News Hub | News Direct

Holiday Gadget Guide

News Media Group, Inc.

Contact Details Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

December 06, 2023 06:00 AM Eastern Standard Time

Video

Microsoft Shareholder Seeks Accountability for Transgender Policies; Opposes Reid Hoffman for Board

NLPC

At the annual meeting for Microsoft Corporation on Thursday, National Legal and Policy Center will present a shareholder proposal that demands the company deliver an analysis of potential discrimination in the insurance coverage it offers employees, as it pertains to gender. Specifically, NLPC has identified coverage for so-called “transgender” staffers who desire to switch from their birth sex. Meanwhile the tech giant – otherwise generous in its benefits coverage, which includes paying for women to travel out of their home states to get abortions, if it’s unlawful where they live – has no provisions in its health plans for those who rue their life-altering “transition” decisions. In support of the proposal, NLPC also filed a proxy memo with the Securities and Exchange Commission, which explains in greater detail the reasons why shareholders should support its resolution for the Microsoft meeting, which is Proposal 5 on the company’s proxy statement. As the nonprofit shareholder reports, the Equal Employment Opportunity Commission prohibits discrimination “in the payment of wages or employee benefits” based on gender, and thus Microsoft’s failure to accommodate de-transitioning workers is clearly biased and inequitable treatment. “A ‘de-transitioner’ fits into Dept. of Labor- and EEOC-protected categories of prohibited discrimination, which include ‘sex’ – expressly incorporating ‘gender identity’ and ‘sexual orientation,’” NLPC reported. “Arguably, for a ‘de-transitioner,’ the protected categories of ‘disability’ and/or ‘genetic information’ could also be cited as possible bases for discrimination.” “While Microsoft boasts about its perfect score from the Human Rights Campaign for capitulating to their radical LGBT agenda, those who are permanently scarred as a consequence of their policies have nowhere to turn for help,” said Paul Chesser, director of NLPC’s Corporate Integrity Project. As NLPC’s proposal states, many regretful transitioners are harmed with “various long-lasting side effects like chronic pain, sexual dysfunction, unwanted hair loss and hair gain, menstrual irregularities, urinary problems, and other complications. Rather than resolve mental health problems, such ‘gender affirming’ care instead often exacerbates them.” NLPC also notes how sufferers are becoming increasingly litigious, which could present material risk to Microsoft shareholders, as noted in the proxy memo to the SEC: Michelle Zacchigna had her uterus and breasts removed, and is suing the eight providers who treated her over their “recklessness.” “Distress related to my gender was treated to the exclusion of other serious mental health issues which went undiagnosed for years. Blind affirmation of my stated identity closed the door to alternative treatment options. What happened to me should never happen again.” Those who desire to “de-transition” cannot find needed treatment, whether from providers or insurance companies… Prisha Mosley said every primary care physician, endocrinologist, obstetrician, and gynecologist she’s approached on her insurance list has turned her away or said they can’t help. “I could call and be rejected every single day.” Chloe Cole said, “I reached out to every physician, every therapist who is involved with this, and I haven’t really gotten any help at all.” Cat Cattinson said, “Because of the experimental nature of gender medicine, doctors know very little about the long-term effects of medical transition and even less about the health-care needs of those who de-transition.” “Microsoft is not only vulnerable legally and financially because it fails to cover care for de-transitioners,” Chesser said, “but also because the company’s stated policies affirm it is possible to change one’s gender. If a judge and jury were to decide the company lied and convinced an employee into undergoing chemical or surgical castration, that is a material risk that Microsoft must disclose in its 10-K annual report to shareholders.” In addition to its shareholder proposal, NLPC also filed another proxy memo with the SEC to oppose the re-election of LinkedIn co-founder Reid Hoffman for Microsoft’s board of directors. The move follows a letter that Chesser sent to Microsoft’s board in October, which asked for the removal of the tech billionaire from the board, due to his hyper-partisan political activities and his connections to the late convicted pedophile Jeffrey Epstein. Founded in 1991, NLPC promotes ethics in public life and government accountability through research, investigation, education, and legal action. ### For more information or to schedule an interview with Paul Chesser, contact Dan Rene at 202-329-8357 or drene@nlpc.org. Please visit http://www.nlpc.org. Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 drene@nlpc.org Company Website http://www.nlpc.org

