Tradeweb Markets (TW) Piper Sandler Global Exchange and Fintech Conference summary

Executive leadership and strategic vision

• New executive joined from the board, bringing deep buy- and sell-side experience and a focus on leveraging technology and data for future growth.

• Emphasis on Tradeweb's unique position in the electronic trading ecosystem and its global connectivity.

• Leadership is focused on driving the next phase of innovation and platform evolution.

Market environment and business performance

• May saw a 15% year-over-year increase in average daily revenues, with strong client engagement despite low volatility.

• Macro factors like rate debates, inflation, and geopolitical uncertainty are driving activity and benefiting the business.

• Rising global debt and active banks and hedge funds are supporting growth across asset classes and geographies.

Swaps, electronification, and product innovation

• Swaps business remains a key revenue driver, with only about 30% of the market currently electronic.

• New protocols like RFM are gaining adoption, aiming to move large trades from voice to electronic platforms.

• Significant opportunity exists in uncleared swaps and wholesale markets, which lag in electronification.

• Emerging markets swaps and wholesale segments are seen as major growth areas.

• Perpetual futures (perps) are viewed as additive to platform activity, with ongoing exploration of product launches and partnerships.