Tradeweb Markets Inc - Ordinary Shares Cls A

Strong growth + momentum through Q2 (and early Q3) - Tradeweb reported Q2 revenue of $559m (+9% YoY reported; +8.3% constant currency), which management called the 2nd-highest quarterly revenue in history. - CEO emphasized growth became stronger as the quarter progressed; June revenue grew >20% YoY, and this was not just one-off volatility—attributed to deeper client engagement, broader electronification, and long-term tech investments. - Through 1H 2026, revenue is nearly $1.2b, almost matching all of 2022; management expects continued strength with July average daily revenue growth up low teens YoY (with two key month-end trading days left).

International scale-up is the main driver - International revenue grew +14% YoY, and contributed 65% of overall revenue growth—described as broad-based across all 4 asset classes (rates, credit, equities, market data). - Europe/APAC/EM initiatives “continued to pay off,” with management highlighting constructive activity and renewed signs in Europe.

Asset-class performance: strong tech/electronification themes, with some pockets of weakness - Rates: U.S. Treasuries showed mid-single-digit revenue growth with market share up to 22.5% (+100 bps YoY); institutional U.S. Treasuries revenue +~15% YoY and electronic institutional share >50% for 9 straight quarters. - Equities/ETFs: ETF revenue >10% YoY despite normalization in volatility; AiEX automation trades +45% YoY, with U.S. ETFs triple-digit growth and European ETFs double-digit growth. - Market data: up >20% YoY driven by LSEG contract + proprietary products. - Global credit: low single-digit revenue growth, but mixed internally—double-digit growth in international credit and U.S. institutional credit; municipal bonds and retail credit down (retail credit -22% YoY) attributed to better relative yields in other products.