Tradeweb Markets Inc

TW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tradeweb: Increasing Our Fair Value Estimate on Trumid Acquisition

Michael Miller

Oct 21, 2026

We see strong strategic and financial logic to Tradeweb’s purchase of Trumid. The acquisition will likely make Tradeweb the market-share leader in US corporate bonds and extend the firm's reach into new-issue trading, an area where it has historically been underpenetrated.

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Tradeweb Markets Inc

Tradeweb: Increasing Our Fair Value Estimate on Trumid Acquisition

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