Group 1 - Total traded volume on the Tradeweb European ETF marketplace reached EUR 60.1 billion [3]

Core Insights - Robinhood Markets (HOOD) and Tradeweb Markets (TW) are fintech companies transforming electronic trading, with HOOD focusing on retail investing and TW on institutional markets [1][2] - The comparison between HOOD and TW centers on their fundamentals, growth prospects, and strategic initiatives that may influence their future performance [2] Robinhood Overview - Robinhood gained popularity among younger investors in early 2021, evolving from a digital asset brokerage to a diversified financial services provider aiming to build generational wealth [3] - Recent initiatives include the launch of Robinhood Legend for advanced trading tools, Robinhood Banking, and a credit card to enhance wealth management and consumer finance offerings [4] - The company is pursuing aggressive acquisitions, including Bitstamp for crypto and Pluto Capital for AI-driven investing, to expand its global financial services footprint, particularly in the Asia-Pacific region [5] - However, the launch of stock tokens in the EU has attracted regulatory scrutiny, raising concerns about transparency and legality [6] Tradeweb Overview - Tradeweb operates global electronic marketplaces for various asset classes, serving institutional clients like banks and pension funds [7] - Under CEO Billy Hult, Tradeweb is advancing the electronification of bond markets and investing in blockchain and AI to enhance trading efficiency [8] - The company is expanding its presence in Europe and Asia, leveraging regulatory changes and increasing electronic trading adoption in emerging markets [9] Performance Comparison - Year-to-date, Robinhood's stock has surged 207.7%, significantly outperforming Tradeweb's 3.5% gain [10][18] - Analysts project Robinhood's earnings to grow by 39.5% in 2025, compared to Tradeweb's 17.8% growth [10][15] - Robinhood's return on equity (ROE) stands at 17.48%, surpassing Tradeweb's 11.90%, indicating better profit efficiency [10][20] Earnings Estimates - For Robinhood, the Zacks Consensus Estimate for 2025 earnings suggests a growth of 39.5%, with estimates revised upward recently [12][14] - Tradeweb's earnings estimates for 2025 indicate a growth of 17.8%, also reflecting upward revisions [15][17] Strategic Positioning - Robinhood's aggressive expansion into wealth management, AI, and international markets positions it as a compelling growth opportunity in the fintech sector [23] - While Tradeweb maintains a strong institutional market presence, Robinhood's rapid innovation and diverse product offerings present a higher upside potential for investors [24]

Group 1 - The core thesis for Tradeweb Markets (NASDAQ: TW) is based on a strong revenue growth outlook of approximately 20% supported by multiple growth drivers [1] - The investment approach emphasizes a blend of value investing principles with a focus on long-term growth, aiming to buy quality companies at a discount to their intrinsic value [1] - The conviction in Tradeweb Markets' growth story has increased, indicating a strong belief in the company's long-term potential [1]

Investors interested in stocks from the Financial - Investment Bank sector have probably already heard of UP Fintech Holding Limited (TIGR) and Tradeweb Markets (TW) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. Right now, UP Fintech Holding Limited is sporting a Zacks Rank of #2 (Buy), while Tradeweb Markets has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revision ...

