Tradeweb Markets Inc. announced a strategic investment in MAXEX, the digital exchange for U.S. residential mortgage loans, on February 12, 2026. The partnership will connect Tradeweb’s global network of more than 3,000 clients with MAXEX’s network of roughly 400 mortgage lenders and more than 36 institutional investors, creating a more efficient, transparent, and liquid marketplace for private residential credit.
The deal extends Tradeweb’s mortgage capabilities beyond its existing agency MBS, TBA, and specified‑pool offerings. By integrating MAXEX’s centralized exchange and clearinghouse with Tradeweb’s electronic trading, data, and workflow platform, the two firms aim to bring institutional‑grade infrastructure to a segment that has historically been fragmented and opaque.
Tradeweb’s recent financial performance underscores the company’s capacity to pursue this expansion. In Q4 2025, Tradeweb generated $521.2 million in revenue, up 12.5% year‑over‑year from $463.3 million in Q4 2024, and recorded a 23.3% increase in average daily volume. Full‑year 2025 revenue reached $2.052 billion, a rise from $1.726 billion in 2024, reflecting sustained growth across its rates, credit, and equity segments.
The private residential credit market is a rapidly growing niche within the broader private‑credit landscape, which is projected to double to more than $3 trillion by 2028 and reach $5 trillion by 2029. By partnering with MAXEX, Tradeweb positions itself to capture a share of this expanding opportunity while reinforcing its competitive stance against peers such as MarketAxess, Bloomberg, ICE, CME Group, BGC Group, Euronext, and Trumid.
MAXEX, launched in 2018, has worked to standardize and streamline the secondary mortgage market through its digital exchange and clearinghouse model. A strategic investment by J.P. Morgan in 2021 helped accelerate market adoption of non‑agency mortgages, and the new partnership with Tradeweb is expected to further broaden institutional access and liquidity.
"Residential private credit represents a compelling next phase of that evolution as we continue to invest in core areas of organic growth for Tradeweb," said Troy Dixon, Managing Director and Co‑Head of Global Markets at Tradeweb. "By combining our global reach with MAXEX’s specialized platform, we can deliver deeper liquidity and transparency to a critical segment of the U.S. financial system.","""Tradeweb is one of the most respected market operators in global fixed income. Together, we intend to bring institutional‑grade infrastructure, transparency, and liquidity to a core segment of private credit that underpins the U.S. financial system,""" said Tom Pearce, CEO, Chairman, and Co‑Founder of MAXEX.","""2024 was a banner year for Tradeweb, marking our 25th consecutive year of record annual revenues,""" said Billy Hult, CEO of Tradeweb. "This achievement reflects our commitment to growing our geographical footprint, entering new markets and client channels through organic and inorganic collaborations, and consistently delivering value to our clients.","The financial terms of Tradeweb’s investment in MAXEX were not disclosed, but the partnership is expected to accelerate Tradeweb’s entry into the private residential credit market and enhance its competitive positioning in the broader fixed‑income trading ecosystem."
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