ANALYSIS: LSEG looks to Tradeweb to power ‘critical’ fixed income expansion
12th November, 2025|Radi Khasawneh
LSEG is preparing to roll out Tradeweb analytics on the Workspace terminal, part of a wider push to transform the British group's technology offering.
Speaking at an event in London on Monday, chief executive David Schwimmer said fixed income is a core part of the group’s data strategy in the coming year. LSEG, which has a majority stake in Tradeweb, has already taken steps to integrate foreign exchange data and execution tools across its platforms.
“From our perspective, it is about making us that much more competitive in a critical asset class,” Schwimmer (pictured) said in a presentation to analysts. “We are seeing the strength that we have had historically in foreign exchange (FX) play through across the lifecycle in the end-to-end offerings that we have – to maintain or build that kind of strength in fixed income is a very attractive proposition.”
Tradeweb in 2023 launched a tool allowing traders of emerging market bonds to make related foreign exchange trades through LSEG’s FXall platform. The move was part of a wider effort to connect and update the technology behind FXall and Refinitiv FX Matching after the 2021 acquisition of Refinitiv by the London-headquartered exchange group.
After the migration to Workspace from the now withdrawn Eikon terminal, LSEG is now focusing on fixed income market data, Schwimmer added.
“It is now something that is very close to the top of the list, and… I expect to see access to Tradeweb through Workspace in 2026, I don’t want to give a specific date at this point but I’m pretty comfortable with the first half,” he said.
The move will complement the group's strategy to integrate its various services including over-the-counter trading and clearing as well as benchmark indices.
“This creates an end-to-end proposition, we have the same comprehensive offering in swaps, drawing on our SwapClear and Tradeweb franchises, and as you know we are powering a number of FTSE Russell fixed income indices with Tradeweb data,” Schwimmer said. “This creates another flywheel effect. The more volume traded on Tradeweb, the better the pricing and the FTSE indices, the more usage of the indices increases the importance of the Tradeweb pricing as the industry standard.”
LSEG, which in December 2023 announced a ten-year partnership with Microsoft, is currently migrating its data services to Microsoft’s Azure cloud service with a revenue share related to new tools and services. The partnership is a key part of its plan to increase adoption of data and feeds services.
In answer to an analyst question, Schwimmer said the firm is set to benefit from the transition to artificial intelligence-based tech.
“From our perspective we are very well positioned to serve our customers where they want to be served,” he said. “If that means a smaller number of humans doing a lot more - great, we are really well positioned for that. If that means more consumption through our data and feeds – great, we are well positioned for that.
“One other thing I just want to put out there, this market is changing dramatically, there is an enormous amount of disruption going on in this market. It is not beyond the pale to think about the fact that some of our new customers may be agents. As there is a profusion of agents, think of each agent needing access to data. That could be a very different model from humans [to] agents – data and feeds.”
The firm in September reported a 6.7% year-on-year increase in revenue for the third quarter, to £2.2 billion. That included a 5% jump in the data and analytics division, its largest segment.