Financial Data and Key Metrics Changes - The company achieved record revenues of $513 million, representing a 26.7% year-over-year increase on a reported basis and a 24.7% increase on a constant currency basis [26][28] - Adjusted EBITDA margin increased by 83 basis points to 54.2% compared to the previous year [28] - Free cash flow reached approximately $952 million for the trailing twelve months [35] Business Line Data and Key Metrics Changes - The rates business produced record revenue driven by organic growth across swaps, global government bonds, and mortgages [8] - Credit revenues increased significantly, with double-digit growth in credit derivatives and municipal bonds [15] - Equities revenue grew by 50% year-over-year, led by the global ETF and equity derivatives business [8] - Money markets revenue growth was supported by the addition of ICD and record quarterly revenues across global repos [8] Market Data and Key Metrics Changes - International business revenue grew by 41% year-over-year, with strong performance in emerging markets (EM) and Asia-Pacific (APAC) [7][21] - U.S. Treasury market share declined to 22% year-over-year, attributed to a shift towards voice-centric trades [12] - Global swaps revenues grew over 45% year-over-year, with international swaps achieving record revenues growing over 55% [21][23] Company Strategy and Development Direction - The company is focused on expanding its electronic trading capabilities and enhancing client engagement through innovative solutions [6][39] - Continued investment in digital assets and emerging markets credit is a strategic priority [20][36] - The company aims to deepen penetration in the U.S. credit market while expanding its international footprint [20][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth for 2025, driven by strong client engagement and market dynamics [5][35] - The company noted that recent market volatility has reinforced the value of electronic trading [24] - Management highlighted the importance of adapting to client needs and enhancing trading workflows [39][55] Other Important Information - The company declared a quarterly dividend of $0.12 per Class A and Class B shares, up 20% year-over-year [35] - Adjusted expenses increased by 24% on a reported basis, reflecting investments in technology and client relationship development [32] Q&A Session Summary Question: Market share trends in U.S. Treasuries - Management acknowledged a decline in market share due to a shift towards voice trading and highlighted efforts to address this through innovative protocols [43][49] Question: Client reaction to new buy-side fees in high yield - Management reported an increase in institutional high yield share post-implementation of buy-side fees, indicating positive client reception [61][64] Question: Progress in cross-selling additional products through ICD - Management noted high client retention and modest revenue growth, with ongoing efforts to expand product offerings and client reach [72][80] Question: Fee per million dynamics in the rates business - Management expressed optimism about maintaining or modestly growing fee per million in swaps, driven by higher-priced products and protocols [84][86] Question: Growth opportunities in international markets - Management highlighted strong growth in international revenue, particularly in Europe and Asia, with a focus on expanding product offerings [96][100] Question: Impact of stablecoins and digital assets on the market - Management is bullish on digital assets and sees stablecoins as potential game changers, exploring tokenized versions based on client demand [107]

Financial Data and Key Metrics Changes - The company achieved record revenues of $513 million, representing a 26.7% year-over-year increase on a reported basis and a 24.7% increase on a constant currency basis [27] - Adjusted EBITDA margin increased by 83 basis points to 54.2% compared to the previous year [29] - Free cash flow reached approximately $952 million for the trailing twelve months [36] Business Line Data and Key Metrics Changes - The rates business produced record revenue driven by organic growth across swaps, global government bonds, and mortgages [8] - Credit revenues increased significantly, led by global corporate bonds, munis, and credit derivatives [8] - Equities revenue grew by 50% year-over-year, primarily due to the global ETF and equity derivatives business [9] - Money markets revenue growth was supported by the addition of ICD and record quarterly revenues across global repos [8] Market Data and Key Metrics Changes - International business revenue grew by 41% year-over-year, with strong performance in emerging markets (EM) and Asia-Pacific (APAC) [7] - U.S. Treasury market share declined to 22% year-over-year, attributed to a shift towards voice-centric trades [13] - Global swaps revenues increased