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Tradeweb acquires Trumid for nearly $2 billion. Monday, 19/10/2026 | 23:16 GMT-7 by Adonis Adoni * The deal is expected to move Tradeweb earlier into the credit bond lifecycle, including into grey-market and new-issue trading. * It also adds automated trading tools to the marketplace operator's global network, intensifying credit e-trading competition. Tradeweb Markets Inc. has entered into a definitive agreement to acquire Trumid Holdings for $1.97 billion, in a deal aimed at deepening its presence in the competitive US corporate bond market. The transaction, expected to close in the first half of 2027, will unite Tradeweb's institutional trading network with Trumid's established relationships among hedge funds and systematic trading firms. Beyond broadening access to liquidity pools, the acquisition would move the Nasdaq-listed electronic-marketplace operator earlier into the credit bond lifecycle by expanding into grey-market and new-issue trading. By connecting the early stages of bond issuance with later secondary-market trading, Tradeweb is seeking to capture more of the workflow around bond issuance and retain related activity on its platform as bonds begin trading in the secondary market. Billy Hult, CEO of Tradeweb, said that the acquisition "represents an important step forward in our ambition to make credit markets more efficient and provide clients with smarter ways to access liquidity." "We believe U.S. credit represents a significant long-term growth opportunity, particularly as the market continues to embrace electronic execution and as clients seek increasingly sophisticated solutions to navigate liquidity and achieve better outcomes," he adds. Automation at the core. The near-$2 billion deal highlights the growing race to automate fixed-income trading. By combining Trumid's trading tools with its own global network, Tradeweb is seeking to compete more directly with MarketAxess and Bloomberg and to give clients access to more liquidity and AI-supported trading tools in one place. Mike Sobel, Co-CEO and President of Trumid, highlighted that the integration of the firm's technology and approach to Tradeweb's global footprint and network was a key objective. "Together, we'll build on what we've created, accelerate innovation, and deliver an even stronger and more intelligent trading experience for our combined networks of buy and sell-side clients globally. I'm personally excited to continue the momentum as part of the Tradeweb team," he notes. Adonis Adoni is a News Editor at Finance Magnates, with more than six years of experience covering the financial services industry, technology, and their intersection. His work includes C-suite interviews with leading technology and fintech companies across Europe, the US and Asia, exclusive coverage of M&A activity and capital raising, and data-driven industry reporting, with a strong emphasis on engagement and clear storytelling. Areas of Coverage: Online trading industry news Fintech companies Digital assets and crypto markets Regulatory and compliance developments Executive interviews Education: BA in Law - Nottingham Trent University LLM in Health Law - Nottingham Trent University * 129 Articles * 4 Followers

Tradeweb Ai-Price: evolving credit pricing for today's market. October 08, 2026 | Credit The electronification of the U.S. credit market over the last ten years has led to huge changes in how clients and dealers trade bonds. From the growth of portfolio trading to parameter-based automated execution to interdealer sweeps, electronification has changed the market microstructure significantly, allowing for greater efficiency and cost savings. Alongside this electronification, credit pricing algorithms have also seen significant growth across the buy-side and sell-side, with some dealers now systematically quoting trades up to $10 million. Tradeweb Ai-Price has evolved with these changes in the credit market. Whether that is using its pre-trade cost estimates, evaluating dealer responses or assessing execution quality post-trade, Tradeweb Ai-Price supports client decision-making throughout the trade lifecycle. As reliance on these algorithms continues to increase, Tradeweb Markets Inc. is leveraging advanced machine learning techniques and proprietary datasets to continue to improve Tradeweb Ai-Price. As part of this evolution, Tradeweb Markets Inc. plan to publish a series of content pieces exploring accuracy, methodology enhancements and use cases, with a more detailed whitepaper expected to follow. Methodology & accuracy. Pricing corporate bonds is a uniquely complex problem as there are many non-linear relationships between bonds in the same issuer, sector and rating buckets. Tradeweb Ai-Price attempts to solve this problem by leveraging a mixture of Gaussian methodology to model the 'change since previous trade' on each side of the market (bid and offer). Tradeweb Markets Inc. use neural network architectures for IG and HY to predict the mean and standard deviation of this 'change', allowing Tradeweb Markets Inc. to capture different market buy/sell dynamics while maintaining an accurate mid estimate. Tradeweb Markets Inc. expect to go into further detail around the methodology behind Tradeweb Ai-Price when Tradeweb Markets Inc. release its full whitepaper. The charts below show the difference between Tradeweb Ai-Price and the next TRACE print, bucketed by liquidity score as a measure of model accuracy. Tradeweb Markets Inc. considered prints greater than 50k from January 2025 to June 2026 for this analysis and compare its model bids/offers to dealer-to-client trades. The results show around a 30% improvement across IG and HY relative to the benchmark of using the previous TRACE print as a predictor, based on a weighted average across liquidity scores, with each score weighted by trade count. The results demonstrate the model's accuracy across a range of liquidity conditions. Conclusion. Tradeweb Markets Inc. believe Tradeweb Ai-Price is a state-of-the-art pricing algorithm for U.S. credit markets, leveraging the latest machine learning techniques and both public and proprietary data to support decision-making across the trade lifecycle. Built for the way credit markets trade today, Tradeweb Ai-Price is designed to adapt to changing market conditions and power analytics across its trading workflows and broader platform. Stay tuned for more content around Tradeweb Ai-Price and the market intelligence it can provide.

Capitolis, a fintech developing technology for banks and financial institutions, has raised $220 million in new financing, comprising a $120 million Series E equity round and debt financing. The equity round values the company at $1.9 billion, up from $1.6 billion in 2022. The round was led by existing investor Citi and included new strategic investors Bank of America, Nomura, and Tradeweb Markets. Existing investors Barclays, BNP Paribas, J.P. Morgan, State Street, and UBS also participated. Founder and CEO Gil Mandelzis said most funds will support Capitolis' recent acquisition of eSecLending, which expands the company into securities lending. Capitolis operates across Capital Marketplace and Portfolio Optimization businesses, helping financial institutions optimise resources and improve market efficiency.