Press release
Tradeweb Completes First On-Chain Electronic Auction for Brokered CDs
Milestone in the modernization of a historically manual market Reflects an expanded digital infrastructure for fixed income NEW YORK--(BUSINESS WIRE)--
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nMilestone in the modernization of a historically manual market\n\nReflects an expanded digital infrastructure for fixed income\n\n NEW YORK--(BUSINESS WIRE)--\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that it completed the industry’s first fully electronic auction for brokered certificates of deposit (CDs). The inaugural transaction took place on Tradeweb’s retail platform between Gateway First Bank and InspereX, and was executed on-chain, powered by Alphaledger’s blockchain technology.\n\nThe auction represents a key step toward modernizing a market that has long relied on manual processes and weekly pricing set by a limited group of dealers. Although outstanding brokered CD volume is significant, only about 25% of U.S. banks currently issue brokered CDs, highlighting the opportunity to expand participation, improve transparency and increase efficiency across the ecosystem.\n\nJohn Cahalane, Head of Tradeweb Retail, commented: “This inaugural transaction marks an important step toward building more modernized, electronic, on-chain markets. By digitizing the brokered CD auction process, we are expanding access and transparency to improve execution for issuers, distributors and investors. The future of finance is increasingly moving on-chain, and this innovation opens new pathways for market participants to engage with these products.”\n\nBrokered CD issuance year-to-date through October 2025 amounts to approximately $566 billion, while total outstanding is estimated at about $820 billion. Brokered CDs offered to individual retail investors are FDIC-insured up to $250,000, with potential for broader FDIC coverage as more banks enter the marketplace. For corporate treasurers, this electronic auction introduces added flexibility for yield optimization and diversification through a streamlined digital process.\n\nManish Dutta, Co-founder and CEO at Alphaledger, said: “By recording each auction event as an instantaneous, immutable and cryptographically verified entry, our digital infrastructure removes the need for manual reconciliation and reduces reliance on third-party verification. This digital workflow enhances efficiency, strengthens price discovery and creates a more robust, auditable trail for the entire issuance ...