{"id":519662,"date":"2021-07-29T07:04:15","date_gmt":"2021-07-29T11:04:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-second-quarter-2021-financial-results\/"},"modified":"2021-07-29T07:04:15","modified_gmt":"2021-07-29T11:04:15","slug":"tradeweb-reports-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-second-quarter-2021-financial-results\/","title":{"rendered":"Tradeweb Reports Second Quarter 2021 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports Second Quarter 2021 Financial Results <\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended June 30, 2021.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210729005348\/en\/<\/a><\/p>\n

\"Tradeweb<\/p>\n

Tradeweb CEO Lee Olesky (Photo: Business Wire)<\/p>\n<\/div>\n

$260.8 million <\/b>quarterly revenues increased 23.0% <\/b>(20.2%<\/b> on a constant currency basis) compared to prior year period\n<\/p>\n

$976.9 billion<\/b> average daily volume (\u201cADV\u201d) for the quarter, an increase of 25.5%<\/b> compared to prior year period with new ADV records in U.S. High Yield credit and Repurchase Agreements. In U.S. credit, Tradeweb set new records for its share of fully electronic TRACE volume: High Grade was 12.1%<\/b> up from 5.8% in the prior year period and High Yield was 4.8%<\/b>, up from 1.5% over prior year period\n<\/p>\n

$66.2 million<\/b> net income and $93.6 million<\/b> adjusted net income for the quarter, increases of 56.2%<\/b>, and 32.9%<\/b> respectively from prior year period\n<\/p>\n

50.6%<\/b> adjusted EBITDA margin or $131.9 million<\/b> adjusted EBITDA for the quarter, compared to 47.8% or $101.3 million respectively for prior year period\n<\/p>\n

$0.27<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) for the quarter and $0.39<\/b> adjusted diluted earnings per share\n<\/p>\n

$0.08<\/b> per share quarterly cash dividend declared; $51.7 million<\/b> of shares repurchased\n<\/p>\n

Lee Olesky, CEO of Tradeweb Markets:<\/b><\/p>\n

\n“Broadening client choice was an important theme this quarter in both credit and rates. Our clients utilized a wider range of electronic trading tools and protocols in credit including RFQ, Tradeweb AllTrade and Portfolio Trading \u2014 further evidence that electronic trading activity continues to grow in terms of both volume and sophistication. With the acquisition of the Nasdaq Fixed Income platform completed in June, clients trading wholesale U.S. Treasuries have more choice between our popular streams protocol and the new central limit order book. From a broader Tradeweb perspective, this acquisition is a great opportunity and we believe it positions us well to drive additional shareholder value.”\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

SELECT FINANCIAL<\/b><\/p>\n

RESULTS<\/b><\/p>\n<\/td>\n

\n

2Q21<\/b><\/p>\n<\/td>\n

\n

2Q20<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Change<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Constant
\n
Currency
\n
Growth (1)<\/sup><\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\n(dollars in thousands except per share amounts)(Unaudited)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

\nGAAP Financial Measures\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

\nTotal revenue\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n260,840\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n212,107\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n23.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n20.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nRates\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n134,003\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n112,823\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n18.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n15.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nCredit\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n72,212\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n49,105\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n47.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n44.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nEquities\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n17,397\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n15,407\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n12.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n8.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nMoney Markets\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n11,340\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n10,539\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n7.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n5.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nMarket Data\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n20,007\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n18,497\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n8.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n6.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nOther\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n5,881\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n5,736\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n2.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n2.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n66,233\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n42,408\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n56.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Net Income attributable to Tradeweb Markets Inc. (2)<\/sup><\/td>\n$<\/td>\n\n

\n55,316\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n30,496\n<\/p>\n<\/td>\n

\n\n\n

\n81.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nDiluted EPS\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.27\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.16\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n68.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nNon-GAAP Financial Measures\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n131,898\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n101,309\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n30.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n27.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted EBITDA margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n50.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n47.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n280\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n\n

\n297\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted EBIT (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n120,271\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n90,521\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n32.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n30.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted EBIT margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n46.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n42.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n343\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n\n

