NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of February 2026 of $61.8 trillion (tn). Average daily volume ("ADV") for the month was $3.1tn, an increase of 23.4 percent (%) year-over-year (YoY). Record Highlights: For February of 2026, Tradeweb records included: ADV in fully electronic U.S. high grade credit ADV in global repurchase agreements ADV in other money market. ...

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Question-and-Answer SessionSo obviously, as you could probably guess, the big topic of the past month and at this conference so far has been AI risk. And I almost feel embarrassed to ask you this question, but do you see any theoretical competitive disruption risk to Tradeweb from AI?William HultCEO & Director Yes. Great question. It's amazing like how fast kind of time goes because we've gone from kind of like Tradeweb, the origins of Tradeweb was really kind of almost like in like the Liar's Poker world. ...

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Tradeweb Markets FY Conference Summary Company Overview - **Company**: Tradeweb Markets (NasdaqGS:TW) - **Industry**: Financial Services, specifically focusing on electronic trading platforms for fixed income, derivatives, and ETFs Key Points and Arguments AI and Competitive Disruption - Tradeweb acknowledges the rapid evolution of technology, particularly AI, and its potential impact on the financial services industry [3][4] - The company emphasizes the importance of proprietary data and leading market share as critical factors to remain competitive in the AI landscape [4][5] - Tradeweb is actively deploying AI through initiatives like AIX trading, which focuses on data-oriented algorithmic smart searches to enhance liquidity finding [9][10] Market Share and Growth - Tradeweb has achieved a 10% market share in Risk Trades within the Interest Rate Swaps market, with a strong growth trajectory [17] - The company reported a 29% growth in swaps in 2024 and a strong performance in early 2026, with February showing over 15% year-over-year growth [19] - Tradeweb's strategy includes entering markets with Compression Trades to build relationships and eventually transition to Risk Trades [18][20] Dealer Relationships and Market Structure - Strong relationships with dealers are crucial for Tradeweb's success, and the company aims to maintain these through continuous engagement and understanding of market dynamics [12][13] - The company recognizes the evolving market structure, particularly with the rise of non-bank liquidity providers, and aims to balance relationships with both banks and non-bank entities [15][22] International Presence and Growth Drivers - Approximately 40% of Tradeweb's revenue comes from international markets, highlighting the company's global reach and growth potential [34] - The company sees significant opportunities in the TBA mortgage market and emerging markets (EM), particularly in credit trading [30][32] Tokenization and Future Innovations - Tradeweb is exploring the role of tokenization in improving collateral management and settlement efficiency, particularly in the TBA mortgage market [36][37] - The company is cautious about the timing of implementing new settlement structures but recognizes the potential benefits of blockchain technology in financial transactions [39][40] Relationship with LSE Group - Tradeweb's partnership with LSE Group is viewed positively, providing distribution avenues for market data and enhancing the company's strategic positioning [42][43] - The CEO emphasizes the importance of maintaining Tradeweb as a separately managed entity while leveraging the partnership for growth opportunities [42] Prediction Markets - Tradeweb is considering the integration of prediction markets into its offerings, recognizing the potential for sophisticated clients to incorporate these into their pricing algorithms [50][51] - The company has initiated a partnership with Kalshi to explore opportunities in this space, indicating a proactive approach to evolving market trends [52] Additional Important Insights - Tradeweb's focus on technology and innovation is seen as a key driver for future growth, with a commitment to adapting to market changes and client needs [44] - The company is optimistic about its future, regardless of market conditions, and is focused on leveraging technology to enhance its trading platforms [44]

Core Insights - Tradeweb Markets Inc. will participate in the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, with CEO Billy Hult scheduled for a fireside chat [1] - Tradeweb is a leading global operator of electronic marketplaces, facilitating over $2.6 trillion in notional value traded per day across various financial products [1][2] - The company provides advanced technologies for price discovery, order execution, and trade workflows, serving over 3,000 clients in more than 85 countries [1] Company Overview - Tradeweb Markets Inc. was founded in 1996 and operates electronic marketplaces for rates, credit, equities, and money markets [1] - The company offers access to markets, data, analytics, electronic trading, straight-through processing, and reporting for over 50 products [1] - Tradeweb's technological advancements help reduce risks in client trading operations and enhance overall trading efficiency [1] Recent Developments - Tradeweb announced a strategic partnership with Kalshi to expand institutional access to prediction market data and analytics [2] - The company completed the first fully electronic swaption termination, marking a significant milestone in the industry [2]

