Transaction to bring increased liquidity,
transparency and efficiency in Australian and New Zealand fixed
income markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets, today announced that it has entered into a definitive
agreement to acquire Yieldbroker, a leading Australian trading
platform for Australian and New Zealand government bonds and
interest rate derivatives covering the institutional, wholesale,
and primary segments. The transaction will leverage both firms’
innovative trading solutions and deep industry experience to create
more liquid, transparent and efficient fixed income markets.
For more than two decades, Yieldbroker’s institutional and
wholesale marketplace (D2C and D2D) has operated as a premier
electronic trading platform for domestic customers in Australian
and New Zealand debt securities. Australia is currently the fifth
largest pension fund market globally1 and has the twelfth largest
sovereign bond market2. Today, the Yieldbroker platform facilitates
trading of approximately A$6 trillion annually.
Both Tradeweb and Yieldbroker were early innovators in the
electronification of fixed income markets, having launched in 1996
and 1999 respectively. Jointly owned by leading banks active in
local fixed income trading, and the Australian Securities Exchange
(ASX), Yieldbroker is a leading example of consortium-built
infrastructure and shares Tradeweb’s culture of collaboration with
market participants for the benefit of the entire market.
The acquisition aligns with Tradeweb’s mission to make markets
more efficient. Australian institutions, including superannuation
(employer-sponsored retirement account) funds, will enjoy enhanced
access to Tradeweb’s liquid, global, multi-asset platform.
Tradeweb’s international client base will be able to seamlessly tap
into Yieldbroker’s Australian and New Zealand bond and derivative
marketplaces, as well as the firm’s reliable pre-trade pricing data
offering.
“This is an exciting opportunity for Tradeweb to better serve
the participants of a highly attractive and fast-growing fixed
income market,” said Tradeweb CEO Billy Hult. “We share
Yieldbroker’s commitment to client collaboration and continuous
innovation, and together we will be even better-positioned to add
significant value for Australian and New Zealand bond and
derivatives customers. We look forward to providing our clients an
even more seamless offering, as they continue to look for greater
engagement and connectivity in the international markets.”
“We are pleased to join forces with the team at Tradeweb and use
our combined resources and expertise to deliver an enhanced trading
experience for our customers,” added Yieldbroker CEO Anthony
Robson. “Yieldbroker has built an incredibly strong legacy with
unrivaled liquidity and coverage for domestic Australian and New
Zealand fixed income customers. We look forward to this next
chapter for our company and for our clients as part of
Tradeweb.”
The A$125 million, all-cash transaction is expected to close
later this year, subject to customary closing conditions and
regulatory reviews.
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 40
products to clients in the institutional, wholesale and retail
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 approximately 2,500 clients in more
than 65 countries. On average, Tradeweb facilitated more than
US$1.1 trillion in notional value traded per day over the past four
quarters. For more information, please go to www.tradeweb.com.
About Yieldbroker: Yieldbroker provides trading services
in Australian and New Zealand debt securities and derivatives.
Commencing operation in 2001, Yieldbroker’s dealer and client
market has become a leading electronic trading platform in the
local debt marketplace. It is used by fixed income dealers and
institutional investors to match and execute trades. Yieldbroker
also operates an electronic auction platform to conduct primary
auctions in Australian and New Zealand government bonds.
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 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
performance and 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 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 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.
1 Willis Towers Watson Think Ahead Institute – Global Pension
Assets Study - 2022 2 Bank for International Settlements
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230524005850/en/
Media: Daniel Noonan, Tradeweb, +1 646 767 4677,
Daniel.Noonan@Tradeweb.com Angeliki Kallipoliti, Tradeweb, +44 7824
327073, Angeliki.Kallipoliti@Tradeweb.com
Investor: Ashley Serrao, Tradeweb, +1 646 430 6027,
Ashley.Serrao@Tradeweb.com Sameer Murukutla, Tradeweb, +1 646 767
4864, Sameer.Murukutla@Tradeweb.com
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