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  • Professor Andrea M. Armani, University of Southern California
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  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Tradeweb to Acquire Leading Australian Electronic Trading Platform Yieldbroker

Transaction to bring increased liquidity, transparency and efficiency in Australian and New Zealand fixed income markets

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that it has entered into a definitive agreement to acquire Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives covering the institutional, wholesale, and primary segments. The transaction will leverage both firms’ innovative trading solutions and deep industry experience to create more liquid, transparent and efficient fixed income markets.

For more than two decades, Yieldbroker’s institutional and wholesale marketplace (D2C and D2D) has operated as a premier electronic trading platform for domestic customers in Australian and New Zealand debt securities. Australia is currently the fifth largest pension fund market globally1 and has the twelfth largest sovereign bond market2. Today, the Yieldbroker platform facilitates trading of approximately A$6 trillion annually.

Both Tradeweb and Yieldbroker were early innovators in the electronification of fixed income markets, having launched in 1996 and 1999 respectively. Jointly owned by leading banks active in local fixed income trading, and the Australian Securities Exchange (ASX), Yieldbroker is a leading example of consortium-built infrastructure and shares Tradeweb’s culture of collaboration with market participants for the benefit of the entire market.

The acquisition aligns with Tradeweb’s mission to make markets more efficient. Australian institutions, including superannuation (employer-sponsored retirement account) funds, will enjoy enhanced access to Tradeweb’s liquid, global, multi-asset platform. Tradeweb’s international client base will be able to seamlessly tap into Yieldbroker’s Australian and New Zealand bond and derivative marketplaces, as well as the firm’s reliable pre-trade pricing data offering.

“This is an exciting opportunity for Tradeweb to better serve the participants of a highly attractive and fast-growing fixed income market,” said Tradeweb CEO Billy Hult. “We share Yieldbroker’s commitment to client collaboration and continuous innovation, and together we will be even better-positioned to add significant value for Australian and New Zealand bond and derivatives customers. We look forward to providing our clients an even more seamless offering, as they continue to look for greater engagement and connectivity in the international markets.”

“We are pleased to join forces with the team at Tradeweb and use our combined resources and expertise to deliver an enhanced trading experience for our customers,” added Yieldbroker CEO Anthony Robson. “Yieldbroker has built an incredibly strong legacy with unrivaled liquidity and coverage for domestic Australian and New Zealand fixed income customers. We look forward to this next chapter for our company and for our clients as part of Tradeweb.”

The A$125 million, all-cash transaction is expected to close later this year, subject to customary closing conditions and regulatory reviews.

About Tradeweb Markets:

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than US$1.1 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.

About Yieldbroker:

Yieldbroker provides trading services in Australian and New Zealand debt securities and derivatives. Commencing operation in 2001, Yieldbroker’s dealer and client market has become a leading electronic trading platform in the local debt marketplace. It is used by fixed income dealers and institutional investors to match and execute trades. Yieldbroker also operates an electronic auction platform to conduct primary auctions in Australian and New Zealand government bonds.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

1 Willis Towers Watson Think Ahead Institute – Global Pension Assets Study - 2022

2 Bank for International Settlements

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