Tradeweb Markets’ Q3 Revenue Jumps 8.2%; CEO Lee Olesky to Retire

Friday, 28/10/2022 | 06:12 GMT by Arnab Shome
  • Tradeweb Markets handled a record ADV in the quarter.
  • It witnessed strong client engagement in the period.
Tradeweb

Tradeweb Markets (Nasdaq: TW) published its financials for the third quarter of 2022, reporting $287.1 million in revenue, which is an increase of 8.2 percent.

Tradeweb Market Financials

The net income for the period came in at $81.6 million, while the adjusted figure stood at $106.5 million. The numbers were 24.9 percent and 13.1 percent, respectively, higher than the same quarter of the previous year.

Between July and September, the adjusted EBITDA for the three months came in at $146.3 million with a margin of 51 percent. In the previous year's third quarter, these two figures were at $132.9 million and 50.1 percent, respectively.

The diluted earnings per share came in at $0.33, with the adjusted figure at $0.45. The company's board has declared a dividend of $0.08 per share for the quarter. In addition, it will repurchase $9 million worth of stocks.

Growing Trading Demand for Tradeweb Markets

Tradeweb operates an electronic trading platform offering instruments of rates, credit, equities and money markets. It recently partnered with FXall for building a hedging overflow solution.

Moreover, the latest quarter witnessed a significant increase in trading demand. The average daily volume (ADV) for the period came in at $1.1 trillion, which is an increase of 14 percent year-over-year. It was a record figure in the platform’s operational history.

“Tradeweb reported record third quarter revenues driven by strong trading volumes across asset classes and products,” said Lee Olesky, the Chairman and CEO of Tradeweb Markets.

“Despite challenging markets, we delivered double-digit revenue growth on a constant currency basis in rates, credit, equities, and money markets. Our clients leveraged a wide range of electronic tools and protocols to help advance their trading strategies as markets reflected concerns around inflation and geopolitical conflict.”

Olesky will retire as Tradeweb’s CEO by the end of this year. However, he will continue to remain as the Chairman.

Tradeweb Markets (Nasdaq: TW) published its financials for the third quarter of 2022, reporting $287.1 million in revenue, which is an increase of 8.2 percent.

Tradeweb Market Financials

The net income for the period came in at $81.6 million, while the adjusted figure stood at $106.5 million. The numbers were 24.9 percent and 13.1 percent, respectively, higher than the same quarter of the previous year.

Between July and September, the adjusted EBITDA for the three months came in at $146.3 million with a margin of 51 percent. In the previous year's third quarter, these two figures were at $132.9 million and 50.1 percent, respectively.

The diluted earnings per share came in at $0.33, with the adjusted figure at $0.45. The company's board has declared a dividend of $0.08 per share for the quarter. In addition, it will repurchase $9 million worth of stocks.

Growing Trading Demand for Tradeweb Markets

Tradeweb operates an electronic trading platform offering instruments of rates, credit, equities and money markets. It recently partnered with FXall for building a hedging overflow solution.

Moreover, the latest quarter witnessed a significant increase in trading demand. The average daily volume (ADV) for the period came in at $1.1 trillion, which is an increase of 14 percent year-over-year. It was a record figure in the platform’s operational history.

“Tradeweb reported record third quarter revenues driven by strong trading volumes across asset classes and products,” said Lee Olesky, the Chairman and CEO of Tradeweb Markets.

“Despite challenging markets, we delivered double-digit revenue growth on a constant currency basis in rates, credit, equities, and money markets. Our clients leveraged a wide range of electronic tools and protocols to help advance their trading strategies as markets reflected concerns around inflation and geopolitical conflict.”

Olesky will retire as Tradeweb’s CEO by the end of this year. However, he will continue to remain as the Chairman.

About the Author: Arnab Shome
Arnab Shome
  • 6420 Articles
  • 84 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6420 Articles
  • 84 Followers

More from the Author

Institutional FX

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