Tradeweb Markets Sees 5.9% YoY Revenue Jump in Q3 2020

​Tradeweb Markets Inc., a leading global operator of electronic marketplaces for rates, credit, equities and money markets, has posted its trading volume numbers for the quarter ended September 30, 2020.

Tradeweb’s quarterly gross revenues hit $212.9 million, up 5.9 percent (4.7 percent on a constant currency basis) from the previous year.

The average daily volumes in Q3 reached $780.3 billion, 4.5 percent less than it was the previous year. Further, there are quarterly records for TRACE share in U.S. High Grade Credit, U.S. High Grade Credit Fully Electronic, U.S. High Yield Credit and ADV in China Bonds and Repos.

The electronic trading platform provider also said that its GAAP net income decreased 3.1% to $47.0 million, due to a higher tax rate and lower interest rates on cash balances. And its adjusted net income reached $69.9 million , an increase of 13.5% from the prior year period.

Tradeweb achieves 47.4% adjusted EBITDA margin or $100.9 million adjusted EBITDA for the quarter compared to 46.5% or $93.4 million, respectively, for the prior year period and $0.19 diluted earnings per share (“Diluted EPS”) and $0.30 adjusted diluted earnings per share.

Commenting on Q3 trading volumes, Tradeweb CEO Lee Olesky said:“Tradeweb’s business performed exceedingly well in the third quarter, as increased adoption of electronic trading and heightened debt issuance helped fuel record TRACE share in U.S. credit and higher volumes in U.S. treasuries, European government bonds and mortgages. We also saw broader interest in a range of trading protocols and tools including electronic portfolio trading, anonymous A2A trading and automated execution. Throughout the quarter we continued to innovate for our clients, including the launch of a new trading platform for mortgage originators and the introduction of a new channel to help foreign investors gain access to the local Chinese bond market.”