– USA, NY – Tradeweb Markets Inc. (Nasdaq: TW), a leading, a global operator of electronic marketplaces for rates, credit, equities, and money markets, today announced the election of President Billy Hult to be the next CEO, effective January 1, 2023, to succeed co-founder and current CEO Lee Olesky will retire as CEO effective December 31, 2022, and is stepping to the role of Chairman of the Board of Directors effective February 11, 2022, alongside Paula Madoff who has been elected as the Lead Independent Director, at the same date.
Martin Brand has stepped down as Chairman and is leaving the Board after a successful three years in the role.
About Lee Olesky
Mr. Olesky will serve as both Chairman and CEO of Tradeweb through 2022, after which he will continue to serve as Chairman through 2023.
Mr. Olesky co-founded Tradeweb 25 years ago and has been CEO since 2008. Under his leadership, Tradeweb has experienced significant growth via strategic acquisitions; expansion of asset classes, client sectors, trading protocols, and market data; and the development of the firm’s Europe and Asia businesses.
“Since we started Tradeweb in 1996, I am enormously proud of how the company has continued to evolve on a near-constant basis,” commented Lee Olesky. “From a fintech start-up to a $20 billion company, what I am most proud of is the team of people I have been so fortunate to associate with over the last two decades. It is their professionalism, hard work, and exceptional talent that have provided the engine of growth and created a culture of excellence at Tradeweb.”
Since co-founding Tradeweb in 1996, Olesky has been a central figure in the evolution of electronic trading globally. From its start trading U.S. Treasuries in the early days of the Internet, Tradeweb has grown to become a leading, global operator of electronic marketplaces for rates, credit, equities, and money markets. In all, Olesky has led Tradeweb from an early-stage startup with $8 million in financing to becoming one of the most successful IPOs of 2019, surpassing $10 billion in market capitalization during its first year of listing.
Olesky left Tradeweb in 1999 to launch BrokerTec, another electronic trading platform, before returning to Tradeweb in 2002 and becoming CEO in 2008. Before Tradeweb, he was COO for the Fixed Income Americas division at Credit Suisse First Boston.
A member of the SEC’s Fixed Income Market Structure Advisory Committee and the CFTC’s Technology Advisory Committee, Olesky also serves on the Board of Trustees of Mount Sinai Health System in New York City and Credit Benchmark, a provider of consensus credit risk analytics. He is a member of the International Advisory Board of BritishAmerican Business and a member of the Leadership Council of Habitat for Humanity New York City.
Olesky earned a bachelor of arts in history from Tulane University and a Juris Doctorate from George Washington University.
About William Hult
Billy Hult is President of Tradeweb Markets and also serves on the Board of Directors. Mr. Hult joined Tradeweb in 2000 and has spearheaded the development of several of Tradeweb’s most successful marketplaces, including mortgages and wholesale electronic trading. A leading voice in electronic trading, he has been President of Tradeweb Markets since 2008.
Hult is a leading voice in electronic fixed income trading, having led the development of several new and innovative marketplaces connecting liquidity providers and consumers. Appointed President in 2008, he has been instrumental in working with clients, partners and investors. Additionally, he was named to Institutional Investor’s annual Trading Tech 40 for five consecutive years.
Hult joined Tradeweb in 2000 as a product manager. He oversaw the creation of a platform for institutional electronic trading in the To-Be-Announced (TBA) mortgage securities market, which enhanced liquidity from borrowers to issuers and investors. Today, the TBA market is predominantly electronic and Tradeweb is the leading marketplace for that trading.
Hult directed Tradeweb’s entrance into wholesale electronic trading. He led the acquisition of broker Hilliard Farber, the creation of Dealerweb, and the launch of the company’s first platform for wholesale electronic trading. Under Hult’s leadership, Dealerweb has expanded its product scope, which includes government bonds, mortgages, and credit.
Before joining Tradeweb, Hult worked in many trading roles at Société Générale.
“Tradeweb is extremely well-positioned to help shape the future of electronic markets, and I am excited for the opportunity to lead this company and continue to work alongside so many talented individuals every day,” said Mr. Hult. “Collaboration is a big part of how we work with clients and colleagues at Tradeweb, and that started with Lee at the top. In addition to being rightly known as a pioneer in electronic trading, he is a thoughtful leader and a creative innovator. I appreciate having Lee in the office next door for a little longer as we work together to ensure a seamless transition.”
Billy received a B.A. from Denison University. He serves on the Board of Directors for both Boys Hope Girls Hope New York and the Bridgehampton Chamber Music Festival.
About Paula Madoff
Ms. Madoff currently serves as an Advisor to Goldman Sachs. Previously, she worked at Goldman for over two decades where she was most recently a Partner and Head of Sales and Distribution for Interest Rate Products and Mortgages until she retired from this position in August 2017. From August 2017 to April 2018, Ms. Madoff was employed as an Advisory Director at Goldman. She brings experience in managing regulatory and market structure changes, investing, risk management, and capital markets activities. Ms. Madoff serves as a Non-executive Director on the Boards of KKR Real Estate Finance Trust Inc.; Power Corporation of Canada; Great-West Lifeco; and ICE Benchmark Administration, where she is also Chair of the ICE LIBOR Oversight Committee. She held several additional leadership positions at Goldman, including Co-Chair of the Retirement Committee, overseeing 401(k) and pension plan assets; Chief Executive Officer of Goldman Sachs Mitsui Marine Derivatives Products, L.P.; and was a member of its Securities Division Operating Committee and Firmwide New Activity Committee. Before joining Goldman, Ms. Madoff worked in Mergers and Acquisitions at Wasserstein Perella & Co. and in Corporate Finance at Bankers Trust.
Ms. Madoff is a 2018 David Rockefeller Fellow, a Member of the Harvard Business School Alumni Board, a Member of the Harvard Kennedy School Women’s Leadership Board, and a Director of Hudson River Park Friends.
Ms. Madoff received a B.A. degree in Economics, cum laude, from Lafayette College and an M.B.A. from Harvard Business School.
About Tradeweb Markets
Tradeweb Markets Inc. is a leading, global operator of electronic marketplaces for rates, credit, equities, and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing, and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution, and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1 trillion in notional value traded per day over the past four quarters.
For more information: https://www.tradeweb.com/
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