Tradeweb Investor Presentation Deck
2.
4. TANGIBLE GROWTH OPPORTUNITIES
Leading Global Electronic Rates Business
U.S. TREASURIES
TW UST SHARE CONTINUES TO GROW¹
Notes:
1.
7.5%
2016
9.4%
15
2017
$370B
Voice
-60%
11.6%
Electronic
-40%
2018
12.3%
2019
VOICE STILL ACCOUNTS FOR ~35-40% OF UST TRADING²
$320B
Voice
-20%
Electronic
-80%
13.8%
2020
Dealer-to-Dealer
17.6%
2021
$690B
Voice
35-40%
Streams 7-8%
RFQ
25-30%
19.6%
CLOB
25-30%
3M22
Dealer-to-Customer
Overall; by Protocol
Source: TRACE and Liberty Street Economics data as of August 2017 July 2018; Greenwich
estimates and Tradeweb market intelligence as of TTM 3M22.
Electronic
Share reflects Tradeweb Treasuries volume across institutional, wholesale and retail client sectors,
divided by SIFMA volume, adjusted by Tradeweb management to estimate non-primary dealer activity.
Electronification rates based on UST volumes traded.
© 2022 Tradeweb Markets LLC. All rights reserved.
GLOBAL SWAPS
GLOBAL IRS MARKET ($ in trillions, ADV)
Global IRS Market (Clarus)¹ Estimated Market
I
I
1
$1.5
14%
12%
10%
8%
6%
4%
2%
0%
2016
3.3%
0.4%
2.9%
$1.9
2017
2017
5.5%
0.8%
4.7%
12% CAGR
$2.3
2018
2018
Electronification: -30%²
$2.7
2019
TW GLOBAL IRS MARKET SHARE IS GROWING³
7.9%
2.6%
5.2%
$2.3
2019
2020
9.3%
3.1%
6.2%
....
2020
Tradeweb
$2.0
2021
14.5%
5.8%
8.7%
2021
$2.8
3M22
12.7%
5.2%
7.4%
3M22
Notes:
■Swaps/Swaptions ≥ 1Y
Swaps/Swaptions < 1Y
1. Global IRS market estimate based on Clarus cleared market volumes; Global IRS market refers to volumes
traded by U.S. and non-U.S. entities.
12. Based on Clarus volumes and Tradeweb management estimates.
3. Share reflects TW IRS volumes across institutional, wholesale and retail client sectors, divided by Clarus
cleared market volumes. Global IRS market refers to volumes traded by U.S. and non-U.S. entities.View entire presentation