Name: Tradeweb CEO on Bringing Transparency to the Private Credit Market
Uploaded: 2025-05-21T14:26:00Z
Duration: 2 min 37 s
Description: Billy Hult, CEO of Tradeweb, discussed private credit as the fixed-income market's next frontier and talked about how his company could bring price transparency to that corner of the market.

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Billy Hult, CEO of Tradeweb, discussed private credit as the fixed-income market's next frontier and talked about how his company could bring price transparency to that corner of the market.

https://m.wsj.net/video/20250521/6293af01-8900-4b4d-bb6d-cd0d5a10f841/1/hls/manifest-hd-wifi.m3u8

Tradeweb CEO on Bringing Transparency to the Private Credit Market

I wanna ask you about, there's a big move lately of privates and retail investors, putting those two together.

Yeah.

What is your take on that?

It's interesting. I mean, like, the credit market is really like the kind of frontier in a lot of ways around that. And I think the thought process is the sort of the blend around kind of how we think about public credit and private credit is changing by the minute. You know, from my perspective, there are a lot of kind of thoughtful firms around the evolution of the private market, maybe at the top of the list. In a lot of ways, Apollo has been very, very strong about ultimately wanting a more transparent, sort of secondary market in private credit that feels more like the secondary market that currently exists in some of, you know, the public credit marketplaces. So it's an interesting evolution. My instinct is that the private credit market is gonna continue to evolve into a much more, you know, efficient place.

And your service, Tradeweb, works for both public and private credit?

Right now, it's public credit 'cause that's really all the transparency is.

So is that the next frontier for you?

We're working on that big time.

Getting into private credit.

It's the right partners. You know, we've been a company that has really sort of partnered with the community to build out a marketplace that works. And I think it's figuring out the right partners in this next evolution of private credit won't be, you know, necessarily easy. You know, we have a lot of history with, again, these kind of paper markets that can be pretty gradual and pretty slow moving into transparency. The history around Tradeweb in a really interesting way is that there was always a little bit of resistance, you know, around what we do, you know, transparency and efficiencies. Like, you know, no thanks. You know, we make money in a little bit of the shadows of the market and the back alleys of the market. So there's always been a very kind of interesting push-pull around how these markets ultimately evolve. I think in a really interesting way, a firm like Citadel has been very loud about their presence as a market maker on the security side in fixed income. And they're playing a pretty large role in credit and also the interest rate products in terms of being a more aggressive participant in the evolution of electronification, particularly since they bring in so much experience because they're such a strong player, as you know, on the equity side and the equity derivatives side. So there's a lot happening.

Tradeweb CEO on Bringing Transparency to the Private Credit Market

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