Oct 29, 2026 earnings call — Tri-Med deal and electronification growth
Announced agreement to acquire Tri-Med and reported second highest quarterly revenues of $585 million, up 14.9% year-on-year.
Revenue $0.6B (est $0.6B) · EPS $1.02 (est $1.01)
Key quotes
"AiEX average daily trades were up over 65% year-over-year, with over 70%, 20% year over year growth across European ETFs and US ETFs, respectively."
"Last week, we announced we entered into a definitive agreement to acquire Tri-Med, which would further expand our presence across the credit markets, specifically in the new issue space that trades mainly over the phone."
"Our international business remains a key priority, with revenue growing more than 22% year over year as our strategic initiatives across Europe, APAC, and EM continued to pay off."
Analyst Q&A 7
Tri-Med new-issue revenue
Q (Dan Walden · Wells Fargo): He asked whether Tri-Med revenue will come from direct transaction fees or from data and liquidity when bonds enter secondary trading.
A: Management said the main benefit is transaction revenue, but data is also important. New-issue activity brings attention, expands distribution, and creates a halo that carries into secondary trading and RFQ.
"Tri-Med's new issue data is expected, from our perspective, to strengthen our AI-Price And our dealer selection tools, and we talk about SnapPlus." — William E. Hult (CEO)
Client mix shift to hedge funds
Q (Patrick Moley · Piper Sandler): He asked how client mix will shift toward quant and systematic flow and whether that changes dealer relationships and all-to-all liquidity.
A: Management said the deal brings two complementary client groups together, reaching parts of the market neither could alone. They expect more hedge fund and systematic flow to improve liquidity and noted hedge funds currently contribute less than 15% of US credit business, while dealer relationships remain important.
"Simply together, we reach across the institutional credit market in a way that neither platform could on its own." — William E. Hult (CEO)
Swaps franchise strength
Q (Alexander Olsen · Goldman Sachs): He asked what gives the rates-to-derivatives business its competitive edge and how durable its market share is.
A: Management said the swaps business is a true global franchise with wide currency coverage and regulated infrastructure, which is hard to copy. They reported holding an estimated 70% to 80% of the electronic swaps market and said they must keep investing to protect that lead.
"I think we currently hold an estimated, I think, 70% to 80% of electronic swaps market." — William E. Hult (CEO)
Fee per million and rates
Q (Daniel Fannon · Jefferies): He asked how higher interest rates affect client behavior and which products change fee per million the most.
A: Management said the biggest driver is business mix: retail inflows raise fee per million, while mortgage and refinancing activity falls with higher rates. They said swaps are most sensitive: a 100 basis point rise cuts swaps fee per million by something like 4% to 5%, and a 1 year duration move can change swaps fee per million by 6% to 8% (credit moves about half).
"First, and you know this so well, the most significant driver of fee per million in any scenario, in any rate environment really is business mix." — Sara Hassan Furber (CFO)
Market volatility and volumes
Q (Cara Thompson · Rothschild & Co. Redburn): She asked how recent rises in yields and inflation affect trading across asset classes and volume outlook.
A: Management said recent volatility has driven high activity, with September a record month for treasuries, and that the market is likely to stay volatile into 2027. They expect continued volume growth and said this is a pretty bullish environment for their rates and credit business.
"And my instinct is you know, that is a pretty bullish environment for our rates and credit business." — William E. Hult (CEO)
Big nonbank liquidity providers
Q (Kenneth Worthington · JPMorgan): He asked if firms like Jump, Jane, Citadel, Virtu holding more capital will lead them to take larger, longer positions and how that affects Tradeweb.
A: Management said more capital gives these firms flexibility to invest in technology and deepen market presence, which can support larger client relationships and selective inventory. They view private-sector intermediation as positive for clients and markets, while legacy banks remain invested and competitive.
"Directionally though capital gives these kinds of firms that you are describing ultimately more flexibility to continue to invest in technology, which I think supports larger client relationships that can selectively hold more inventory." — William E. Hult (CEO)
Electronifying multi-leg trades
Q (Jeff Smith · William Blair): He asked for an update on electronifying complex multi-leg rates trades, their growth share, and barriers to adoption.
A: Management said multi-leg workflows are one of the fastest-growing parts of rates. Multi-leg average daily volume hit almost $19 billion in the third quarter, up over 50% year over year and seven straight quarters of growth, but many trades still execute one leg at a time off-screen, so adoption must continue.
"I can kinda get this right, I think multi-leg average daily volume hit almost $19 billion in the third quarter." — William E. Hult (CEO)