Tradeweb Enters Next Phase of Partnership with BlackRock

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today introduced the next phase of its previously announced platform integration with BlackRock’s Aladdin order execution management system (OEMS).

Tradeweb and Aladdin have begun to roll out the next phase of the partnership, enabling Aladdin users trading U.S. and European Credit access to enhanced liquidity via Tradeweb AllTrade, Tradeweb’s network of anonymous liquidity which brings together thousands of participants across institutional, wholesale and retail markets. This expanded integration offers Aladdin users trading via Tradeweb AllTrade access to new liquidity pools and market sectors, including: Rematch, which provides access to billions of unmatched risk from Tradeweb’s Dealer Sweep; Tradeweb Direct, the firm’s retail platform offering live executable credit streams in 26,000 securities daily, and Tradeweb’s network of more than 350 institutional clients participating in the AllTrade network. Tradeweb AllTrade made up 32% of in-comp RFQ for High Grade credit and 44% for High Yield credit year-to-date through November. Since launch in 2017, institutional all-to-all trading has grown to represent nearly 28% of RFQ electronic volume.

Elisabeth Kirby, Managing Director, Head of Market Structure at Tradeweb said: “Our goal is to facilitate end-to-end credit workflow and allow clients to tap varied sources of liquidity. This next phase of our partnership with Aladdin plays to the strength of our comprehensive all-to-all network, while leveraging the Aladdin platform’s extensive OEMS capabilities and broad institutional client base to create greater liquidity, connectivity and transparency across our markets. Since announcing our partnership last year, we’ve made tremendous progress in improving access to credit liquidity and look forward to rolling out this offering to Aladdin clients.”

Tradeweb continues to report significant growth across the credit platform, with average daily volume in credit trading globally at Tradeweb averaging more than $27.0bn year-to-date through November. In the last five years, the firm’s share of fully electronic U.S. High Grade TRACE and fully electronic U.S. High Yield TRACE has increased 5-fold to 16.6% and nearly 7-fold to 7.8%, respectively1. In the third quarter of 2023, Tradeweb reported a record $137 billion in AllTrade volumes, an increase of over 50% year-over-year.

Kamya Somasundaram, Global Head of Aladdin Partnerships said: “We are excited to be working with Tradeweb on this next stage of our multi-year partnership. Over the past year, we’ve had great success in seizing opportunities that provide common clients with more seamless access to liquidity and improved workflow efficiency as credit markets continue to evolve.”

Tradeweb and BlackRock announced this multi-year partnership in December 2022 to integrate Tradeweb’s credit trading solutions and proprietary data onto BlackRock’s Aladdin OEMS. The first phase allowed common clients to view Tradeweb’s Ai-Price, which provides real-time prices for nearly 25,000 corporate bonds, Liquidity Score, and select dealer axe streams in the Aladdin platform. Tradeweb and BlackRock plan to expand on the partnership by introducing additional phases with new features such as direct access to Tradeweb’s RFQ and Automated Intelligent Execution (AiEX) protocols.