over 45% year-over-year, with international swaps achieving record revenues growing over 55% [22][24] Company Strategy and Development Direction - The company is focused on expanding its electronic trading capabilities and enhancing client engagement through innovative solutions [6] - Strategic initiatives include investing in digital assets and expanding into emerging markets [21][22] - The company aims to deepen its penetration in U.S. Credit and broaden its liquidity provider network [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth for 2025, despite market volatility and economic challenges [5] - The company anticipates continued strong client engagement and innovation in electronic trading, particularly in fixed income markets [40] - Management highlighted the importance of adapting to market changes and enhancing client workflows to maintain competitive advantage [54] Other Important Information - The company declared a quarterly dividend of $0.12 per Class A and Class B shares, up 20% year-over-year [36] - Adjusted expenses increased by 24% on a reported basis, reflecting investments in technology and client relationship development [33] Q&A Session Summary Question: Market share trends in U.S. Treasuries - Management acknowledged a decline in market share due to a shift towards voice trading and highlighted efforts to address this through innovative protocols [44][50] Question: Client reaction to new buy-side fees in high yield - Management reported an increase in institutional high yield share since the rollout of buy-side fees, indicating positive client reception [59][61] Question: Progress in cross-selling additional products through ICD - Management noted high client retention and modest revenue growth, with ongoing efforts to expand product offerings and client reach [69][72] Question: Fee per million dynamics in the rates business - Management expressed optimism about maintaining or modestly growing fee per million in swaps, driven by higher-priced products and protocols [80][82] Question: Growth opportunities in international markets - Management highlighted strong growth in international revenue, particularly in Europe and Asia, with a focus on expanding product offerings [91][92] Question: Impact of stablecoins and digital assets on the market - Management is bullish on digital assets and sees stablecoins as potential game changers, with ongoing exploration of tokenized products [102][104]

Financial Highlights - Tradeweb reported a revenue of $513 million, representing a 26.7% year-over-year increase or 24.7% on a constant currency basis[24] - Adjusted EBITDA margin was 54.2%, a 70 bps increase year-over-year or 101 bps on a constant currency basis[24] - Adjusted Net Income reached $206.1 million, a 23.7% increase year-over-year or 22.5% on a constant currency basis[24] - Adjusted Diluted EPS was $0.87, a 24.3% increase year-over-year or 21.4% on a constant currency basis[24] - International revenues totaled $215.2 million, a 40.8% increase year-over-year or 35.8% on a constant currency basis[24] Growth Initiatives - Global IRS (Interest Rate Swaps) average daily volume (ADV) share increased to 22.6% in 2Q25[32] - U S Treasuries ADV share increased to 21.6% in 2Q25[32] - U S Cash Credit share reached 10.7% in 2Q25[43] - Global ETFs (Institutional ADV) increased by 62% year-over-year[38] Capital Management and Guidance - The company has $1.6 billion in cash and cash equivalents as of June 30, 2025, along with an undrawn $500 million credit facility[75] - Trailing twelve months (TTM) Free Cash Flow (FCF) ended June 30, 2025, was $951.7 million, a 31.9% year-over-year increase[75]

Core Viewpoint - Tradeweb Markets reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.86 per share, and showing an increase from $0.70 per share a year ago, indicating a positive earnings surprise of +1.16% [1][2] Financial Performance - The company achieved revenues of $512.97 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.53%, and up from $404.95 million year-over-year [2] - Over the last four quarters, Tradeweb has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] Stock Performance - Tradeweb shares have increased approximately 5.6% since the beginning of the year, while the S&P 500 has gained 8.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.86 on revenues of $511.33 million, and for the current fiscal year, it is $3.43 on revenues of $2.05 billion [7] - The trend of estimate revisions for Tradeweb was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Financial - Investment Bank industry, to which Tradeweb belongs, is currently ranked in the top 6% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

(Exact name of registrant as specified in its charter) ___________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38860 TRADEWEB MARKETS INC. (State of other jurisdiction ...

