSUs | 434,441 | 500,978 | ||||||||||||
Dilutive effect of options | 289,873 | 599,574 | ||||||||||||
Dilutive effect of RSUs and RSAs | 553,747 | 444,066 | ||||||||||||
Dilutive effect of PSUs | 529,861 | 406,363 | ||||||||||||
Weighted average shares of Class A and Class B common stock outstanding - Diluted | 214,895,418 | 214,660,853 | ||||||||||||
Earnings per share - Basic | $ | 0.70 | $ | 0.59 | ||||||||||
Earnings per share - Diluted | $ | 0.69 | $ | 0.59 | ||||||||||
(1) | During the three months ended March 31, 2025 and 2024, there was a total of 185,309 and 159,957, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Variable | Fixed | Variable | Fixed | Variable | Fixed | Variable | Fixed | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rates | $ | 197,357 | $ | 68,075 | $ | 153,697 | $ | 60,396 | $ | 43,660 | $ | 7,679 | 28.4 | % | 12.7 | % | ||||||||||||||||||||||||||||||||||
Credit | 113,542 | 10,458 | 108,028 | 7,811 | 5,514 | 2,647 | 5.1 | % | 33.9 | % | ||||||||||||||||||||||||||||||||||||||||
Equities | 29,206 | 2,204 | 24,674 | 2,376 | 4,532 | (172) | 18.4 | % | (7.2) | % | ||||||||||||||||||||||||||||||||||||||||
Money Markets | 39,395 | 4,317 | 12,563 | 4,228 | 26,832 | 89 | 213.6 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||
Market Data | 111 | 38,596 | 132 | 28,890 | (21) | 9,706 | (15.9) | % | 33.6 | % | ||||||||||||||||||||||||||||||||||||||||
Other | 398 | 6,018 | — | 5,944 | 398 | 74 | N/M | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 380,009 | $ | 129,668 | $ | 299,094 | $ | 109,645 | $ | 80,915 | $ | 20,023 | 27.1 | % | 18.3 | % |
Three Months Ended | ||||||||||||||||||||
March 31, | YoY | |||||||||||||||||||
2025 | 2024 | % Change | ||||||||||||||||||
Rates | $ | 2.22 | $ | 1.98 | 12.3 | % | ||||||||||||||
Rates Cash | $ | 2.36 | $ | 2.56 | (7.8) | % | ||||||||||||||
Rates Derivatives | $ | 2.14 | $ | 1.65 | 29.5 | % | ||||||||||||||
Rates Derivatives (greater than 1 year) | $ | 3.53 | $ | 2.49 | 41.9 | % | ||||||||||||||
Other Rates Derivatives (1) | $ | 0.24 | $ | 0.22 | 9.9 | % | ||||||||||||||
Credit | $ | 37.96 | $ | 50.39 | (24.7) | % | ||||||||||||||
Cash Credit (2) | $ | 134.28 | $ | 150.84 | (11.0) | % | ||||||||||||||
Credit Derivatives, China Bonds and U.S. Cash EP | $ | 6.15 | $ | 6.57 | (6.5) | % | ||||||||||||||
Equities | $ | 18.16 | $ | 14.68 | 23.7 | % | ||||||||||||||
Equities Cash | $ | 30.39 | $ | 25.95 | 17.1 | % | ||||||||||||||
Equities Derivatives | $ | 7.27 | $ | 5.06 | 43.6 | % | ||||||||||||||
Money Markets | $ | 0.55 | $ | 0.36 | 53.8 | % | ||||||||||||||
Total | $ | 2.31 | $ | 2.56 | (9.9) | % | ||||||||||||||
Total excluding Other Rates Derivatives (3) | $ | 2.64 | $ | 2.99 | (11.5) | % |
(1) | Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures. | ||||
(2) | The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity. | ||||
(3) | Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across all periods presented. |
2025 Q1 | 2024 Q1 | YoY | |||||||||||||||||||||||||||
Asset Class | Product | ADV (USD mm) | Volume (USD mm) | ADV (USD mm) | Volume (USD mm) | ADV | |||||||||||||||||||||||
Rates | Cash | $ | 558,883 | $ | 34,192,846 | $ | 465,682 | $ | 28,267,435 | 20.01 | % | ||||||||||||||||||
U.S. Government Bonds | 244,269 | 14,900,433 | 200,323 | 11,981,691 | 21.94 | % | |||||||||||||||||||||||
European Government Bonds | 59,757 | 3,764,712 | 50,267 | 3,166,836 | 18.88 | % | |||||||||||||||||||||||
