Tradeweb closes acquisition of Yieldbroker
Tradeweb Markets Inc. (NASDAQ:TW), a global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that it has completed its acquisition of Yieldbroker, a trading platform for Australian and New Zealand government bonds and interest rate derivatives covering the institutional and wholesale client sectors.
The A$125 million, all-cash transaction was announced in May 2023.
This acquisition combines Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. Australia is the fifth largest pension fund market globally1 and has the twelfth largest sovereign bond market. Founded by the key firms underpinning these markets, Yieldbroker has harnessed the expertise of its members and customers to deliver a trading solution that has continuously evolved to meet the needs of its users. Yieldbroker also operates an electronic auction platform to conduct primary auctions in Australian and New Zealand government bonds.
“Tradeweb and Yieldbroker share a strong commitment to client collaboration and continuous innovation, and both of us were born out of a dealer-owned structure,” said Tradeweb CEO Billy Hult. “Now operating as one Tradeweb team based in Sydney, we are exceedingly well-positioned to seamlessly connect markets in Australia and New Zealand with our global network of clients and dealers.”
“Yieldbroker’s deep understanding of Australia and New Zealand, and the unique features that make these markets so important, are truly unmatched,” said Yieldbroker CEO Anthony Robson. “As part of Tradeweb, we can work with clients around the world to ensure they can take full advantage of all that we have to offer, while leveraging Tradeweb’s global presence to bring a world of opportunity to our local community.”
Both Tradeweb and Yieldbroker were early innovators in the electronification of fixed income markets, having been founded in 1996 and 1999 respectively. In bringing together the two platforms, Yieldbroker’s client network will benefit from Tradeweb’s global multi-asset marketplace, deep liquidity and advanced technology. Meanwhile, Tradeweb customers worldwide will gain access to Australia and New Zealand’s growing bond and derivatives marketplaces, helping to further expand Tradeweb’s Asia Pacific footprint.
“Tradeweb has seen a huge amount of growth outside of U.S. and European markets with APAC leading much of that expansion,” said Enrico Bruni, Head of Europe and Asia Business at Tradeweb. “Tradeweb customers have been very positive about the acquisition, which will allow them to express nuanced views that include Australia and New Zealand as important parts of their global strategies through the single Tradeweb interface.”