Makes complete sense. ZIRP environment for TW largest biz—>rates versus pure exposure to Corporates for MKTX.
Tradeweb had an *okay* month in June - rates volume (~56% of revenue) was down big YoY, but the rest of the business showed strength.
Interesting divergence from $MKTX with corporate bonds showing more strength at the moment
$TW @Tradewebpic.twitter.com/c5IEII6m78
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Completely agree. Will be worth watching closely but
$MKTX and$TW are just starting to diverge in YTD returns probably bc of your exact point:pic.twitter.com/zDCQimURxZ
End of conversation
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