Anyone here has experience trading direct with Tradeweb? They are a liquidity provider or wholesale MM of some sort for US Treasuries.
Mostly a bond execution venue for institutional clients. In addition to a wide range of bond offerings, including international and Chinese bonds, they also cross MBS, IRS, CDS, Repo, commercial paper, Options (I think), and other institutional instruments. Notably, not equities.
Started way back in the late 1990s, and in competition with Marketaxess.
Not really a retail venue, they typically serve institutional clients and provide liquidity to retail vendors. Typical trade is to find a counterparty and cross a USD$10B bond buy from the government of China to some investment bank (JPM, GS, etc.), a buy of similar scale between investment banks, or a repo/commercial paper trade to meet overnight requirements. Big numbers.
Also the bond offerings from eTrade, Ameritrade, IB, perhaps even Fidelity and Schwab probably come, at least in part, from Tradeweb.
To trade with them you'd have to be a registered broker/dealer, a high-wealth individual, hedge fund, or investment bank.