Tradeweb Buys Algo Execution Provider
Posted by Colin Lambert. Last updated: November 18, 2023
Tradeweb Markets has entered into a definitive agreement to acquire R8fin, a technology provider that specialises in algorithmic-based execution for US Treasuries and interest rate futures – terms of the deal were not disclosed.
Founded in 2016 in Chicago, R8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The firm has a client base that includes 65 relative value hedge funds, systematic hedge funds, professional trading firms and primary dealers, according to Tradeweb, and facilitates algorithmic-based execution for an average of more than $23 billion notional in US Treasury bonds and 350,000 futures contracts per day.
Tradeweb says the solutions complement its existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings, creating a valuable and broad-based approach to trading US Treasuries and related futures trading.
“R8fin technology will help Tradeweb reach a new and differentiated level of intelligent execution through a powerful combination of algorithmic technology and cross-market connectivity,” says Tradeweb CEO Billy Hult. “This marks another step forward in the execution of our vision to deliver an integrated product suite for accessing the US Treasury market through multiple liquidity pools across cash and futures. Beyond that, as we look ahead, we believe pairing r8fin’s sophisticated technology with our global network will open up a range of new possibilities for clients engaged in relative value or macro trades spanning multiple asset classes.”
R8fin co-founder Assad Fehmy, who is joining Tradeweb at conclusion of the deal, adds, “Combining with Tradeweb will further amplify and scale the R8fin technology, providing customers with broader integrated execution solutions and asset classes.”