Scope Market, Saxo Markets and StoneX and More: Executive Moves of the Week

Tradeweb Veteran Billy Hult Takes on CEO Role

by Damian Chmiel
  • Hult joined Tradeweb 22 years ago.
  • He replaces Lee Olesky, who is retiring, in the role of CEO.
Tradeweb
Join our Telegram channel

Tradeweb Markets, a NASDAQ-listed operator of electronic marketplaces for rates, credit, equities and money markets, has elevated Billy Hult to the Chief Executive Officer (CEO) position, implementing its leadership succession plan.

Tradeweb Announces New CEO, Billy Hult

According to a press release issued on Tuesday, Hult replaces Lee Olesky, who retired on 31 December 2022. Currently, he serves as the Non-Executive Chairman of the Board.

Hult has been with Tradeweb since 2000, responsible for developing several of the company's key markets, including wholesale electronic trading and mortgages. He has been a strong supporter of bringing together liquidity providers and investors in the institutional, retail and wholesale markets.

"We are entering an exciting new era for Tradeweb. Although we have set our sights on innovation in the area of electronic marketplaces, there are tremendous opportunities to increase the efficiency of the markets and the significant and sustained growth of Tradeweb as a company. This leadership team is a strong combination of Tradeweb veterans and new team members. We are energized to help our customers and partners navigate these complex markets," Hult said.

Hult has held the position of Tradeweb President since 2008. His duties will now be taken over by Thomas Pluta, who joined Tradeweb in 2022 but has been a Board member since 2017. Before that, he was employed at JP Morgan for 27 years, where he held the roles of Global Head of Linear Rates Trading and Co-Head of North America Rates Trading.

Higher Volumes and Revenues Recorded

According to Tradeweb's latest financial report, the company generated $287.1 million in revenue for the three months that ended 30 September 2022. Net income for the period was $81.6 million, while adjusted earnings were $106.5 million.

In addition, the third quarter saw a significant increase in trading demand. Average daily volume (ADV) reached $1.1 trillion, which is up 14% year-over-year. For the platform's operating history, this was a record result.

The latest trading figures released in December showed the listed operator generated $23.2 trillion in trading volume in November 2022. Moreover, ADV rose 7% to $1.13 trillion from the $1.05 trillion reported a month earlier, but it fell 3.7% compared to the same month in 2021.

Partnership with BlackRock

A month ago, Tradeweb Markets announced a partnership with BlackRock. Aladdin, BlackRock's order execution management system (OEM), integrates credit data and trading solutions provided by Tradeweb.

In the first phase of the multi-year partnership, BlackRock will allow its clients to use AiPrice from Tradeweb, a real price data tool providing access to 25,000 corporate bonds.

"The Aladdin platform provides extensive multi-asset OEMS capabilities, and this integration will provide its users with more efficient access to our suite of protocols. By tapping Tradeweb's institutional, wholesale and retail liquidity, plus connecting related markets such as Treasuries and ETFs, Aladdin users will reap the benefits of this breadth of liquidity, more choice and an arsenal of innovative trading protocols and products," Chris Bruner, the Chief Product Officer at Tradeweb, said.

Tradeweb Markets, a NASDAQ-listed operator of electronic marketplaces for rates, credit, equities and money markets, has elevated Billy Hult to the Chief Executive Officer (CEO) position, implementing its leadership succession plan.

Tradeweb Announces New CEO, Billy Hult

According to a press release issued on Tuesday, Hult replaces Lee Olesky, who retired on 31 December 2022. Currently, he serves as the Non-Executive Chairman of the Board.

Hult has been with Tradeweb since 2000, responsible for developing several of the company's key markets, including wholesale electronic trading and mortgages. He has been a strong supporter of bringing together liquidity providers and investors in the institutional, retail and wholesale markets.

"We are entering an exciting new era for Tradeweb. Although we have set our sights on innovation in the area of electronic marketplaces, there are tremendous opportunities to increase the efficiency of the markets and the significant and sustained growth of Tradeweb as a company. This leadership team is a strong combination of Tradeweb veterans and new team members. We are energized to help our customers and partners navigate these complex markets," Hult said.

Hult has held the position of Tradeweb President since 2008. His duties will now be taken over by Thomas Pluta, who joined Tradeweb in 2022 but has been a Board member since 2017. Before that, he was employed at JP Morgan for 27 years, where he held the roles of Global Head of Linear Rates Trading and Co-Head of North America Rates Trading.

Higher Volumes and Revenues Recorded

According to Tradeweb's latest financial report, the company generated $287.1 million in revenue for the three months that ended 30 September 2022. Net income for the period was $81.6 million, while adjusted earnings were $106.5 million.

In addition, the third quarter saw a significant increase in trading demand. Average daily volume (ADV) reached $1.1 trillion, which is up 14% year-over-year. For the platform's operating history, this was a record result.

The latest trading figures released in December showed the listed operator generated $23.2 trillion in trading volume in November 2022. Moreover, ADV rose 7% to $1.13 trillion from the $1.05 trillion reported a month earlier, but it fell 3.7% compared to the same month in 2021.

Partnership with BlackRock

A month ago, Tradeweb Markets announced a partnership with BlackRock. Aladdin, BlackRock's order execution management system (OEM), integrates credit data and trading solutions provided by Tradeweb.

In the first phase of the multi-year partnership, BlackRock will allow its clients to use AiPrice from Tradeweb, a real price data tool providing access to 25,000 corporate bonds.

"The Aladdin platform provides extensive multi-asset OEMS capabilities, and this integration will provide its users with more efficient access to our suite of protocols. By tapping Tradeweb's institutional, wholesale and retail liquidity, plus connecting related markets such as Treasuries and ETFs, Aladdin users will reap the benefits of this breadth of liquidity, more choice and an arsenal of innovative trading protocols and products," Chris Bruner, the Chief Product Officer at Tradeweb, said.

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}