Tradeweb Enters Next Phase of Partnership with BlackRock
Aladdin users trading U.S. and European Credit to gain seamless access to Tradeweb’s AllTrade® all-to-all liquidity network across institutional, wholesale and retail markets
NEW YORK – December 11, 2023 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today introduced the next phase of its previously announced platform integration with BlackRock’s Aladdin order execution management system (OEMS).
Tradeweb and Aladdin have begun to roll out the next phase of the partnership, enabling Aladdin users trading U.S. and European Credit access to enhanced liquidity via Tradeweb AllTrade, Tradeweb’s network of anonymous liquidity which brings together thousands of participants across institutional, wholesale and retail markets. This expanded integration offers Aladdin users trading via Tradeweb AllTrade access to new liquidity pools and market sectors, including: Rematch, which provides access to billions of unmatched risk from Tradeweb’s Dealer Sweep; Tradeweb Direct, the firm’s retail platform offering live executable credit streams in 26,000 securities daily and Tradeweb’s AllTrade network. Tradeweb AllTrade made up 32% of in-comp RFQ for High Grade credit and 44% for High Yield credit year-to-date through November. Since launch in 2017, institutional all-to-all trading has grown to represent nearly 28% of RFQ electronic volume.
Elisabeth Kirby, Managing Director, Head of Market Structure at Tradeweb said: “Our goal is to facilitate end-to-end credit workflow and allow clients to tap varied sources of liquidity. This next phase of our partnership with Aladdin plays to the strength of our comprehensive all-to-all network, while leveraging the Aladdin platform’s extensive OEMS capabilities and broad institutional client base to create greater liquidity, connectivity and transparency across our markets. Since announcing our partnership last year, we’ve made tremendous progress in improving access to credit liquidity and look forward to rolling out this offering to Aladdin clients.”
Tradeweb continues to report significant growth across the credit platform, with average daily volume in credit trading globally at Tradeweb averaging more than $27.0bn year-to-date through November. In the last five years, the firm’s share of fully electronic U.S. High Grade TRACE and fully electronic U.S. High Yield TRACE has increased 5-fold to 16.6% and nearly 7-fold to 7.8%, respectively. In the third quarter of 2023, Tradeweb reported a record $137 billion in AllTrade volumes, an increase of over 50% year-over-year.
Kamya Somasundaram, Global Head of Aladdin Partnerships said: “We are excited to be working with Tradeweb on this next stage of our multi-year partnership. Over the past year, we’ve had great success in seizing opportunities that provide common clients with more seamless access to liquidity and improved workflow efficiency as credit markets continue to evolve.”
Tradeweb and BlackRock announced this multi-year partnership in December 2022 to integrate Tradeweb’s credit trading solutions and proprietary data onto BlackRock’s Aladdin OEMS. The first phase allowed common clients to view Tradeweb’s Ai-Price, which provides real-time prices for nearly 25,000 corporate bonds, Liquidity Score, and select dealer axe streams in the Aladdin platform. Tradeweb and BlackRock plan to expand on the partnership by introducing additional phases with new features such as direct access to Tradeweb’s RFQ and Automated Intelligent Execution (AiEX) protocols.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1.2 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.
Daniel Noonan, Tradeweb
+1 646 767 4677
Ashley Serrao, Tradeweb
+1 646 430 6027
Sameer Murukutla, Tradeweb
+1 646 767 4864
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
 Fully electronic U.S. High Grade TRACE share was 16.6% in Q3 2023 (vs. 3.5% in Q3 2018); Fully electronic U.S. High Yield TRACE share was 7.8% in Q3 2023 (vs. 1.2% in Q3 2018)