Trading

Tradeweb: a short-term gain but long-term pain for Wall Street?

The bond trading platform's April IPO lifted banks in Q2 — but its long-term success raises questions about their place in fixed income markets

Tradeweb's Lee Olesky
Tradeweb's Lee Olesky Photo: Carlo Allegri/Reuters

Wall Street’s investment banks fizzled in the second quarter. But it would have been worse had it not been for one big deal: the initial public offering of Tradeweb, the bond trading platform.

Tradeweb went public in April via a $1.1bn deal that allowed many of its big-bank backers to generate hundreds of millions of dollars by offloading holdings in the business.

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