Compliance Officer

Tradeweb enhances Ai-Price, advancing corporate bond pricing. September 22, 2026 | Credit Advancements improve pricing model accuracy and support more efficient execution across U.S. credit markets, including through trade automation. NEW YORK, NY - September 22, 2026 - Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today announced a suite of advancements to Tradeweb Ai-Price, its automated bond pricing engine, including expanded data inputs, upgraded machine learning models and more real-time, intraday-responsive pricing - enhancements designed to further improve price discovery, execution quality and access to liquidity across U.S. corporate bond markets. Tradeweb Ai-Price improves its pricing accuracy for U.S. investment-grade and high-yield corporate bonds by integrating public TRACE data with Tradeweb's proprietary datasets, leveraging advanced machine learning and analytics to produce more dynamic, responsive bid and offer estimates that better reflect real-time market conditions. Tradeweb's position within the trading ecosystem, underpinned by its global client base, enables the generation of real-time prices that respond to intraday market movements, drawing on institutional trading activity, including European credit. Troy Dixon, Co-Head of Global Markets at Tradeweb, said: "Corporate bond trading is undergoing a fundamental shift toward more electronic and automated execution, and that shift is redefining what market participants demand from pricing. As that happens, market participants are increasingly relying on pricing that is more dynamic and responsive to evolving market conditions. The quality, speed and accuracy of that data now directly shape how effectively participants can assess liquidity and act on execution decisions. The enhancements to Tradeweb Ai-Price are the next steps in how we're applying machine learning to pricing, drawing on Tradeweb's deep data assets, technology infrastructure and long-standing leadership in electronic credit trading." Tradeweb Ai-Price supports decision-making across the entire trading lifecycle - helping clients estimate execution costs and assess liquidity pre-trade, evaluate dealer responses and market opportunities at execution, inform automated trading workflows such as Tradeweb's Automated Intelligent Execution (AiEX) tool and drive transaction cost analysis and performance reporting post-trade. By delivering more responsive pricing, the model aims to reduce the need for manual intervention in automated execution protocols to give clients greater confidence to route large orders through Tradeweb AiEX and dedicate more time to complex, high-touch trades. Tradeweb Ai-Price also powers next-generation pre-trade analytics, helping clients better evaluate which bonds are driving trade costs across execution strategies, while its dynamic bid-offer estimates provide deep insight into liquidity conditions throughout the day to enhance post-trade performance evaluation. Tradeweb Ai-Price is currently available for investment-grade and high-yield corporate bonds. Tradeweb is actively expanding coverage of Ai-Price across additional fixed income products, including emerging market bonds, with future development efforts focused on broadening asset class coverage and unlocking new use cases across pricing, automation and portfolio analytics. About Tradeweb Markets Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.9 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com. Media Contacts: Investor Contacts: Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, its partnerships and collaborations, potential future offerings, future performance, the industry and markets in which Tradeweb Markets Inc. operate, its expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements. Tradeweb Markets Inc. has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Tradeweb Markets Inc. believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These and other important factors, including those discussed under the heading "Risk Factors" in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause its actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, its actual results of operations, financial condition or liquidity, and the development of the industry and markets in which Tradeweb Markets Inc. operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, its results of operations, financial condition, or liquidity, and events in the industry and markets in which Tradeweb Markets Inc. operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that Tradeweb Markets Inc. make in this release speaks only as of the date of such statement. Except as required by law, Tradeweb Markets Inc. do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

Tradeweb and Virtu just ran the first fully onchain repo. The plumbing is the story. Financial market infrastructure is rarely the subject of polite dinner conversation, yet it is precisely where the most interesting work is currently happening. On August 27, 2026, Tradeweb - the Nasdaq-listed electronic trading giant - joined forces with Virtu Financial and M1X Global to execute the first fully onchain repo transaction. It was a quiet, bilateral affair on the Canton Network, but it signaled a shift from experimental sandbox play to production-grade infrastructure. The transaction involved the USDM1, a sovereign digital bond issued by the Republic of the Marshall Islands. While the name might suggest a niche experiment, the structure is decidedly traditional. USDM1 is a USD-denominated instrument, backed 1:1 by short-dated U.S. Treasuries held in bankruptcy-remote custody. It is styled as a Brady bond, complete with a New York law governing structure and a customary waiver of sovereign immunity. Crucially, the RMI Banking Commissioner has clarified that financial services providers may hold USDM1 as a sovereign debt instrument, not a virtual asset. The mechanism here is the real story. The securities delivery, the cash leg, and the return were settled atomically on the Canton Network in under ten minutes. For an industry still grappling with the inefficiencies of T+1 settlement, this is not just a speed upgrade; it is a fundamental reduction in settlement exposure and a way to eliminate the intraday balance-sheet inflation that plagues traditional repo markets. The Canton Network, with its Proof-of-Stakeholder consensus and sub-transaction level privacy, provides the necessary guardrails for institutional counterparties to operate without broadcasting their entire book to the world. The legal interoperability of USDM1 is what makes this more than a technical curiosity. By classifying the bond as a UCC Article 8 investment security, the issuers have ensured it can sit comfortably inside existing ISDA and GMRA close-out netting sets. This is the "boring" work that actually enables adoption. When you combine this legal framework with institutional-grade custody provided by the likes of Anchorage, BitGo, and tZERO, the barrier to entry for traditional desks begins to look less like a wall and more like a speed bump. This shift is part of a broader, rapid-fire evolution of market infrastructure. Toscale is seeing Broadridge scale its onchain U.S. Treasury repo financing on Canton from $2 trillion to over $4 trillion in monthly volume. Meanwhile, the DTCC's tokenization service, authorized by the SEC in late 2025, is moving toward a full launch in October 2026 with over 50 firms participating. Add to this the FASB's proposed guidance on stablecoins as cash equivalents, the Clearing House's planned tokenized deposit network for 2027, and Coinbase's recent launch of tokenized stocks on Base, and the picture becomes clear: the infrastructure is being rebuilt in real-time. For the institutional observer, the focus should now shift to the integration phase. The immediate milestones to watch include the DTCC's full launch in October and the progress of the Clearing House's bank-led network in the first half of 2027. Perhaps most importantly, Toscale will be tracking the actual adoption of USDM1 within GMRA netting sets. If these instruments can move seamlessly through the existing plumbing of the $12 trillion daily repo market, the argument for tokenized collateral will move from "why" to "when." M1X Global CEO Mark Lurie has been vocal about the firm's focus on institutional-grade margin and collateral management on Canton. Given that Tradeweb reported a total trading volume of $194.2 trillion in the second quarter of 2026, even a small percentage of that volume migrating to onchain repo represents a massive shift in capital efficiency. The old pipes are being replaced, and for once, the new infrastructure appears to be built to handle the pressure.