Tradeweb Markets Acquires Algorithmic Execution Provider r8fin

Tradeweb Acquires Nasdaq's U.S. Fixed Income Electronic Trading Platform (eSpeed)

June 25, 2021

Financial Services

Tradeweb Markets Inc. completed its previously announced $190 million acquisition of Nasdaq’s U.S. fixed income electronic trading platform (formerly eSpeed), funded with cash on hand. The platform will be integrated into Tradeweb’s Dealerweb unit to offer a fully electronic central limit order book (CLOB) alongside existing protocols, expanding Tradeweb’s capabilities in the wholesale U.S. Treasury market.

Tradeweb Markets Acquires Institutional Cash Distributors (ICD) for $785M

April 8, 2024

Financial Services

Tradeweb Markets Inc. acquired Institutional Cash Distributors (ICD), a leading institutional money market fund portal and treasury investment platform, for $785 million in an all-cash transaction. The deal adds corporate treasury professionals as a new client channel for Tradeweb, complements its fixed-income marketplaces and portfolio analytics capabilities, and was completed on August 1, 2024.

Intercontinental Exchange (ICE) Acquires American Financial Exchange (AFX)

January 13, 2025

Financial Services

Intercontinental Exchange (ICE) has acquired 100% of the American Financial Exchange (AFX) from 7RIDGE. The purchase brings AFX's interbank lending marketplace and the AMERIBOR benchmark into ICE's broader index and mortgage technology network to expand capabilities for regional, midsize and community banks.

Trading Technologies Acquires RCM-X

March 15, 2022

Software

Trading Technologies (TT) has acquired RCM-X, a provider of algorithmic execution strategies, trade analytics and TCA services, and will integrate RCM-X’s products and team into the TT trading platform. The deal is TT’s first acquisition since TT itself was acquired by 7RIDGE in December 2021 and strengthens TT’s execution-algorithm and analytics capabilities for institutional clients.

9fin Acquires Bond Radar to Expand Debt Market Coverage

March 24, 2025

Financial Services

9fin has acquired Bond Radar, a provider of intelligence and historical data for global primary debt issuance markets, to enhance its debt market analytics platform. The acquisition adds two decades of historical transaction data and expands 9fin's coverage into investment grade debt, asset-based finance and key emerging markets.

Numerix Acquires FINCAD from Zafin

April 12, 2023

Software

Numerix has acquired FINCAD, a provider of pricing and risk analytics for derivatives and fixed-income products, from Zafin. The deal combines two leading analytics vendors to expand Numerix's capital markets analytics and risk management capabilities; terms were not disclosed.