December 05, 2023 01:35 PM Eastern Standard Time

News Release

Why This New Token Could be 2023's Biggest Altcoin Yet

RoundHouse Media

Why This New Token Could be 2023's Biggest Altcoin Yet Things didn’t go well for the cryptocurrency market over the last few years, with major setbacks like the FTX scandal and a long crypto winter that followed. Fortunately, there are clear signs that this situation is changing for the better as we approach the end of 2023. Subsequently, investors are gearing up and repositioning themselves to purchase cheap tokens to make huge profits when these tokens blossom in 2024 and beyond. There are more than 15,000 tokens currently in the crypto market. However, not all of them can be considered as the best crypto coins to invest in. Most crypto investors are only concerned with one big question: what projects will offer the highest returns? The answer to this question depends on the risk appetite of investors. But there’s one new coin guaranteed to completely transform how many people interact with the crypto market. So let’s take a look at its fundamentals. >>BUY $GFOX TOKENS NOW<< Galaxy Fox ($GFOX) Galaxy Fox ($GFOX) is a P2E gaming platform that allows players to enjoy fun and exciting games, while earning in-game assets they can exchange for $GFOX. The exciting new gaming platform has many unique and innovative features that will draw in gamers and investors from all demographics. In addition to gaming, the project provides users with lucrative opportunities to earn passive income and rewards by staking their tokens, minting and selling NFTs, and more. Galaxy Fox aims to become one of the best crypto coins to invest in by redefining the space through the combination of P2E mechanics and meme culture while enabling users to earn real-world assets. With its versatility and multiple use cases, it’s not surprising that many crypto analysts choose Galaxy Fox as the best cheap crypto to buy in the present market, and expect it to deliver major returns after the presale ends and it goes live on exchanges. The platform has officially launched its first presale stage and is generating a lot of buzz among investors, demonstrating increasing user adoption. The token is currently being sold at $0.0008778 and has already garnered over $400,000 in its first presale stage, which means that a lot of investors are rushing to buy the token to position themselves for a lot of profits. It’s a great opportunity to tap into the vast network of the P2E gaming sector using Galaxy Fox. If you’re looking for the best crypto coins to invest in, this is a serious game-changer in the meme and gaming worlds. So don’t wait to get in early on this project. Check out their presale today! >>BUY $GFOX TOKENS NOW<< Learn more about Galaxy Fox ($GFOX) here: Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter Contact Details Team media@galaxyfox.io

December 05, 2023 01:00 PM Eastern Standard Time

Ethernity Networks CEO looks forward to 2024 after "reviving" business in H2

Ethernity Networks Ltd

Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) chief executive David Levi speaks to Proactive's Thomas Warner after the networking and security software solutions company released a trading update for calendar year 2023 - a year Lev himself describes as "extremely challenging." Levi starts by talking about some of the positives from the year, noting what he calls the collection of $4.5mln, an increase in gross margin and the announcement of an improvement in the company's cash position during the second half. He describes the action taken during the second half as a "successful revival of the business operation." He goes on to talk about his hopes for 2024, saying that he expects to generate positive cash flow, saying "all in all we completed product development, and now is the time to monetise the business based on what he have developed." "The major thing for investors is that... we plan to operate a positive cash flow but we need in order to do that we need to improve our balance sheet to attain new customers." Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

December 05, 2023 12:18 PM Eastern Standard Time

Video

PathAI Announces Research Presentations at the San Antonio Breast Cancer Symposium

