Tradeweb Markets has reported its results for the first quarter which showed mixed performance across a number of financial metrics, including its revenue and bottom-line figures.
More specifically, during Q1 2019 the New York-based online fixed-income trading platform disclosed a 6.5 percent fall in its net come, which came in at $42.4 million from $45.3 million in the first quarter of 2018.
Looking at its total revenues for the quarter, however, Tradeweb Markets posted a record figure of $186.8 million, which was ten percent above $169.5 million reported back for the same period last year.
Tradeweb’s trading volumes also hit a record $646.6 billion per day in the last three months, up 21 percent year-over-year compared to the figures of Q1 2018.
Solid IPO and a still-strong demand
Founded 23 years ago, Tradeweb builds and runs electronics markets for trading government bonds, derivatives, ETFs and other financial instruments over the counter.
ACY Securities Asia Trading Cup Returns for 2nd YearGo to article >>
Earlier last month, the company raised $1.1 billion in its initial public offering, which was the second-largest IPO in the US markets for 2019. The public sale values Tradeweb at about $6 billion based on its filings.
In a sign of still-strong demand for new issues, Tradeweb opened its first day of trading at a healthy premium over its IPO price.
Tradeweb had a busy year in 2018 after confirming plans to make a major push in US share derivatives markets with the launch of its options platform for institutional customer-to-dealer trading.
Nine liquidity providers have already committed to supporting the new marketplace, including a mix of banks and proprietary trading firms (PTFs). The platform will also leverage Tradeweb’s institutional network of global dealers and buy-side customers.
Commenting on the results, Tradeweb CEO Lee Olesky said, “Tradeweb’s compelling performance in the first quarter of 2019 reflects our diversification across a number of growth markets. Client trading activity drove double-digit revenue increases in rates, credit, equities and money markets trading. Broader distribution drove growth in market data.”