The US stock exchange operator, Nasdaq (Nasdaq: NDAQ) has announced on Friday that it had completed the sale of its US fixed income business, Nasdaq Fixed Income (NFI), to Tradeweb Markets Inc. (Nasdaq: TW). According to the press release, Nasdaq plans to use the proceeds from the sale, available tax benefits, and NFI working and clearing capital, among other resources to repurchase shares.
“The decision to sell NFI aligns with Nasdaq’s corporate strategy to concentrate its resources and capital to maximize its potential as a major technology and analytics provider to the global capital markets,” the exchange operator noted. Furthermore, upon closing the sale of NFI, Nasdaq’s contingent obligation to issue Nasdaq shares to BGC Partners, LP or its assignees was reduced and accelerated.
At the closing, the operator noted that it issued around 6.2 million shares to Newmark SPV I, LLC, which is an assignee of BGC Partners, LP. In addition, the repurchase of shares is aimed to “offset longer-term dilution to non-GAAP earnings per share,” Nasdaq said.
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Recent Trading Volumes Report Disclosed by Tradeweb Markets
Tradeweb Markets witnessed a jump of 23.9% YoY in the average daily volume (ADV) during May 2021 as the total ADV touched $980.4 billion.
Overall, the US-listed firm reported $19.6 trillion in trading volume for the last month. The operator of electronic marketplaces started this year with $20 trillion in trading volume for January 2021. Finance Magnates also reported in April that Tradeweb Markets had announced that it formed a partnership with Amazon Web Services (AWS) to enhance data access. The company uses AWS Data Exchange to broaden access to its US Treasury and UK Gilt closing price data.
Tradeweb aims to facilitate users through the enhancement of data access. At that time, the global operator of electronic marketplaces highlighted the importance of efficient and personalized digital solutions.