\n353\n<\/p>\n<\/td>\n

\n

\nbps\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted Net Income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n93,558\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n70,383\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n32.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n30.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nAdjusted Diluted EPS (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.39\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.30\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n30.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n30.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ADV <\/b>(US $bn)\n<\/p>\n

\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Asset Class<\/b><\/p>\n<\/td>\n

\n

Product<\/b><\/p>\n<\/td>\n

\n

2Q21<\/b><\/p>\n<\/td>\n

\n

2Q20<\/b><\/p>\n<\/td>\n

\n

YoY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRates\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n319\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n298\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n257\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n209\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n22.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n576\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n507\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n10\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n21.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(15.5)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n18\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDerivatives\n<\/p>\n<\/td>\n

\n

\n8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n113.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n16\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets\n<\/p>\n<\/td>\n

\n

\nCash\n<\/p>\n<\/td>\n

\n

\n367\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n244\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n367\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n244\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

977 <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

778 <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

25.5 <\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(1)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nAdjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency growth are non-GAAP financial measures. See “Non-GAAP Financial Measures” below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nRepresents net income less net income attributable to non-controlling interests.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

DISCUSSION OF RESULTS <\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $134.0 million in the second quarter of 2021 increased 18.8% compared to prior year period (15.9% on a constant currency basis). Increased client activity in streams and session-based trading drove higher volumes in U.S. Treasuries, while volumes in higher fee long-tenor swaps\/swaptions were driven by a mix of: strong engagement from international clients; faster growth in the request-for-market (RFM) protocol; and record trading across emerging market currencies.\n<\/p>\n

Credit<\/b> \u2013 Revenues of $72.2 million in the second quarter of 2021 increased 47.1% compared to prior year period (44.3% on a constant currency basis). Credit posted its second-best quarter ever, driven by record U.S. electronic high yield and strong U.S. investment grade trading, as well as robust European credit trading. Clients utilized a wider range of protocols and services, with continued solid growth in RFQ and electronic portfolio trading. In U.S. credit, Tradeweb set new platform records for its share of fully electronic TRACE volume: High Grade was 12.1% up from 5.8% in the prior year period and High Yield was 4.8%, up from 1.5% over prior year period.\n<\/p>\n

Equities<\/b> \u2013 Revenues of $17.4 million in the second quarter of 2021 increased 12.9% compared to prior year period (8.7% on a constant currency basis). Client growth and adoption, particularly among institutional clients, continued to drive overall volumes.\n<\/p>\n

Money Markets<\/b> \u2013 Revenues of $11.3 million in the second quarter of 2021 increased 7.6% compared to prior year period (5.7% on a constant currency basis). Strong growth in Global Repo activity was supported by the continued addition of new clients and dealers on the platform. Retail money markets activity remained pressured by the low interest rate environment.\n<\/p>\n

Market Data<\/b> \u2013 Revenues of $20.0 million in the second quarter of 2021 increased 8.2% compared to prior year period (6.1% on a constant currency basis). The increase was derived from increased third party market data fees, revenue from our APA reporting service and Refinitiv market data fees.\n<\/p>\n

Other<\/b> \u2013 Revenues of $5.9 million in the second quarter of 2021 increased 2.5% compared to prior year period (2.5% on a constant currency basis).\n<\/p>\n

Operating Expenses<\/b> \u2013 Operating expenses of $177.0 million in the second quarter of 2021 increased 13.2% compared to $156.5 million in the prior year period due to: higher employee compensation and benefits associated with higher headcount to support growth and higher performance-related compensation; higher depreciation and amortization expense; higher professional fees primarily related to the NFI Acquisition (as defined below); and higher general and administrative expenses as we gradually recover from the pandemic, which were partially offset by lower foreign exchange losses. Adjusted Expenses of $140.6 million increased 15.6% (12.8% on a constant currency basis) compared to the prior year period due to: higher employee compensation and benefits associated with higher headcount to support growth and higher performance-related compensation; as well as higher general and administrative expenses. Please see “Non-GAAP Financial Measures” below for additional information.\n<\/p>\n

RECENT HIGHLIGHTS<\/b><\/p>\n

\nSecond Quarter 2021\n<\/p>\n