Tradeweb has completed its acquisition of algorithmic technology provider r8fin following the announcement of the deal back in November 2023.
r8fin’s offering includes a thin-client execution management system (EMS), alongside its suite of algorithmic-based tools. In addition, it has a trading application to facilitate futures and cash trades
Speaking to how the acquisition fits into the business’ overall strategy, Billy Hult, chief executive of Tradeweb, explained: “We are developing an integrated approach to accessing the US Treasury market through multiple liquidity pools across cash and futures – and r8fin is an important part of that approach.”
In addition, following close of the transaction, Tradeweb is set to “modestly” enhance revenue growth.
This most recent deal follows that of Yieldbroker, which Tradeweb acquired for A$125 million last August.
r8fin clients include: hedge funds, systematic hedge funds, professional trading firms and primary dealers, and specifically specialises in US treasuries and interest rate futures. In 2023 its technology facilitated algorithmic-based execution for an average of $24 billion notional in US Treasuries and 375,000 futures contracts per day.
Read more: Fireside Friday with… Tradeweb’s Enrico Bruni
“This acquisition is very much in Tradeweb’s wheelhouse, and we believe it represents a meaningful step forward in how electronic trading can unlock new possibilities for relative value hedge funds and other clients. We are also pleased to welcome r8fin co-founder Assad Fehmy to Tradeweb,” said Hult.