Tradeweb Buys ESpeed Leftovers as Nasdaq Exits ‘Poor Deal’ (1)

Tradeweb Markets Inc., the leading electronic platform for dealer-to-customer trading of U.S. Treasuries, agreed to buy a pioneering fixed-income market whose clout dwindled under Nasdaq Inc.’s ownership.

Tradeweb is paying $190 million cash for the Nasdaq interdealer trading business, which was originally called eSpeed, less than a decade after the second-biggest U.S. equity exchange operator acquired it from BGC Partners Inc. for more than $1 billion in cash and stock. The transaction is expected to close later this year, according to a statement Tuesday.

ESpeed’s market share collapsed after Nasdaq acquired it. But Tradeweb is broadening its Treasuries ...