What do you feel were the key drivers that made this past year so successful and ultimately resulted in receiving this award?
Last year was defined by clients leaning into electronic markets at scale, even during periods of extreme volatility across 2025. A key driver of our success was the resilience and performance of electronic fixed income trading during April’s market dislocation, when clients stayed electronic and relied on Tradeweb’s data, protocols and automation to execute with confidence. Volumes across US Treasuries, credit, ETFs and derivatives remained robust, reinforcing the role of electronic trading as core market infrastructure rather than a convenience layer.
At the same time, clients increasingly moved beyond basic electronification toward more sophisticated, data-driven workflows. Adoption of automation, portfolio trading, algorithmic execution and multi-asset strategies accelerated, supported by deeper analytics and AI-enhanced tools. Our ability to combine deep liquidity, flexible protocols and execution intelligence across asset classes and client types was central to delivering consistent outcomes in fast-moving markets.
Could you highlight the standout accomplishments and significant milestones achieved over the past year?
This past year was marked by tangible progress and industry firsts. In fixed income market structure, we saw record levels of electronic activity across rates and credit, with portfolio trading and request-for-quote (RFQ) protocols continuing to perform even during periods of stress.
A key milestone was the launch of portfolio trading for European government bonds, making Tradeweb the first platform to enable clients to transfer baskets of sovereign debt through a single, streamlined electronic transaction. This represented an important step in extending the efficiency, transparency and risk transfer benefits of portfolio trading into core government bond markets.
In rates, we also executed the first fully electronic package trades in areas historically dominated by voice, including US Treasury basis-style activity and complex derivatives workflows, further demonstrating the growing appetite for electronic execution in sophisticated trading strategies.
Another significant milestone was the launch of Tradeweb’s alternative trading system (ATS) in Saudi Arabia, marking a significant step in extending electronic fixed income trading into the Kingdom. The platform supports Sukuk and Saudi Riyal (SAR)-denominated debt instruments and represents the first fully electronic marketplace of its kind in the local market. This launch underscores our commitment to regional market development and to bringing global electronic trading standards, transparency and efficiency to new geographies.
Beyond traditional markets, we delivered a series of digital asset milestones that demonstrated real-world applicability rather than experimentation. These included the first real-time, on-chain financing of US Treasuries against USDC with atomic settlement, completed outside traditional market hours, and the first fully electronic on-chain auction for brokered CDs.
Collectively, these achievements reflect Tradeweb’s ability to operationalise innovation and extend institutional-grade electronic trading into both mature and emerging markets.
Looking back, were there any unexpected challenges or turning points that shaped the outcome of the year?
The April volatility episode was a defining moment. Market conditions following tariff announcements created one of the sharpest dislocations in recent years, testing liquidity, workflows and market structure. Historically, such environments would have driven a reversion to voice trading, but this time clients largely remained electronic.
That shift was a clear turning point. It validated years of investment in automation, execution tools and data, and demonstrated that electronic protocols can support price discovery and liquidity even under extreme stress. It also reinforced the importance of resilience, optionality and transparency in market design, shaping how clients now think about execution in both normal and stressed conditions.
In what ways do you intend to continue this momentum as you move into 2026 and further ahead?
Looking to 2026, our focus is on deepening execution intelligence and connectivity across markets. Data, analytics and AI will play an increasingly central role, with more predictive tools, adaptive algorithms and workflow automation designed to help clients scale decision-making as well as execution.
We also expect continued convergence between traditional and digital markets. Tokenised settlement regulated digital cash and interoperable infrastructure will increasingly support faster, more continuous trading and collateral workflows. Tradeweb sits at the intersection of these developments, with reach across rates, credit, ETFs and money markets, and a strategy centred on bridging today’s infrastructure with what comes next.
Our objective is to build markets that are more connected, resilient and accessible – extending electronic trading into new asset classes and regions, while setting the standard for the next generation of global fixed income market structure.
