Tradeweb Markets announced its financial results for Q1 ending March 31, 2024. The company reported quarterly revenues of $408.7 million, marking a significant increase of 24.1% (23.8% on a constant currency basis) compared to the same period last year.

In the equities segment, Tradeweb saw revenues of $27.1 million in Q1 2024, representing a 3.2% increase from the prior year period (2.8% increase on a constant currency basis). The growth is due to a 40.5% surge in equities average daily volume (ADV) compared to the prior year period, driven by robust activity in equity convertibles, swaps, and options.

Money Markets also demonstrated strong performance, with revenues of $16.8 million, up 13.4% year-over-year (13.1% increase on a constant currency basis). Money Markets ADV increased by 30.3% from the prior year period, attributed to heightened activity in global repurchase agreements and increased client adoption of Tradeweb’s electronic trading solutions.

Tradeweb Markets Reports Strong Financial Results for Q1 2024

Market Data revenues reached $29.0 million in Q1 2024, marking a notable 29.4% increase from the prior year period (28.8% increase on a constant currency basis). This growth was primarily due to higher LSEG market data fees resulting from a contract amendment effective November 1, 2023, along with increased proprietary third-party market data revenue.

Tradeweb achieved a remarkable average daily volume (ADV) of $1.9 trillion during the quarter, marking a robust 39.1% increase compared to the prior year period. The quarter saw ADV records across various segments including fully electronic U.S. High Grade credit, U.S. government bonds, European government bonds, swaps/swaptions ≥ 1-year, European credit, U.S. ETFs, equity convertibles/swaps/options, and global repurchase agreements. Additionally, Tradeweb attained a record 17.6% share of fully electronic U.S. High Grade TRACE.

The company reported a net income of $143.4 million and adjusted net income of $167.9 million for the quarter, reflecting increases of 40.3% and 30.1%, respectively, from the prior year period.

Diluted earnings per share (Diluted EPS) for the quarter were recorded at $0.59, with adjusted diluted earnings per share of $0.71. Also, the Board of Tradeweb declared a quarterly cash dividend of $0.10 per share.

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