Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported financial results for the quarter ended March 31, 2023.
$329.2 million quarterly revenues increased 5.7% (7.5% on a constant currency basis) compared to prior year period
$1.4 trillion record average daily volume (“ADV”) for the quarter, an increase of 16.2% compared to prior year period, with record ADV in European government bonds, swaps/swaptions ≥ 1-year, fully electronic U.S. High Grade credit, equity convertibles/swaps/options, repurchase agreements, retail U.S. government bonds and retail money markets
$102.2 million net income and $129.0 million adjusted net income for the quarter, increases of 4.9% and 12.2% respectively from prior year period
52.3% adjusted EBITDA margin and $172.2 million adjusted EBITDA for the quarter, compared to 51.6% and $160.6 million respectively for prior year period
$0.42 diluted earnings per share (“Diluted EPS”) for the quarter and $0.54 adjusted diluted earnings per share
$0.09 per share quarterly cash dividend declared; $22.7 million of shares repurchased
Billy Hult, CEO of Tradeweb: “Tradeweb’s client focus and broad product offering contributed to a record ADV of $1.4tn in the first quarter of 2023, led by significant increases in swaps volume and strong client engagement across rates, credit, equities and money markets.”
Click here to read the full news release.
Source: Tradeweb
