Tradeweb Posts Record Revenues in Q1 2022

Nasdaq-listed Tradeweb Markets reported its financial results for the first quarter of 2022 yesterday. The operator of electronic marketplaces for rates, credit, equities and money markets witnessed solid growth in revenue as the number reached $311.5 million.

In terms of growth, quarterly revenue was up by 13.9% in Q1 of 2022 compared to the same period last year. The average daily volume of $1.2 trillion was up by 10.9% compared to the prior-year period. Net income during the recent quarter reached $97.4 million.

Diluted earnings per share (EPS) came in at $0.40 while adjusted diluted earnings per share touched $0.48. According to the details shared by Tradeweb, Money Markets generated revenues of $11.5 million in the first quarter of 2022.

“Tradeweb surpassed $300 million in quarterly revenue for the first time in our history, showcasing the diversity of our business with strong contributions from rates, credit and equities. Increased rates volatility in the first quarter of 2022 contributed to record volumes in U.S. Treasuries, European government bonds and swaps. Credit delivered a record revenue quarter driven by broad-based product growth and strong corporate bond client engagement across RFQ, Tradeweb AllTrade, and Portfolio Trading, which saw a 60% YoY increase in the number of firms using the tool,” Lee Olesky, the Chairman and CEO of Tradeweb Markets, said.

Rates and Credit

In the first quarter of 2022, Rates generated revenues of nearly $160.3 million for Tradeweb, which is up by 12.2% compared to the same period last year. Credit accounted for revenue worth $86.3 million in Q1 of 2022.

“In February, our board announced succession plans for the company; I was honored to be appointed Chairman, and I am tremendously excited that my longtime partner Billy Hult will succeed me as CEO on January 1, 2023. Tradeweb has an outstanding leadership team, and we believe we are well-positioned for the future,” Olesky added.