Tradeweb Markets Inc at Goldman Sachs U.S. Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Why don't we start with a question on a bit of a forward given just the time of the year. As I mentioned, Tradeweb is wrapping up another really strong year, nearly high teens kind of earnings per share growth, mostly driven by revenues, of course, which is super important. Despite what's been pretty tough comps year over year for you guys. So as you think about the trading comps still being relatively tough this year into '26, what are kind of some of the bigger kind of top-line organic drivers you're leaning into '26 that will hopefully sustain this level up?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:40PM, TW.OQ - Tradeweb Markets Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I switched. Did you see that?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Great. Awesome. Well, like why don't we double click into some of this? I did want to spend a little bit more time with you on swaps, just given the fact that's your largest and, probably, still your fastest-growing business, I think revenues there are up like 35% or something like that year over year. So quite substantial. So you talked about some of the key drivers of volumes from a structural perspective there. Maybe one, double-click into sort of the catalyst, what could drive further acceleration on that wholesale [side] of the market, like one particularly about client behavior that's is right for this move. And then number two, we talk a lot about volumes, but obviously, fee per million is important. And there's a time that goes into that. So I don't want to spend the next like 30 minutes talking about fee per million and swaps. But help us understand how the macro dynamic, with the direction of the yield curve, could impact that? And anything notable within mix on that fee per million?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I got you. That makes sense. Before we move on from REITs, I did want to spend maybe a minute or two on the cash side of the business, the treasury market in particular. There's a couple of interesting dynamics that have been going on there, right, where you talked about the market share of your platform relative to kind of the observable industry volumes. It appears like it sort of stalled out at around 20% or so. But underneath the surface, there's obviously a lot of important things going on, one of them being basis risk trading has been done mostly over the phone and therefore, that just kind of creates a bit of a denominator of noise in terms of how what you get market share. So how do you think about, one, trade of as opportunity to break into that part of the market whether or not it's in the TAM or not? And just talk to us about the sort of the organic and things like that. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:40PM, TW.OQ - Tradeweb Markets Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Okay. So why don't we spend the next several minutes on the credit business, it's your second largest business, starting with the bulk of it, which is US IG and US high yield. The market share for you guys, and frankly, for your largest peer as well, have been kind of range-bound this year for them that have been range-bound longer than that, which is naturally back to the question, and I was like, are we kind of done? Like have we kind of reached the ceiling in terms of what's truly electronifiable in the US credit space. So one, curious to get your thoughts on that. And two, if the answer is no, there's more to go, which I'm sure that's what's going to be the answer. What are you guys are doing to sort of re-accelerate, re-invigorate growth for Tradeweb in this part of the market? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:40PM, TW.OQ - Tradeweb Markets Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : The way you framed it, if I were to paraphrase a little bit, it feels like there is almost really increasing protocol convergence because you guys were early and incredible in portfolio trading. Same thing, I would say, in sessions. And now you're kind of coming after the RFQ world, the opposite is happening at some of your other competitors, which naturally begs the question about price. I mean, that's probably one of the more critical questions on top of investors' minds. Like aren't we going to be at a point where pricing compression will start to accelerate across this whole ecosystem. How do you think about that? How do you defend your product?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah, I mean, it drives efficiency through the -- at the end of the day, which is how you guys approach this. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:40PM, TW.OQ - Tradeweb Markets Inc at Goldman Sachs U.S. Financial Services Conference So there's a lot of focus on US credit, but you guys have, I think, in a really interesting story outside the US as well, predominantly related to merger market credit. I think it's been an important area of growth focus for you as well. Maybe spend a couple of minutes on how you view the penetration of electronic venues and emerging market credit. What sort of role do you guys play? What are your goals there? What gives you the right to win that kind of stuff?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Okay. We're going to shift gears entirely. Talk about different kind of innovation, which has been kind of all over this conference for the last two days, which is tokenization. So prospects of tokenization really kind of accelerated across financial markets. And I think the world is still trying to kind of figure out like what's real, what's not. What's the real use case that adds a lot of value in the near term versus what's kind up high in the sky. So how are you thinking about that ecosystem across sort of the products that you're active in? What role could Tradeweb play in that? And as part of that, maybe talk a little bit about your partnership with Canton Network. I think it's pretty important.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : The point you may hear really on the potential to evolve is key here, right? Because nobody actually really knows and there's a lot of people that are believers and there are others that are like, if anybody, don't fix it.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : As you think about that ecosystem, is this likely to be an organic build for you guys? Or if there's more evidence that this is becoming a more meaningful part, that's something that you might look to do something inorganically as well?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : All right. For my last question, maybe just bring this a little bit more closer to home here. You guys announced your monthly, I guess, a couple of days ago, for November, really good momentum in REITs still. So it doesn't seem like there's a tremendous change from kind of the direction of travel you've been on. I think on the last earnings call, you talked about Q4 revenues trending something in the up 9% range year over year for October. Any other thoughts on kind of how Q4 is shaping out?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah, great. Well, it's a great note to end it on. Billy, thank you so much. Always great to see you. Thanks for the time.