PathAI

PathAI, a leading technology company which combines AI-powered pathology solutions with end-to-end central pathology and histology services, today announced it will present four research presentations underscoring the value and potential of PathExplore’s* human interpretable features (HIFs), and one research presentation demonstrating the ability of the AIM-HER2* product to accurately predict HER2 scores, including in HER2-low cases, at the San Antonio Breast Cancer Symposium on December 5-9, 2023, in San Antonio, TX. “This research builds on our past successes and proceeds to show that PathAI’s algorithms continue to further our understanding of cancer biology and disease mechanisms,” said Andy Beck, M.D., Ph.D., co-founder and chief executive officer of PathAI. “At PathAI, we continue to demonstrate the clinical potential for these AI pathology tools, and we’re confident that it will ultimately translate to advancements in precision medicine and patient outcomes.” Poster #PO1-07-01: Artificial Intelligence-based prediction of Oncotype DX score from whole slide images using human-interpretable features and breast biomarkers The Oncotype DX Breast Recurrence Score assay (ODX) is a commonly used genomic test for patients with estrogen receptor (ER)-positive, HER2-negative, early-stage invasive breast cancer. While ODX predicts patients’ recurrence risk and benefit from chemotherapy, it is time-consuming and expensive. Using human-interpretable features extracted from H&E whole slide images with the PathExplore Breast model, together with manually assessed ER, PR, HER-2 scores, and tumor stage, PathAI, in collaboration with researchers from the Cleveland Clinic Foundation, developed interpretable models for predicting ODX recurrence scores using histological features and clinical covariates. The models achieved a level of performance comparable to previous deep-learning approaches, while also revealing the contribution of features such as cancer cell density, immune cell density, and variations in cancer nuclear shape and color to the ODX score prediction. Using readily available information, the model has the potential to be a convenient screening tool for patient stratification, which may lead to better patient care, lower costs, and faster treatment. Presenting Author: Nhat Le Time/Location: Wednesday, December 6, 12:00 PM – 2:00 PM, Poster Session 1 Poster #PO3-07-04: Prediction of PAM50 molecular subtypes from H&E-stained breast cancer specimens using tumor microenvironment features and additive multiple instance learning models PAM50, a 50-gene signature, classifies breast cancers into one of five subtypes and has emerged as a key prognostic indicator influencing treatment decisions. There is growing interest in bridging the gap between expression-based metrics and histopathology. In this poster, PathAI describes a computer vision-based approach to predict PAM50 classification using H&E-stained whole slide images (WSIs). Two separate machine learning approaches were developed to predict PAM50 subtypes from WSIs. Both models performed well in predicting Basal, Luminal A, Luminal B, and Luminal (A+B) subtypes, and provide biological interpretability not found in typical black-box models. The results support the notion that AI-powered digital pathology can accurately and reproducibly perform molecular-based classification tasks such as predicting PAM50 classifications using WSIs, suggesting a more efficient path toward clinically relevant breast cancer characterization. Presenting Author: Nhat Le Time/Location: Thursday, December 7, 12:00 PM – 2:00 PM CT, Poster Session 3 Poster #PO1-15-01: Digital pathology models reveal case-specific characteristics of the tumor microenvironment Tumor microenvironments are complex three-dimensional structures, but often only single histological sections are used to glean biological information for research purposes or in some diagnostic practices. These conclusions can also be affected by technical factors in slide preparation and digitization. In this research, PathAI applied PathExplore, a suite of digital pathology models to identify cell and tissue substances as well as their spatial relationships, to whole-slide images of breast cancer tumors and quantified intra- and inter-tumor heterogeneity in human-interpretable features of the tumor microenvironment. The results reveal biological and technical variability that can inform selection and interpretation of biomarkers derived from single slides. The ability to uniquely identify slides from the same case additionally demonstrates the technical robustness of digital pathology models for yielding quantitative insights into tumor biology. Presenting Author: Ylaine Gerardin Time/Location: Wednesday, December 6, 12:00 PM – 2:00 PM, Poster Session 1 Poster #PO2-14-12: Accurate quantification of slide-level HER2 scores in breast cancer using a machine-learning model, AIM-HER2 Breast Cancer The HER2 biomarker is critical in determining a breast cancer treatment course. To aid accurate interpretation of HER2-stained breast cancer specimens, PathAI developed the AIM-HER2 machine learning model, which demonstrates that the model performs comparably to pathologists in the prediction of HER2 scores (0-3+), including HER2-low. Comparable concordance between AIM-HER2 and pathologists was also observed irrespective of the HER2 antibody clone or slide scanner used. AIM-HER2 was developed using “Additive Multiple Instance Learning,” a novel technique which yields highly explainable results as slide-level scores and heatmaps, thereby supporting future use in AI-assisted pathologist workflows. Presenting Author: John Shamshoian Time/location: Wednesday, December 6, 5:00 – 7:00 PM CT, Poster Session 2 For more information, visit our poster sessions. For BioPharma opportunities, reach out to meet with our team at bd@pathai.com. To get in touch with our Digital Diagnostics team, reach out to digitaldx@pathai.com. For Academic Research opportunities, reach out to ryan.leung@pathai.com and liz.thomas@pathai.com *PathExplore and AIM-HER2 are For Research Use Only. Not for use in diagnostic procedures. About PathAI PathAI is a recognized leader in the biopharma partnering space, uniquely combining AI-powered pathology solutions with end-to-end central pathology and histology services. The company supports biopharma partners in executing clinical trials where pathology-based endpoints, biomarker classification, and/or superior histology quality are critical to successfully gauging therapeutic efficacy, accelerating drug development for complex diseases. PathAI has already supported multiple Phase 2 clinical trials in NASH, IBD, and breast cancer, as well as oncology neoadjuvant trials, and is now expanding into larger scale global Phase 3 studies, as well as additional indications. PathAI provides a fully integrated approach to clinical trials, enabling pharma partners to leverage the power of AI without the heavy lift of implementation. This helps reduce the impact of challenges associated with clinical trials, including unreliable turnaround times, variable histology, stain or scan/digitization quality, and challenging assessment of histological endpoints. The lab offers all major immunohistochemistry staining platforms, with flexible workflows across different scanners, stains, and biopsy types, which improves the quality of clinical trials. Services include access to PathAI’s extensive network of over 500 US Board Certified pathologists to perform high quality reading with rapid turnaround time in a cost-effective manner, plus seamless integration of PathAI's advanced AI-solutions to ensure high-quality, reproducible results with every scan. PathAI is headquartered in Boston, MA, and manages a CAP/CLIA-certified diagnostics clinical laboratory (formerly known as Poplar Healthcare) – one of the country’s largest anatomic pathology labs – in Memphis, TN. For more information, please visit www.pathai.com Contact Details SVM Public Relations and Marketing Communications Maggie Naples +1 401-490-9700 pathai@svmpr.com Company Website https://www.pathai.com/