Core Insights - Tradeweb Markets Inc. has formed a strategic partnership with Kalshi, acquiring a minority stake to enhance institutional access to event-based market data and develop new trading infrastructure [1][6] - The collaboration aims to integrate Kalshi's real-time event probabilities into Tradeweb's existing platforms, facilitating the incorporation of these probabilities into macro trading workflows for over 3,000 institutional clients [2][3] Group 1: Partnership Details - The partnership will allow Tradeweb to introduce prediction market data into its trading environments, which handle more than $2.6 trillion in average daily notional volume [2] - The initial phase focuses on integrating Kalshi's data into Tradeweb's rates and credit platforms, extending across user interfaces, APIs, and data-download tools [3] Group 2: Institutional Interest - There is increasing interest from asset managers and trading desks in prediction markets for forward-looking signals related to macroeconomic events, policy decisions, and political outcomes [4] - Tradeweb's CEO highlighted that prediction markets are becoming integral to institutional trading, potentially serving as indicators for macro risk assessment and capital allocation [5] Group 3: Future Developments - The companies plan to co-develop analytics that combine Kalshi's event probabilities with Tradeweb's pricing and liquidity datasets, enabling institutions to create forecasting and risk models [8] - An institutional-facing portal for event contracts is also being explored, which would provide access to standardized contracts linked to macroeconomic releases and policy outcomes [9] Group 4: Market Structure Integration - Tradeweb's involvement brings prediction markets closer to electronic macro trading, embedding event-based probabilities within existing execution channels [13] - The partnership offers Kalshi a pathway into institutional balance sheets, traditionally reliant on dealer research and macro models, enhancing its market presence [14] Group 5: Long-term Outlook - While the transaction does not immediately establish prediction markets as a mainstream asset class, it connects a regulated event exchange with a major electronic marketplace, influencing capital allocation decisions [15] - If adoption follows data integration, event contracts could evolve from niche tools to essential components of institutional risk management frameworks [16]

Core Insights - Tradeweb Markets Inc. and Kalshi have announced a strategic partnership aimed at expanding institutional access to prediction market data and analytics [1] - The collaboration seeks to enhance market infrastructure within the financial sector [1] Company Overview - Tradeweb Markets Inc. operates electronic marketplaces for rates, credit, equities, and money markets, facilitating over $2.6 trillion in notional value traded on average per day [1] - Kalshi is recognized as the largest regulated prediction market [1]

Core Insights - Robinhood Markets (HOOD) and Tradeweb Markets (TW) are transforming electronic trading, with HOOD focusing on retail investors and offering commission-free trading, while TW targets institutional clients with a specialization in fixed-income products [1][2] Company Performance - Both companies reported strong fourth-quarter 2025 earnings, but market reactions diverged, with HOOD shares declining due to weaker crypto activity and concerns over AI disruption, while TW's stock remained stable [2][10] Robinhood's Growth Strategy - Robinhood is expanding rapidly with new product launches and international growth, aiming to become a "financial super app" with features like an AI assistant (Cortex), advanced trading tools (Legend), and a social trading platform [4][5] - The company is also venturing into personal finance and banking services, including a Gold credit card, and is rolling out tokenized U.S. stocks and ETFs in 31 EU/EEA countries [5][6] - HOOD is investing in prediction markets, which are expected to become a billion-dollar business, and has partnered with Susquehanna International Group to acquire a stake in MIAX Derivatives Exchange [6][7] Tradeweb's Strategic Position - Tradeweb is enhancing its leadership in electronic trading through technology innovation and international expansion, with significant investments in automation and AI tools driving growth in fixed-income and derivatives volumes [9][11] - The company has tripled its emerging market revenues since 2023 and captured significant shares in U.S. investment-grade and high-yield electronic trading volumes [11][12] Financial Metrics and Valuation - HOOD's shares have decreased by 40.6% in the past month, while TW's shares have increased by 10%, indicating a divergence in investor sentiment [19] - HOOD is trading at a price-to-tangible book (P/TB) ratio of 8.15X, making it less expensive compared to TW's 8.62X, while HOOD's return on equity (ROE) of 22.32% surpasses TW's 12.05% [23][28] Earnings Estimates - The Zacks Consensus Estimate for HOOD's earnings in 2026 and 2027 suggests growth rates of 21% and 17%, respectively, while TW's estimates indicate increases of 11.5% and 12.4% for the same periods [14][18] Investment Outlook - Despite recent challenges, HOOD is positioned for broader growth with a focus on becoming a comprehensive financial platform, while TW's growth may be more incremental and tied to market cycles [25][28]

Group 1 - The total traded volume on the Tradeweb European-listed ETF marketplace amounted to EUR 86.3 billion [3] - The trading activity reflects a significant engagement in the European ETF market, indicating a robust interest from institutional investors [3] Group 2 - The data is derived from trading activity on the Tradeweb Markets institutional platforms for both European and U.S.-listed ETFs [2]