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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Tradeweb’s TW SEF Receives SEC Approval for SBSEF Registration

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that the U.S. Securities and Exchange Commission (SEC) has approved the registration of its swap execution facility, TW SEF LLC, as a security-based swap execution facility (SBSEF) under Regulation SE.

This milestone follows the SEC’s new Regulation SE requirements mandating that any trading system or platform facilitating the trading or execution of security-based swaps (SBS) among participants, as delineated in the requirements, register with the SEC as either an SBSEF or a national securities exchange. With this approval, TW SEF is now eligible to operate as an SBSEF, thereby enabling institutional clients to trade single-name credit default swaps (CDS) via TW SEF in compliance with this new regulatory framework.

Elisabeth Kirby, Managing Director, Head of Market Structure at Tradeweb said: “This regulatory approval represents a significant step forward in fostering more transparency for institutional single-name CDS markets. As a pioneer in electronic derivatives trading and a leading electronic trading platform for credit markets, Tradeweb is uniquely positioned to work with regulators on initiatives that enhance transparency, efficiency and liquidity in these markets while ensuring compliance with evolving regulatory standards.”

Since 2005, Tradeweb has been a leader in bringing greater transparency and innovation to the EUR, GBP and USD interest rate swaps markets, advancing the derivatives industry forward with numerous firsts such as the first electronic swap compression trade, electronic swaptions trading, electronic cleared inflation swap, multi-asset package trades and first fully electronic SOFR swap spread trade. In 2007, Tradeweb launched its multilateral trading facility (MTF), bringing further transparency to clients trading swaps in the EU and UK. In 2013, following the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Tradeweb launched TW SEF to align with new regulatory standards requiring that certain swaps be centrally cleared and traded on a regulated platform. TW SEF has since evolved into a leading marketplace, offering institutional clients enhanced efficiency and liquidity in derivatives trading.

Today, TW SEF is the largest swap execution facility for vanilla swaps, with over $150 trillion (tn) traded in 2024, or 52% of industry-wide SEF volume, based on data from Clarus FT. In 2024, TW SEF facilitated over $590 billion (bn) in average daily volume, serving more than 57 liquidity providers and over 1,000 institutional clients trading interest rate swaps, single-name default swaps and credit default swap indices. In 2024, Tradeweb reported strong volumes in global derivatives trading with an average of $783.3bn in rates derivatives traded daily.

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 50 products to clients in the institutional, wholesale, retail and corporates 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 more than 2,800 clients in more than 70 countries. On average, Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

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 the 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 events or performance and future events, 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 future events, 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 events, 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.

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