Tradeweb Markets (TW) 46th Annual William Blair Growth Stock Conference summary

Market environment and business positioning

• Electronic fixed income trading is growing, with both banks and non-bank liquidity providers increasing their presence.

• The company has achieved over $2 billion in annual revenue, with mid-teen growth rates across various market cycles.

• Serves 30,000+ clients in 85+ countries, acting as a key intermediary between major asset managers and liquidity providers.

• Revenue model is a mix of fixed (23%) and variable (77%) fees, providing strong visibility and leverage to trading volumes.

• International business is a major growth driver, compounding at 25% annually and producing 18% year-over-year daily revenue growth.

Strategic focus and innovation

• Focused on maintaining leadership in legacy markets while investing in new opportunities and expanding margins.

• Emphasizes migration from voice to electronic trading, aiming to capture more of the $12.6 trillion daily addressable market.

• Client engagement is deepening, with a 300% increase in clients trading three or more products since 2015.

• Innovation in trading protocols, including portfolio trading and integration of government bond pricing into credit trades.

• AiEX product and smart search for liquidity are key differentiators, leveraging data and machine learning.

Product and market expansion

• Expanded from rates into credit, ETFs, and emerging markets, with each segment showing strong growth.

• ETF business has become a flagship, providing access to sophisticated non-bank liquidity providers.

• Emerging markets strategy focuses on EM swaps and rates, with plans to apply the credit playbook to EM credit.

• Actively investing in tokenization, blockchain, and prediction markets to stay ahead of market trends.

• Building deeper partnerships with major financial institutions and non-bank firms to drive future innovation.