Tradeweb
Markets (NASDAQ: TW)
has hired Rich Chun to run its Asia operations, bringing in a three-decade
fixed income veteran to oversee the electronic trading platform’s expansion in
a region where the company posted double-digit revenue growth this year.
Tradeweb Names Fixed
Income Expert to Lead Asia Push
Chun, who
will be based in Hong Kong as managing director and head of Asia, joins from
HPS Investment Partners, where he served as a portfolio manager and set up the
firm’s Hong Kong office. He will report to Enrico Bruni and Troy Dixon,
Tradeweb’s co-heads of global markets, and manage business operations and
client relationships across the Asia Pacific region.
“Tradeweb’s
success has always been rooted in listening to our clients and helping them
navigate evolving markets,” Bruni said. “Rich Chun brings extensive
industry insight to help us deepen those relationships and deliver even more
value to the local investment community.”
The hire
comes as Tradeweb’s international operations recorded 41% revenue growth
year-over-year in the second quarter of 2025, reaching $215 million and
accounting for roughly 42% of total revenue. The company’s average daily
trading volume rose 33 percent to $2.6 trillion during the same period.
Last month, the company led the series C funding round of Fnality, alongside WisdomTree and KBC Group. Fnality uses a distributed ledger to link wholesale
markets with tokenized assets and closed the latest round with $136 million.
Experience Spans Buy-Side
and Sell-Side Roles
Chun spent
nine years at HPS Investment Partners and previously worked seven years as a
portfolio manager at Claren Road Asset Management, helping shape that firm’s
regional approach. Before moving to the buy side, he worked 14 years at
Citigroup in multiple trading positions, including a stint as head of credit
trading for Asia and co-head of emerging market credit trading in the region.
His
background includes positions on both sides of the market. At Citigroup, Chun
also led Asia cash bond trading and the Asian syndicate desk, and spent six
years trading on the firm’s U.S. high yield desk in New York.
“I am honored
to join Tradeweb at such a dynamic time for financial services in Asia,”
Chun said. “Tradeweb has earned its reputation as a trusted partner and
innovator across asset classes, and I look forward to engaging with our
talented team and clients to develop new technologies that help unlock new
opportunities and efficiencies.”
Regional Electronification
Lags Global Markets
Electronic
trading penetration in Asia Pacific fixed income markets remains low compared
to the U.S. and Europe, with some estimates placing electronification rates at
5 to 10 percent of total volumes. Market fragmentation and lower liquidity in
many products have slowed the shift away from voice trading and chat-based
execution.
Still,
buy-side and sell-side firms in the region have increased adoption over the
past five years, driven by efficiency gains, better transparency and regulatory
requirements around best execution. Click-to-trade protocols have gained
traction for more liquid securities.
Dixon said
the firm sees room for growth as markets become more interconnected. “As
financial markets become increasingly electronified and interconnected, I am
excited to welcome Rich to our Asia team to continue scaling our local
business,” he said.
Tradeweb,
which went public in 2019, operates electronic marketplaces for rates, credit,
equities and money markets. The company serves more than 3,000 clients in over
85 countries and facilitated an
average $2.4 trillion in notional value traded daily over the past four
fiscal quarters.
This article was written by Damian Chmiel at www.financemagnates.com.
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