[Tradeweb Q2 2025 Earnings Release](index=2&type=section&id=Tradeweb%20Q2%202025%20Earnings%20Release) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The company reported strong Q2 2025 results with significant growth in revenue, net income, and trading volume Q2 2025 Key Metrics | Metric | Q2 2025 | YoY Change | Constant Currency YoY Change | | :--- | :--- | :--- | :--- | | **Revenues** | $513.0M | +26.7% | +24.7% | | **International Revenues** | $215.2M | +40.8% | +35.8% | | **Average Daily Volume (ADV)** | $2.6T | +32.7% | N/A | | **Net Income** | $175.5M | +28.7% | N/A | | **Adjusted Net Income** | $206.1M | +23.7% | N/A | | **Adjusted EBITDA Margin** | 54.2% | +70 bps | N/A | | **Diluted EPS** | $0.71 | +29.1% | N/A | | **Adjusted Diluted EPS** | $0.87 | +24.3% | N/A | | **Quarterly Cash Dividend** | $0.12/share | +20.0% | N/A | - The company achieved **record quarterly Average Daily Volume (ADV)** in several key areas, including U.S. government bonds, U.S. swaps/swaptions < 1-year, fully electronic U.S. high yield credit, municipal bonds, European ETFs, and global repurchase agreements[2](index=2&type=chunk) [CEO Commentary and Business Update](index=2&type=section&id=CEO%20Commentary%20and%20Business%20Update) The CEO highlighted strong performance, strategic AI and digital asset initiatives, and innovative product launches - The company is actively pursuing strategic initiatives in both traditional markets and the **digital asset space**[4](index=4&type=chunk) - Tradeweb appointed Sherry Marcus as **Head of AI** to advance the company's capabilities in artificial intelligence[4](index=4&type=chunk) - New product innovations were launched, including **direct Treasury bill trading** for corporate treasurers and **electronic portfolio trading** for European government bonds[5](index=5&type=chunk) [Detailed Financial and Operating Performance](index=2&type=section&id=Detailed%20Financial%20and%20Operating%20Performance) Broad-based growth across all asset classes drove strong financial results, though operating expenses also rose [Overall Financial Results Summary](index=2&type=section&id=Overall%20Financial%20Results%20Summary) Q2 2025 results show significant YoY growth in revenue, net income, and adjusted EBITDA margin GAAP Financial Measures | GAAP Financial Measures | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $512,971K | $404,951K | 26.7% | | Net Income | $175,522K | $136,416K | 28.7% | | Diluted EPS | $0.71 | $0.55 | 29.1% | | Net Income Margin | 34.2% | 33.7% | +53 bps | Non-GAAP Financial Measures | Non-GAAP Financial Measures | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $277,896K | $216,533K | 28.3% | | Adjusted EBITDA Margin | 54.2% | 53.5% | +70 bps | | Adjusted Net Income | $206,149K | $166,711K | 23.7% | | Adjusted Diluted EPS | $0.87 | $0.70 | 24.3% | [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) All business segments, particularly Money Markets and Equities, reported strong double-digit revenue growth - **Rates:** Revenue grew **26.2% to $274.5M**, with ADV up 15.5%, driven by record ADV in U.S. government bonds and swaps/swaptions < 1-year[9](index=9&type=chunk) - **Credit:** Revenue increased **11.7% to $124.3M**, supported by a 16.2% rise in U.S. credit ADV and record fully electronic U.S. high yield credit trading[10](index=10&type=chunk) - **Equities:** Revenue rose **49.8% to $34.3M**, with ADV up 29.6%, driven by strong growth in equity derivatives and record ADV in European ETFs[11](index=11&type=chunk) - **Money Markets:** Revenue surged **130.7% to $41.6M**, and ADV was up 67.5%, primarily driven by the acquisition of ICD and record activity in global repurchase agreements[12](index=12&type=chunk) [Operating Expense Analysis](index=3&type=section&id=Operating%20Expense%20Analysis) Operating expenses increased due to higher performance-based compensation, FX losses, and acquisition-related costs - GAAP Operating Expenses increased **29.1% YoY to $313.1 million**[15](index=15&type=chunk) - Adjusted Expenses increased **24.1% YoY to $252.6 million**[16](index=16&type=chunk) - Key drivers for the expense increase include higher employee compensation, a **$14.6 million rise in foreign exchange losses**, and increased depreciation and amortization from the 2024 acquisition of ICD[15](index=15&type=chunk)[16](index=16&type=chunk) [Recent