Tradeweb Reports Record Q1 Revenues But Misses on Net Income

Looking at its total revenues for the quarter, Tradeweb Markets posted a record figure of $186.8 million.

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.

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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.

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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.”

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