ION’s Fidessa trading platform now incorporates Tradeweb’s ETF Request‑for‑Quote (RFQ) workflow, allowing users to request, negotiate, and execute ETF trades directly within their existing Fidessa environment. The integration, announced on December 3 2025, delivers straight‑through processing across Tradeweb’s global liquidity pool and is positioned as a key operational milestone for both firms.
The partnership taps into a rapidly expanding ETF market. Tradeweb’s Q3 2024 revenue of $448.9 million grew 36.7% YoY, and Q4 2024 revenue rose to $463.3 million, a 25.2% increase. In Q3 2025, revenue reached $508.6 million, up 13.3% YoY, reflecting sustained demand for electronic ETF trading. In July 2025, European ETF average daily volume (ADV) climbed 29.4% year‑over‑year, while U.S. institutional ETF volumes surged 59.6% in October 2025. By embedding RFQ functionality into Fidessa, ION and Tradeweb aim to capture a larger share of this high‑growth segment.
From a technical standpoint, the integration merges Tradeweb’s RFQ engine with Fidessa’s order‑management workflow. Clients can now generate RFQs, receive real‑time quotes from multiple liquidity providers, and execute trades without leaving the Fidessa interface. The streamlined process reduces manual steps, lowers the risk of errors, and improves pricing transparency, which is critical for large‑size ETF transactions that often require multi‑source liquidity.
Management emphasized the strategic fit of the deal. Adam Gould, Global Head of Equities at Tradeweb, said the partnership “gives customers efficient access to Tradeweb’s advanced RFQ functionality, competitive pricing and a deep pool of liquidity providers.” Robert Cioffi, Global Head of Equities Product Management at ION, added that the integration “advances automation of ETF RFQ flow, making it easier for Fidessa users to access diverse liquidity sources.” These comments underscore the intent to enhance execution quality and operational efficiency.
The collaboration strengthens both firms’ competitive positioning. For ION, adding RFQ capability to Fidessa broadens its product suite and deepens client engagement. For Tradeweb, the move extends its ETF technology to a wider user base, reinforcing its role as a leading electronic marketplace. While specific adoption rates are not yet disclosed, the integration is expected to accelerate revenue growth in the ETF segment and support the firms’ broader strategy of expanding electronic trading solutions across asset classes.
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