The European arm of Tradeweb, a privately-held US operator of bond and derivatives trading venues, benefited last year from the migration of over-the-counter markets onto electronic platforms as its profits increased by a nearly a quarter.

London-based Tradeweb Europe Ltd posted a 24% increase in its pre-tax profits to £19 millon for 2013, according to recent filings at the UK's Companies House. The group's revenues rose by 9.5% to £49 million over the period.