Tradeweb Markets Inc (NASDAQ:TW), a global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended March 31, 2023.

The company registered $329.2 million of quarterly revenues, up 5.7% (7.5% on a constant currency basis) compared to prior year period.

The Equities segment generated revenues of $26.2 million in the first quarter of 2023, down 1.3% compared to prior year period (1.2% increase on a constant currency basis).

Money Markets generated revenues of $14.8 million in the first quarter of 2023, up by 28.5% from the year-ago quarter.

Market Data saw revenues of $22.4 million in the first quarter of 2023, up 5.0% compared to prior year period (6.5% on a constant currency basis). The increase was derived primarily from increased proprietary third party market data revenue.

Tradeweb posted $102.2 million in net income and $129.0 million in adjusted net income for the quarter, marking increases of 4.9% and 12.2% respectively from prior year period.

The company registered $0.42 diluted earnings per share (“Diluted EPS”) for the quarter and $0.54 adjusted diluted earnings per share.

Billy Hult, CEO of Tradeweb, commented:

“Tradeweb’s client focus and broad product offering contributed to a record ADV of $1.4tn in the first quarter of 2023, led by significant increases in swaps volume and strong client engagement across rates, credit, equities and money markets. Despite challenging market conditions, including rising market volatility and economic concerns relating to banking sector turmoil, Tradeweb was steadfast in our approach to providing the best service for our clients and produced strong growth across many areas of our business.

This quarter embodied who we are as a company: client-focused, resilient and innovative. Tradeweb launched a new market data service to calculate real-time iNAVs for ETFs, with BlackRock as our first client. We completed the final technology milestone of our NFI integration, with the goal to provide a better user experience for wholesale clients on our Dealerweb CLOB.

Most recently, we were pleased to share that Tradeweb is in advanced discussions to acquire Yieldbroker, a leading electronic trading platform for Australia and New Zealand.”

The Board of Directors of Tradeweb Markets Inc. declared a quarterly cash dividend of $0.09 per share of Class A common stock and Class B common stock. The dividend will be payable on June 15, 2023 to stockholders of record as of June 1, 2023.