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    How Record Volumes and First On‑Chain CD Auction Could Shape Tradeweb Markets (TW) Investors

    Simply Wall St·12/21/2025 18:18:37
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    • In November 2025, Tradeweb Markets reported record total trading volume of US$56.80 trillion and average daily volume of US$2.90 trillion, alongside completing the industry’s first fully electronic on-chain auction for brokered certificates of deposit with Alphaledger’s blockchain technology.
    • These milestones underline how Tradeweb is deepening the electronification of fixed income markets and using blockchain to streamline traditionally manual workflows in bond trading.
    • We’ll explore how Tradeweb’s record volumes and first on-chain CD auction could influence its investment narrative and growth outlook.

    Find companies with promising cash flow potential yet trading below their fair value.

    Tradeweb Markets Investment Narrative Recap

    To own Tradeweb, you have to believe fixed income trading will keep shifting from voice to electronic platforms and that Tradeweb can remain one of the key venues. The record November volumes and first on-chain CD auction reinforce this electronification catalyst, but they do not remove the near term risk that pressure on fees per million and rising operating expenses could weigh on margins if trading growth slows.

    The recent completion of the first fully electronic on-chain auction for brokered CDs using Alphaledger’s blockchain technology ties directly to Tradeweb’s push into digital assets and tokenization. It speaks to the same theme as its on-chain publication of FTSE U.S. Treasury Benchmark Closing Prices with Chainlink, pointing to a longer term catalyst where workflow automation, data products and blockchain-enabled services could become a larger share of the business mix.

    Yet the biggest thing investors should be aware of is how fee pressure in core products could interact with rising costs if trading volumes...

    Read the full narrative on Tradeweb Markets (it's free!)

    Tradeweb Markets’ narrative projects $2.6 billion revenue and $917.7 million earnings by 2028.

    Uncover how Tradeweb Markets' forecasts yield a $128.77 fair value, a 23% upside to its current price.

    Exploring Other Perspectives

    TW 1-Year Stock Price Chart
    TW 1-Year Stock Price Chart

    Five members of the Simply Wall St Community value Tradeweb anywhere between about US$64 and US$556 per share, showing how far opinions can stretch. You will want to weigh that spread against Tradeweb’s reliance on continued electronification of fixed income markets and the risk that persistent voice trading and direct connectivity could cap its ability to grow volumes and pricing power.

    Explore 5 other fair value estimates on Tradeweb Markets - why the stock might be worth over 5x more than the current price!

    Build Your Own Tradeweb Markets Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Tradeweb Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.
    • Our free Tradeweb Markets research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Tradeweb Markets' overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.