Tradeweb: Modernizing The Fixed Income Markets

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About: Tradeweb Markets Inc. (TW), Includes: CME, LDNXF, MKTX, NDAQ
by: Cameron Collins, CFA
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Cameron Collins, CFA
Long/short equity, Growth, growth at reasonable price, CFA
Summary

Tradeweb owns and operates electronic fixed income marketplaces that are disrupting traditional, inefficient voice brokered trading.

The company is gaining market share, and has a first mover advantage in the newly opened Chinese bond market.

The company trades at a discount to its closest peer and may emerge as a potential M&A target.

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Antiquated Market Structure

Centralized exchanges have historically not existed in the fixed income markets, leading to market structure problems.