©2020 Tradew eb Markets LLC. All rights reserved. 

The materials and information contained herein are proprietary. 

TRADEWEB FIMSAC CORPORATE BOND 

MARKET: E-TRADING PERSPECTIVE

OCTOBER 5, 2020 
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

AiPrice HG Spread to Treasury Evolution

2
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

TCA metrics are more insightful than Model Bid/Offer in March

Client Execution Metrics vs AiPrice and Cover Price

3
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Record Users in US Credit during WFH transition

4

0

100

200

300

400

500

600

January-20 February-20 March-20 April-20 May-20 June-20 July-20 August-20

Users Trading - US Credit

US Credit
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Record Usage in March – TW Institutional

5

0

1000

2000

3000

4000

5000

6000

January-20 February-20 March-20 April-20 May-20 June-20 July-20 August-20

Users Trading – Tradeweb Institutional

TW Institutional
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

All-to-All as Percent of RFQ Rose in March

6

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

January-20 February-20 March-20 April-20 May-20 June-20 July-20 August-20

A2A as Percent of RFQ Trading

%A2A
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Treasury Bid/Offer Widened Significantly in March

7
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Electronic Spotting Linked to a Treasury Hedge on IG Trades

Tradeweb’s Treasury Network Links to Credit Platform

8

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020

Processed IG Voice Volume ($BN)

IG Voice IG Voice %TRACE
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Netting Volume and Savings Increase

9

 -

 50

 100

 150

 200

 250

 300

 -

 5.0

 10.0

 15.0

 20.0

 25.0

 30.0

 35.0

 40.0

January-20 February-20 March-20 April-20 May-20 June-20 July-20 August-20

Netting Volume ($BN)

Netting Volume ($BN) $$ per mm Savings
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Estimated Market Portfolio Trade Volume

10

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

 -

 5.0

 10.0

 15.0

 20.0

 25.0

 30.0

 35.0

 40.0

9/2019 10/2019 11/2019 12/2019 1/2020 2/2020 3/2020 4/2020 5/2020 6/2020 7/2020 8/2020

Monthly Portfolio Volume ($BN) 

Monthly Portfolio Volume and %Share of TRACE

HY Est Volume ($BN) IG Est Volume ($BN) 3 Mo Avg %TRACE
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Portfolio Trade Volumes and Estimated Share

11

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

 -

 2.0

 4.0

 6.0

 8.0

 10.0

 12.0

9/2019 10/2019 11/2019 12/2019 1/2020 2/2020 3/2020 4/2020 5/2020 6/2020 7/2020 8/2020

Monthly Portfolio Volume ($BN) 

Monthly Tradeweb Portfolio Volume and Est. Share

TW PT Volume ($BN) TW% of Est PT Volm
©2020 Tradeweb Markets LLC. All rights reserv ed. The materials and inf ormation contained herein are proprietary . 

Disclosures

12

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. 

For more information, please go to www.tradeweb.com. 

DISCLOSURES

The information provided has been obtained from sources deemed to be reliable, however Tradeweb does not 

guarantee the accuracy of the information contained in this report. This information is intended for general 

informational purposes only, and should not be used for any investment decisions. None of the information in the 

attached constitutes an offer or solicitation to buy or sell any security or financial product, a recommendation 

concerning any security, financial product or asset class, or an offer to provide investment advice or any other 

service. This presentation shall not be published, reproduced, copied or used without the express written consent of 

Tradeweb Markets.

Tradeweb LLC, Tradeweb Direct LLC, and Dealerweb Inc. are broker-dealers registered with the SEC and members 

of MSRB, FINRA. Tradeweb maintains additional registrations and permissions in jurisdictions globally. Further 

information may be found at http://www.tradeweb.com/Disclosures/.