Tradeweb Markets to Acquire Algorithmic Tech Provider r8fin

Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, has reached a definitive agreement to acquire r8fin, a technology provider that specializes in algorithmic-based execution for U.S. Treasuries and interest rate futures.

Established in 2016 in Chicago, r8fin offers a range of algorithmic-based tools and a streamlined client execution management system (EMS) trading application to facilitate futures and cash trades. These solutions collaborate with the existing offerings of Tradeweb such as Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) to provide a comprehensive and beneficial approach to trading U.S. Treasuries and related futures.

Billy Hult, CEO of Tradeweb, commented: "r8fin technology will help Tradeweb reach a new and differentiated level of intelligent execution through a powerful combination of algorithmic technology and cross-market connectivity. This marks another step forward in the execution of our vision to deliver an integrated product suite for accessing the U.S. Treasury market through multiple liquidity pools across cash and futures. Beyond that, as we look ahead, we believe pairing r8fin's sophisticated technology with our global network will open up a range of new possibilities for clients engaged in relative value or macro trades spanning multiple asset classes."

Assad Fehmy, Co-founder of r8fin, commented: "Combining with Tradeweb will further amplify and scale the r8fin technology, providing customers with broader integrated execution solutions and asset classes. It has been an incredible experience watching our technology and network evolve over the last seven years, and I am confident r8fin will be positioned for continued growth in this new chapter as part of Tradeweb."

Tradeweb anticipates that the acquisition will have a slight positive impact on their revenue growth and operating margins, and will increase their earnings per share in 2024. The acquisition is set to be completed in the first quarter of 2024, pending customary closing conditions and regulatory approvals. Fehmy will become part of the Tradeweb team upon the closing of this acquisition.

Earlier this month, Tradeweb Markets published its trading data for October 2023​, registering a record monthly average daily volume of 1.75 trillion, increasing 11.5% on a month-on-month basis and jumping 66.7% on a year-on-year basis.