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Tradeweb Markets (TW) investor relations material

Tradeweb Markets Goldman Sachs U.S. Financial Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Goldman Sachs U.S. Financial Services Conference summary10 Dec, 2025

Recent performance and market environment

  • Achieved record results in 2025 with high-teens EPS growth, driven by strong revenues despite tough comps.

  • Growth supported by expanding debt markets, reduced central bank activity, and increased private sector intermediation.

  • Navigated varying rate regimes, from rapid hikes to current uncertainty, with optimism for future opportunities, especially in macro rates.

  • Industry indecision on rate direction seen as favorable for rates business.

Swaps and rates business outlook

  • Swaps remain the largest and fastest-growing segment, with revenues up 35% year over year.

  • Continued electronification of swaps, especially non-cleared and international markets (notably Australia and Japan), is a key focus.

  • Wholesale swaps market remains voice-based; significant opportunity exists to shift to electronic trading.

  • Collaboration with institutional players is driving efforts to unlock wholesale market potential.

  • Lower rate environments and steeper yield curves are expected to benefit fee generation in swaps.

Treasury and cash markets

  • Treasury market share has plateaued around 20%, partly due to basis risk trading remaining phone-based.

  • Electronic trading behavior has shown resilience even during periods of market stress.

  • Acquisitions like r8fin target algorithmic and basis trading to capture more market share.

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Q4 20256 Feb, 2026
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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Eferix Drawings Google Play
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Frequently asked questions

Tradeweb Markets Inc. operates as an electronic marketplace for over-the-counter fixed income, derivatives, and ETFs in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. It operates "open" or "multidealer-to-client" trading platforms for institutional investors and dealers to trade fixed income products; and "request/quote" or "single dealer-to-client" platforms for institutions to execute cash treasuries with dealers.

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