Tradeweb Markets (TW) Goldman Sachs 2024 U.S. Financial Services Conference summary

2024 performance and business evolution

• Achieved record results across multiple products, with significant EPS growth and margin expansion in 2024.

• Revenue has doubled over the past five and a half years, with half of growth coming from non-rates products.

• Completed a major acquisition (ICD), expanding into the corporate treasury segment.

• Continued to invest in technology and broadened the platform's reach across asset classes.

• Maintained a strong presence in mortgages and government bonds, with notable volume growth.

Growth drivers and market outlook for 2025

• Global swaps business remains a key growth engine, with ongoing migration from voice to electronic trading.

• Significant opportunity in bilateral swaps, inflation swaps, and emerging market swaps.

• Portfolio trading and AiEX adoption are driving innovation and efficiency.

• APAC region and further market connectivity are strategic priorities.

• Expectation of continued strong growth in a favorable market environment.

Swaps and rates: innovation and fee dynamics

• Micro trading protocols and risk-oriented trading have boosted swap volumes by 50% in 2024.

• Compression trading has led to 80% volume growth from certain clients, converting workflow into risk trades.

• Fee per million is expected to improve with a steeper yield curve and lower rates.

• AiEX usage in Treasuries has reached 40%, with further room for growth.

• Strong competitive positioning against Bloomberg, CME, and FMX in rates and mortgages.