Tradeweb Markets Inc (NASDAQ:TW) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET

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Tradeweb Markets Inc (NASDAQ:TW) Q2 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

Thank you. [Operator Instructions] Our first question comes from the line of Rich Repetto with Piper Sandler. Your line is open.

Analyst
Rich Repetto

Yeah. Good morning, Lee. Good morning, Billy and Bob. I guess the first question is about competition. And can you -- everybody talks about market access, but excluding market access, could you give us an update on the competitive landscape? And are there any other electronic platforms that you feel are beginning to become viable competitors? I guess this would be for Billy, I guess.

Executive
Billy Hult

Hey, Rich. How are you? That's a good question. I would answer it a couple of ways, Rich. Lee and I have kind of mentioned that we've talked about the fact that Tradeweb from basically day one kind of grew up competing in our core businesses with Bloomberg, so we feel sort of very comfortable in a competitive environment. We think competition is good for the space, it's good for the marketplace, it's good for clients. We think it helps drive innovation.

If I were going to sort of assess the landscape a little bit, and it's a good question, clearly obviously we're always aware of what's going on with Bloomberg. And we're also aware of what's happening in the wholesale space with companies like Fenix and their kind of movements potentially into more of the institutional space, so we have a sort of fine-tuned awareness of the competitive landscape.

That being said, I think interestingly, Rich, it's a balance, and we are also just very much sort of conscious around executing day in and day out and not spending too much time worrying about what our competitors are doing. And we spend the majority of our time listening to our clients, and we feel like that ultimately is the road map for us to continue to flourish and to continue to take market share in the environment. So it's a real interesting balance between being kind of honed and aware of the competitive landscape, and that being said, day in and day out, knowing what kind of company you are, how you engage with your clients and how you continue to move markets forward.

Analyst
Rich Repetto

Got it. Thank you, Billy. I'll get back in the queue.

Operator
Operator

Thank you. Our next question comes from the line of Ari Ghosh from Credit Suisse. Your line is open.

Analyst
Ari Ghosh

Hey. Good morning, everyone. Maybe one for Billy on portfolio trading. You continue to see strong traction here. And then earlier this year too, you talked about execution quality and higher volumes even during the height of the crisis this year. So hoping you can just update us on change in client behavior. Just curious, are clients now looking to execute greater percentage via portfolio trades? Are average trade size sort of increased as clients seeing more comfort. And then just the overall -- any color on the overall impact to the credit fees per million at these trends.

Executive
Billy Hult

Thank you for the question. Yeah, sure. Thank you for the