Multi-asset market operator Tradeweb Markets has appointed Jacques Aigrain and Rana Yared as independent directors, effective 1 August 2022. Aigrain will chair the Compensation Committee and serve as a member of the Nominating & Governance Committee. Yared will serve as a member of the Audit Committee.
Aigrain brings more than 30 years of financial services expertise and leadership experience to Tradeweb’s board, including seven years as an advisor at Warburg Pincus and nine years at Swiss Re where he was CEO from 2006 to 2009. Prior to Swiss Re he spent 20 years in global leadership roles at JP Morgan Chase & Co. in New York, London and Paris. Aigrain currently serves as chairman of the board of LyondellBasell, chairman of Singular Bank and director of Clearwater Analytics. He previously held board positions at WPP, London Stock Exchange Group, LCH Clearnet Group, Lufthansa, Resolution Ltd, Swiss International Airlines, and the Qatar Financial Authority. He holds a doctorate in Economics from Université Paris-Sorbonne and a master’s in Economics from Université Paris Dauphine – PSL.
Yared is a general partner at Balderton Capital, a leading venture capital investor focused on European founders with global ambitions from seed to exit. She joined Balderton in 2020 following 14 years at Goldman Sachs, where she was a partner in the Principal Strategic Investments Group and later in GS Growth. Yared currently holds board positions at The Penn Fund and Wabash College. This appointment marks Yared’s return to Tradeweb’s board, having previously served as a director for five years prior to the company’s 2019 IPO. She formerly held board positions at NAV, Vestwell, New York Shipping Exchange and SwapClear. She holds a Bachelor of Science from the Wharton School and a Bachelor of Arts in International Relations, both from the University of Pennsylvania, as well as a Master of Science from the London School of Economics.
Lee Olesky, chairman and CEO of Tradeweb, commented: “Jacques and Rana are excellent additions to the Tradeweb board, each with a unique background that complements our focus on strong governance. Jacques has wide-ranging experience in global financial services, both as an executive and board member. Rana knows Tradeweb’s business well, having worked with the executive management team as a board member for five years, and she brings exceptional experience helping companies to scale. We are thrilled to have her back on the board.”
Billy Hult, president and CEO-elect of Tradeweb, commented: “As Tradeweb positions itself for the next phase of growth, the breadth and depth of directors is important to the success of our management team and our company. Rana is a veteran investor with a tremendous track record in the fintech space, while Jacques brings valuable perspectives on client management, market operations, strategy and governance. We are excited to welcome Rana and Jacques to the Tradeweb board.”
Tradeweb has reported solid overall growth in trading volumes during 2022, with total trading volume for June 2022 at US$26.1 trillion, and average daily volume (ADV) for the month at US$1.24 trillion, an increase of 18% year-over-year (YoY).
For the second quarter of 2022, total trading volume was US$72.6 trillion and ADV was a record US$1.18tn, an increase of 20.4% YoY, with preliminary average variable fees per million dollars of volume traded of US$2.78.
In June, Tradeweb reported record ADV in swaps/swaptions ≥ 1-year. For the second quarter of 2022, Tradeweb reported record ADV in swaps/swaptions ≥ 1-year, fully electronic US High Grade credit, municipal bonds and repurchase agreements (repo).
US government bond ADV was up 3.9% YoY to US$124.1 billion and European government bond ADV was up 14.8% YoY to US$36.9 billion, with the firm noting client engagement in US government bonds across institutional and wholesale markets remained high, despite declining overall market volumes. European government bond trading continued to remain resilient amidst heightened rates market volatility.
Fully electronic US credit ADV was down 0.3% YoY to US$3.7 billion and European credit ADV was down 22.3% YoY to US$1.6 billion.
Tradeweb reported that US and European credit volumes reflected continued client adoption across all Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade and portfolio trading. Fully electronic share of US High Grade fell YoY as improving retail and strong request for quote (RFQ) volumes (Tradeweb AllTrade and disclosed) were primarily offset by lower industry portfolio trading volumes. Reported European volumes, supported by the firm’s second-best month reported in portfolio trading, were impacted by a strong US dollar and the additional UK bank holiday at the start of the month. Credit derivatives ADV was up 120.3% YoY to US$16.5 billion.
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