Financial Data and Key Metrics Changes - Tradeweb achieved record revenues of $521 million in Q4 2025, reflecting a 12.5% year-over-year increase on a reported basis and a 9.9% increase on a constant currency basis [21] - Annual revenue for 2025 reached over $2 billion for the first time, marking a 19% growth compared to the previous year [8][4] - Adjusted EBITDA margin for 2025 was 54%, an increase of 64 basis points compared to 2024 [23] Business Line Data and Key Metrics Changes - Rates business produced record revenue in Q4 2025, driven by organic growth in swaps, global government bonds, and mortgages [6] - Credit growth was led by strong performance in European credit, municipal bonds, and emerging market credit, while U.S. credit revenues fell due to a decline in retail corporate credit [14] - Equities saw nearly 10% year-over-year growth, primarily from global ETFs and equity derivatives [6] - Other revenues surged over 90% year-over-year, driven by emerging digital asset initiatives [7] Market Data and Key Metrics Changes - International clients contributed approximately 42% of Q4 revenues, with Asian client revenues growing over 35% and European client revenues increasing over 25% [21][10] - U.S. Treasury revenues increased modestly by 1% year-over-year despite lower intraday volatility [11] - Global swaps delivered record quarterly revenues, up over 25% year-over-year, with total market share increasing from 20.8% to 23.3% [18] Company Strategy and Development Direction - The company aims to continue investing in technology and innovation, particularly in digital assets and expanding its market presence [9][30] - Tradeweb is focused on enhancing its electronic trading capabilities and deepening client connectivity across global markets [34] - The company plans to maintain a balanced approach between margin expansion and growth investments, particularly in credit, rates, and international markets [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a constructive market environment in 2026, driven by strong issuance activity and AI-driven infrastructure investments [34] - The company anticipates continued growth in its international business and expects to capitalize on the long-term growth potential in swaps and credit markets [19][34] - Management highlighted the importance of risk orientation returning to the market, which could positively impact trading volumes [47] Other Important Information - The board declared a quarterly dividend of $0.14 per share, a 17% increase year-over-year [29] - The company repurchased approximately 990,000 shares for $106 million during the quarter and has authorized a new share repurchase program for up to $500 million [29] Q&A Session Summary Question: Outlook for the market in 2026 and themes of focus - Management discussed the favorable market setup, including strong debt market activity and the impact of AI on trading [40][41] Question: Utilization of AI across the Tradeweb platform - Management emphasized the importance of AI in enhancing efficiency and effectiveness in trading, with a focus on predictive AI models [52][54] Question: Annual expense growth trajectory and margins - Management explained the balance between fixed and variable expenses, allowing for flexibility in managing operating leverage [60][62] Question: Outlook for the mortgage business in 2026 - Management expressed optimism for the mortgage market, citing increased primary issuance and potential for more participants in the market [70][71]

Core Insights - DRW Holdings and Liberty City Ventures have signed a subscription agreement to initiate a private financing round of approximately $540 million through Tharimmune Inc. [1] - The primary purpose of Tharimmune is to raise funds and hold token assets, specifically the native tokens of the Canton blockchain, known as Canton Coins [1] - Canton was developed by Digital Asset Holdings and is intended for financial transaction scenarios [1] - Earlier in June, DRW and Liberty City participated in a $135 million financing round for Digital Asset, alongside other participants such as Citadel Securities and Goldman Sachs [1]

According to Bloomberg, DRW Holdings and Liberty City Ventures have entered into a subscription agreement to launch a private placement of approximately $540 million through publicly listed Tharimmune Inc. The company will hold Canton Coins, the native token of the Canton blockchain developed by Digital Asset Holdings for financial transaction use cases. https://t.co/uE81nF3TN1 ...

Financial Data and Key Metrics Changes - The company reported revenues of $509 million for the third quarter, up 13% year-over-year on a reported basis and 11% on a constant currency basis [28] - Year-to-date revenues are up 21% or 17% organically, indicating strong growth momentum [5] - Adjusted EBITDA margin for the year to date is 54.2%, an increase of 90 basis points compared to the previous year [29] Business Line Data and Key Metrics Changes - Rates produced the second highest revenue quarter, driven by organic growth across swaps and global government bonds, while mortgages achieved record revenues [9] - Credit growth was led by strength in municipal bonds and European credit, with U.S. credit revenues declining due to lower retail corporate credit revenues [21][22] - Other revenues grew over 50%, reflecting contributions from emerging digital asset initiatives [10] Market Data and Key Metrics Changes - International revenues grew by 25% year-over-year, highlighting the success of strategic initiatives in emerging markets and Asia-Pacific [8] - U.S. Treasury revenues decreased slightly by 2% year-over-year, impacted by lower wholesale trends [11] - The company achieved record revenues in global swaps, driven by strong client engagement and a favorable macro backdrop, with global swaps revenues growing over 30% year-over-year [18] Company Strategy and Development Direction - The company is focused on expanding its electronic trading solutions to capture market share from traditional voice trading [39] - There is a strong emphasis on innovation, particularly in the areas of tokenization and digital assets, to modernize financial asset trading [84][85] - The company aims to enhance liquidity and efficiency across the global fixed income ecosystem, adapting to changing market conditions [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the current macro environment is characterized by low interest rate volatility and geopolitical uncertainty, which are impacting client activity [5][39] - The company anticipates that volatility will normalize and data will return, which will drive client activity and repositioning of risk [39] - Despite challenges, the company remains optimistic about its growth trajectory, particularly in international markets, which are expected to continue strong performance [40] Other Important Information - The company reached an agreement to renew its market data contract with LSEG for three years, with an annual increase of 9% [36] - The company ended the quarter with $1.9 billion in cash and cash equivalents, and free cash flow reached approximately $987 million for the trailing twelve months [34] Q&A Session Summary Question: What potential catalysts could spark volatility and improve activity? - Management indicated that the lack of data due to the government shutdown has contributed to muted activity, but potential catalysts include midterm elections and geopolitical uncertainties [46][50] Question: What is driving the greater mix of voice trades in Treasuries? - Management explained that complex trades, often involving larger notional amounts, are still predominantly voice-driven, but they expect electronic trading share to recover [55][60] Question: How does the outlook for rates impact trading volumes? - Management believes that lower rates can positively impact fee structures and trading volumes, particularly in swaps and cash credit [72][77] Question: What opportunities exist in tokenized assets? - Management highlighted the potential for tokenization to modernize trading, improve efficiency, and provide significant client benefits, positioning the company as a market leader in this space [84][85]