Mortgages | 243,352 | 14,844,482 | 204,085 | 12,449,165 | 19.24 | % | |||||||||||||||||||||||
Other Government Bonds | 11,504 | 683,219 | 11,007 | 669,744 | 4.51 | % | |||||||||||||||||||||||
Derivatives | 884,151 | 54,575,779 | 800,001 | 49,421,649 | 10.52 | % | |||||||||||||||||||||||
Swaps/Swaptions ≥ 1Y | 511,006 | 31,417,062 | 502,364 | 31,037,681 | 1.72 | % | |||||||||||||||||||||||
Swaps/Swaptions < 1Y | 365,224 | 22,651,641 | 288,504 | 17,892,088 | 26.59 | % | |||||||||||||||||||||||
Futures | 7,921 | 507,075 | 9,134 | 491,880 | (13.27) | % | |||||||||||||||||||||||
Total | 1,443,034 | 88,768,625 | 1,265,684 | 77,689,084 | 14.01 | % | |||||||||||||||||||||||
Credit | Cash | 18,264 | 1,110,471 | 17,419 | 1,061,745 | 4.85 | % | ||||||||||||||||||||||
U.S. High Grade - Fully Electronic | 7,655 | 466,957 | 6,714 | 409,570 | 14.01 | % | |||||||||||||||||||||||
U.S. High Grade - Electronically Processed | 3,474 | 211,901 | 3,413 | 208,203 | 1.78 | % | |||||||||||||||||||||||
U.S. High Yield - Fully Electronic | 916 | 55,888 | 748 | 45,641 | 22.45 | % | |||||||||||||||||||||||
U.S. High Yield - Electronically Processed | 322 | 19,655 | 324 | 19,771 | (0.59) | % | |||||||||||||||||||||||
European Credit | 2,800 | 176,415 | 2,519 | 158,725 | 11.14 | % | |||||||||||||||||||||||
Municipal Bonds | 414 | 25,238 | 323 | 19,701 | 28.10 | % | |||||||||||||||||||||||
Chinese Bonds | 2,390 | 136,250 | 3,095 | 182,602 | (22.77) | % | |||||||||||||||||||||||
Other Credit Bonds | 293 | 18,168 | 282 | 17,531 | 3.73 | % | |||||||||||||||||||||||
Derivatives | 30,427 | 1,880,661 | 17,502 | 1,082,282 | 73.85 | % | |||||||||||||||||||||||
Swaps | 30,427 | 1,880,661 | 17,502 | 1,082,282 | 73.85 | % | |||||||||||||||||||||||
Total | 48,692 | 2,991,132 | 34,921 | 2,144,027 | 39.43 | % | |||||||||||||||||||||||
Equities | Cash | 12,448 | 757,820 | 12,613 | 775,073 | (1.31) | % | ||||||||||||||||||||||
U.S. ETFs | 8,807 | 528,429 | 9,771 | 596,056 | (9.87) | % | |||||||||||||||||||||||
European ETFs | 3,641 | 229,391 | 2,842 | 179,017 | 28.14 | % | |||||||||||||||||||||||
Derivatives | 14,101 | 850,072 | 14,838 | 906,368 | (4.96) | % | |||||||||||||||||||||||
Convertibles/Swaps/Options | 10,637 | 641,758 | 10,364 | 633,167 | 2.64 | % | |||||||||||||||||||||||
Futures | 3,464 | 208,314 | 4,474 | 273,201 | (22.57) | % | |||||||||||||||||||||||
Total | 26,550 | 1,607,892 | 27,451 | 1,681,441 | (3.28) | % | |||||||||||||||||||||||
Money Markets | Cash | 1,029,045 | 71,157,465 | 576,573 | 35,371,612 | 78.48 | % | ||||||||||||||||||||||
Repurchase Agreements (Repo) | 729,646 | 44,825,803 | 557,392 | 34,198,898 | 30.90 | % | |||||||||||||||||||||||
Other Money Markets | 299,399 | 26,331,662 | 19,180 | 1,172,715 | 1460.97 | % | |||||||||||||||||||||||
Total | 1,029,045 | 71,157,465 | 576,573 | 35,371,612 | 78.48 | % | |||||||||||||||||||||||
ADV (USD mm) | Volume (USD mm) | ADV (USD mm) | Volume (USD mm) | YoY | |||||||||||||||||||||||||
Total | $ | 2,547,321 | $ | 164,525,114 | $ | 1,904,628 | $ | 116,886,163 | 33.7 | % |
(1) | We acquired r8fin and ICD on January 19, 2024 and August 1, 2024, respectively. Total volume reported includes volumes from each acquired business subsequent to the closing date of the applicable acquisition. For average daily volume derived from acquisitions, the denominator is the number of trading days within the reporting period that have elapsed from the acquisition date to the end date of the reporting period. |