Tradeweb Markets Inc. (NASDAQ:TW) Q3 2023 Earnings Call Transcript

So what it really does is it corrects inefficiencies in the market and it lowers the cost of borrowing to the U.S. Treasury because it’s keeping treasuries more in line with other derivatives in the market. So I think it’s actually bringing efficiency. It’s a relative value trade. It brings efficiency to the market. And yes, if there was another big shock, you have unwinds and things like that, yes. But overall, I think it’s very good for the market, and it’s very good for the U.S. government.

Operator: And this concludes the question-and-answer session. I would now like to turn it back to Billy Hult, CEO of Tradeweb for closing remarks.

Billy Hult : Thank you all very much for joining us this morning. If you have any follow-up questions, please, obviously, feel free to reach out to Ashley, Sameer and our excellent team. Everyone, have a great day, and thanks very much for the questions.

Operator: This does conclude our session. You may now disconnect.