Business Highlights](index=3&type=section&id=Recent%20Business%20Highlights) The company advanced strategic initiatives in digital assets, AI, and product innovation while earning workplace awards - Co-led a **$135 million strategic fundraising round** for Digital Asset, the company behind the Canton Network blockchain[18](index=18&type=chunk) - Introduced direct U.S. Treasury bill (T-bill) trading for corporate treasurers and electronic portfolio trading for European government bonds[18](index=18&type=chunk) - Appointed Sherry Marcus as **Head of Artificial Intelligence** and collaborated with Novaprime to offer new mortgage risk-hedging solutions[18](index=18&type=chunk) - Recognized with multiple awards, including **'Best Companies to Work For'** by U.S. News & World Report[19](index=19&type=chunk) [Capital Management and Shareholder Returns](index=4&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) The company maintains a strong capital position, grew free cash flow, and increased its quarterly dividend by 20% - Held **$1.6 billion in cash and cash equivalents** with an additional undrawn $500 million credit facility as of June 30, 2025[26](index=26&type=chunk) - Trailing twelve months free cash flow grew **31.9% YoY to $951.7 million**[26](index=26&type=chunk) - The Board declared a quarterly cash dividend of **$0.12 per share, a 20.0% increase YoY**[2](index=2&type=chunk)[26](index=26&type=chunk) - As of June 30, 2025, **$179.9 million remained available** under the share repurchase program, with no shares repurchased during Q2 2025[26](index=26&type=chunk) [Updated Full-Year 2025 Guidance](index=4&type=section&id=Updated%20Full-Year%202025%20Guidance) Full-year 2025 adjusted expense guidance was revised upward to reflect strong momentum and accelerated investments FY 2025 Guidance | FY 2025 Guidance Metric | Updated Guidance | Status | | :--- | :--- | :--- | | **Adjusted Expenses** | $1,000 - $1,050 million | **Revised Up** | | **Acquisition & Refinitiv D&A** | $176 million | Unchanged | | **Assumed non-GAAP tax rate** | ~24.5% - 25.5% | Unchanged | | **CapEx & Capitalized Software** | ~$99 - 109 million | Unchanged | | **LSEG Market Data Contract Revenue** | ~$90 million | Unchanged | - The increase in adjusted expense guidance is due to **strong business momentum** and accelerated investments in future growth initiatives[21](index=21&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The unaudited statements detail financial performance for the three and six months ended June 30, 2025 and 2024 [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) The income statement reflects significant year-over-year growth in revenue, operating income, and net income for Q2 Consolidated Statements of Income | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenue** | $512,971 | $404,951 | | **Total Expenses** | $313,118 | $242,457 | | **Operating Income** | $199,853 | $162,494 | | **Income Before Taxes** | $227,061 | $183,463 | | **Net Income** | $175,522 | $136,416 | | **Net Income Attributable to Tradeweb** | $153,782 | $119,239 | | **Diluted EPS** | $0.71 | $0.55 | [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations of GAAP to non-GAAP measures to clarify core operating performance [Reconciliation to Adjusted EBITDA and Adjusted EBIT](index=6&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA%20and%20Adjusted%20EBIT) Net income is reconciled to Adjusted EBITDA and Adjusted EBIT, showing strong YoY growth in both non-GAAP metrics Reconciliation of Net Income | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Income** | $175,522 | $136,416 | | Add: Provision for income taxes | $51,539 | $47,047 | | Add: Depreciation and amortization | $63,048 | $49,936 | | Add: Interest expense | $429 | $542 | | Less: Interest income | ($14,972) | ($21,511) | | Other Adjustments | $2,030 | $3,650 | | **Adjusted EBITDA** | **$277,896** | **$216,533** | | **Adjusted EBIT** | **$260,322** | **$201,312** | [Reconciliation to Adjusted Net Income and Adjusted Diluted EPS](index=7&type=section&id=Reconciliation%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20Diluted%20EPS) Adjusted Net Income and Adjusted Diluted EPS both increased over 23% after accounting for non-core items Reconciliation of Net Income | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Income** | $175,522 | $136,416 | | Pre-tax Adjustments | $37,804 | $38,818 | | **Adjusted Net Income before taxes** | $274,865 | $222,281 | | Adjusted income taxes | ($68,716) | ($55,570) | | **Adjusted Net Income** | **$206,149** | **$166,711** | | **Adjusted Diluted EPS** | **$0.87** | **$0.70** | [Reconciliation of Operating Expenses to Adjusted Expenses](index=9&type=section&id=Reconciliation%20of%20Operating%20Expenses%20to%20Adjusted%20Expenses) GAAP operating expenses were reconciled to Adjusted Expenses by removing acquisition-related costs and FX losses Reconciliation of Operating Expenses | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Operating expenses** | $313,118 | $242,457 | | Less: M&A costs | ($3,772) | ($3,650) | | Less: D&A related to acquisitions | ($45,474) | ($34,715) | | Less: Stock-based comp expense | ($601) | ($531) | | Less: Foreign exchange losses | ($10,622) | $78 | | **Adjusted Expenses** | **$252,649** | **$203,639** | [Reconciliation to Free Cash Flow](index=9&type=section&id=Reconciliation%20to%20Free%20Cash%20Flow) Trailing twelve-month Free Cash Flow increased significantly, driven by higher cash flow from operating activities Reconciliation of Cash Flow | (in thousands) | Trailing Twelve Months Ended June 30, 2025 | Trailing Twelve Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Cash flow from operating activities** | $1,043,551 | $785,734 | | Less: Capitalization of software development | ($55,195) | ($45,208) | | Less: Purchases of furniture, equipment, etc. | ($36,653) | ($18,780) | | **Free Cash Flow** | **$951,703** | **$721,746** | [Supplemental Financial and Operating Data](index=10&type=section&id=Supplemental%20Financial%20and%20Operating%20Data) This section provides a detailed breakdown of revenues, average variable fees, and average daily trading volumes [Revenues by Asset Class](index=10&type=section&id=Revenues%20by%20Asset%20Class) Total revenues were driven by strong growth in both variable fees and fixed fees across all asset classes Q2 2025 Revenues by Type | Q2 2025 Revenues (in thousands) | Variable | Fixed | Total | | :--- | :--- | :--- | :--- | | **Rates** | $204,743 | $69,774 | $274,517 | | **Credit** | $106,956 | $17,339 | $124,295 | | **Equities** | $31,893 | $2,359 | $34,252 | | **Money Markets** | $37,287 | $4,349 | $41,636 | | **Total Revenue** | **$382,863** | **$130,108** | **$512,971** | [Average Variable Fees Per Million](index=11&type=section&id=Average%20Variable%20Fees%20Per%20Million) Average variable fees per million showed strong growth in Rates, Equities, and Money Markets but declined in Credit Average Variable Fees Per Million ($) | ($ per million) | Q2 2025 | Q2 2024 | YoY % Change | | :--- | :--- | :--- | :--- | | **Rates** | $2.29 | $2.00 | 14.2% | | **Credit** | $45.82 | $55.32 | (17.2)% | | **Equities** | $18.68 | $15.38 | 21.4% | | **Money Markets** | $0.52 | $0.35 | 48.6% | | **Total** | **$2.30** | **$2.43** | **(5.4)%** | [Average Daily Volume (ADV)](index=12&type=section&id=Average%20Daily%20Volume%20(ADV)) Total Average Daily Volume grew 32.7% year-over-year, with a significant surge in the Money Markets segment Average Daily Volume by Asset Class | ADV (USD mm) | Q2 2025 | Q2 2024 | YoY % Change | | :--- | :--- | :--- | :--- | | **Rates** | 1,442,925 | 1,249,433 | 15.5% | | **Credit** | 37,740 | 29,717 | 27.0% | | **Equities** | 27,543 | 21,257 | 29.6% | | **Money Markets** | 1,041,814 | 621,840 | 67.5% | | **Total** | **2,550,022** | **1,922,247** | **32.7%** | [Disclosures and Definitions](index=13&type=section&id=Disclosures%20and%20Definitions) This section provides the basis of presentation, forward-looking statement disclaimers, and non-GAAP definitions - The report contains **forward-looking statements** subject to risks and uncertainties, and readers are cautioned not to place undue reliance on them[59](index=59&type=chunk)[60](index=60&type=chunk) - The report includes **non-GAAP financial measures** (e.g., Adjusted EBITDA, Adjusted Net Income, Free Cash Flow) which management believes assist in comparing operating performance on a consistent basis by excluding items not indicative of core performance[61](index=61&type=chunk) - **Constant currency changes** are presented to evaluate underlying performance between periods by removing the impact of foreign currency fluctuations[66](index=66&type=chunk)