Tradeweb has expanded its multi-year agreement with fixed income market structure and data analytics firm Propellant Digital.
Specifically, the agreement is designed to extend the use of Propellant’s technology across Tradeweb’s automated pricing engines, execution tools and analytics workflows.
Vincent Grandjean, founder and chief executive of Propellant, said: “This next phase reflects our shared focus on making fragmented fixed income data more accessible and useful, helping market participants assess liquidity, benchmark execution, and identify market trends.”
Under the agreement, Tradeweb will use Propellant’s technology to process post-trade data published under the EU and UK Mifir transparency regimes by approved publication arrangements (APAs) and trading venues.
It will also cover the UK bond consolidated tape – which has been live since June 2026 – as well as the EU bond consolidated tape once it launches, which is expected in Q1 2027 and is subject to licensing.
Read more – A closer look at the EU equities consolidated tape: The new market standard?
FINRA TRACE data and CFTC-regulated swap data repositories (SDRs) are also included within the scope of the agreement.
Through the agreement, Propellant’s technology aggregates, cleanses and normalises data from multiple sources, removing duplicate reports, applying deferral and amendment logic consistently and standardising instrument classifications.
The agreement follows Tradeweb’s $1.97 billion deal to acquire Trumid, a move aimed at expanding its credit trading capabilities across the entire bond lifecycle.
It also comes just days after Tradeweb entered a collaboration with BNY’s cash management and liquidity platform, LiquidityDirect, to build out the investment options available on its ICD Portal.