Market Share LossesThere was a slight market share loss for Tradeweb in the US investment grade credit market, with a decrease in market share by 26 basis points year-over-year.
Revenue And Market Share DeclinesTotal revenue estimate is being lowered by 1% due to a decrease in forecast for rates revenues by 2% and equities revenues by 7%.
Weakness In Treasury And Credit VolumesTreasurys growth was weaker given tough comparisons, the lowest volatility in several years, and likely a higher level of packaged trades done by phone.