Tradeweb Markets reports strong Q2 2023 financial results

abdelaziz Fathi

Tradeweb Markets, the online fixed-income trading platform, has announced its financial results for the quarter ended June 30, 2023, showcasing robust growth across various key performance indicators.

The company reported quarterly revenues of $310.6 million, up 4.5% compared to the same period last year. On a constant currency basis, the revenue growth stood at 4.4%, reflecting the company’s resilience amid fluctuating market conditions.

Tradeweb Markets also achieved remarkable milestones in trading volumes during the second quarter. The average daily volume (ADV) was reported at $1.3 trillion, surging by 10.2% when compared to the previous year’s figures. The quarter witnessed record ADV levels in global repurchase agreements and equity convertibles/swaps/options. Additionally, Tradeweb secured a record 14.9% market share of fully electronic U.S. High Grade TRACE.

The positive financial performance translated into strong net income and adjusted net income figures for the quarter. Tradeweb Markets reported $101.9 million in net income, an impressive 24.9% increase from the same period last year. Moreover, the adjusted net income amounted to $123.7 million, up 10.8% year-on-year.

In terms of adjusted EBITDA, the company reported $163.1 million, surpassing the $155.6 million recorded in the corresponding period last year.

The company’s strong financial performance was reflected in its earnings per share metrics as well. For the second quarter, Tradeweb Markets reported $0.42 in diluted earnings per share (Diluted EPS). Tradeweb announced a quarterly cash dividend of $0.09 per share, and repurchased shares worth $7.6 million.

Other business highlights show that the rates segment performed impressively, with revenues reaching $160.4 million in the second quarter, indicating a 5.8% increase compared to the prior year period. This growth was even stronger on a constant currency basis, with a 5.6% increase. The increase in Rates ADV by 9.2% from the prior year period was driven by heightened trading in shorter-dated instruments and a substantial 42% surge in compression and LIBOR-transition related activity. Sustained rates market volatility supported volumes in U.S. and European government bonds.

Revenues in the Equities segment reached $22.1 million in the second quarter, down by 2.3% from the prior year period. However, Equities ADV showed a strong growth of 15.9% compared to the same period last year. The company also reported a record ADV in equity convertibles, swaps, and options during the quarter. U.S. ETF growth was driven by robust wholesale activity, while European ETF volumes were affected by declining overall market volumes.

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