Tradeweb's Q2 2025 Earnings Call: Diverging Views on Market Share, Regulation, and Digital Assets

Market share trends in U.S. treasuries, regulatory impact on U.S. treasuries and swaps activity, differing view on digital assets strategy, and impact of volatility on ICD balances are the key contradictions discussed in Tradeweb's latest 2025Q2 earnings call.



Revenue and Growth Performance:
- Tradeweb Markets Inc. reported record revenues of $513 million for Q2 2025, up 26.7% year-on-year on a reported basis.
- This growth was driven by strong client activity and a risk-on environment, as well as significant contributions from international business and strategic initiatives in emerging markets and APAC.

International Business Expansion:
- International revenue grew by over 41% year-over-year, accounting for approximately 42% of Tradeweb's Q2 2025 revenues.
- The growth was attributed to strategic initiatives in emerging markets (EM) and the Asia-Pacific region, with double-digit revenue growth across credit derivatives, municipal bonds, and record revenues from EM and APAC swaps.

Rates and Credit Market Performance:
- The rates business experienced record revenue growth, supported by organic growth across swaps, global government bonds, and mortgages.
- Credit revenues achieved a record, with strong growth in global corporate bonds and munis, driven by increased client activity and the adoption of portfolio trading and RFQ protocols.

Equities and Market Data Segment:
- Equities posted record results, up 50% year-over-year, attributed to growth in global ETFs and equity derivatives.
- Market data revenues were driven by growth in proprietary data products, reflecting the company's strong market engagement and client connectivity.

Focus on Digital Assets and Technological Innovation:
- Tradeweb emphasized its ongoing investment in digital assets, highlighting partnerships with the Canton Network and Securitize, and exploring opportunities in stablecoins and tokenized money market funds.
- These investments are aimed at enhancing platform flexibility and aligning with evolving client demands and regulatory changes in the digital asset landscape.