Tradeweb Markets (TW) 47th Annual Raymond James Institutional Investor Conference summary

AI and technology strategy

• Proprietary data and leading market share are seen as key defenses against AI-driven disruption.

• AI is leveraged internally through algorithmic trading tools like AiEX, enabling smarter liquidity searches and data-driven trading.

• The shift from manual to electronic and now to AI-driven trading is accelerating, with a focus on transparency and efficiency.

• Competitors are viewed as more defensive, giving an edge to those embracing new technology.

Market structure and competitive positioning

• Strong dealer relationships are maintained by balancing diverse client needs and understanding market structure nuances.

• Evolution in protocols, such as all-to-all trading, has allowed for renewed engagement with banks as primary market makers.

• Non-bank liquidity providers are increasingly significant, keeping competition dynamic.

Product growth and market share

• Interest rate swaps have shown robust growth, with compression trades serving as a gateway to higher-value risk trades.

• U.S. credit market share is stable, with momentum driven by multi-asset capabilities and strong bank relationships.

• Mortgages and emerging markets are highlighted as underappreciated long-term growth drivers.

• 40% of revenue is generated internationally, with innovation in micro-protocols and liquidity engagement.