December 05, 2023 12:00 PM Eastern Standard Time

Image

Coinsilium Group "so well positioned" heading into 2024 after Indorse deal

Coinsilium Group Ltd

Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) Executive Chairman Malcolm Palle and CEO Eddy Travia speak to Thomas Warner from Proactive London after the web3 investor announced it has agreed heads of terms with Indorse ahead of it increasing its stake in the Singapore-based blockchain development company from 10.156% to nearly 25%. Palle explains that the strategic investment reflects confidence in the group's undervalued market position. Indorse, also backed by Times of India, specialises in blockchain technology, offering Coinsilium's investors a valuable opportunity in the sector. CEO Travia highlights Coinsilium's long-standing relationship with Indorse, noting their expertise in blockchain and smart contract development. He emphasises the role of Indorse's CTO, Gaurang Torvekar, in pioneering Ethereum smart contracts. Travia also introduced the Byzant Project, a Web3 ecosystem focusing on professional social networking. This initiative aims to realign user and platform operator interests, diverging from traditional Web2 models. Concluding the interview, Palle expresses optimism for Coinsilium's future despite the recent challenges in the crypto environment. Emphasizing the company's resilience and robustness, he anticipates a positive outlook for the digital asset sector and significant advancements for Coinsilium in 2024. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

December 05, 2023 11:54 AM Eastern Standard Time

Video

Crossword Cybersecurity CFO upbeat heading into 2024

Crossword Cybersecurity PLC

Crossword Cybersecurity PLC (AIM:CCS) chief financial officer Mary Dowd speaks to Thomas Warner from Proactive London following the release of a trading update for calendar year 2023 which revealed that revenue growth "has not been as strong as expected." Dowd says that despite not meeting the targeted revenue of £6 million for FY 2023, Crossword still achieved a 15% growth compared to FY 2022, with revenues likely to come in between £4.1 and £4.3 million. This growth, albeit slower than expected, outperforms many competitors who are now projecting flat numbers. Dowd attributes the revenue shortfall to delayed conversions from their pipeline, a common trend among B2C organisations in the current economic climate. However, she remains optimistic about the future, projecting a strong revenue growth of £7 million for FY 2024. This positive outlook is based on the conversion of existing pipeline contracts, which are now materializing. Crossword also anticipates achieving EBIT and cash breakeven on a monthly basis in H2 2024, marking a significant milestone. Despite the challenges faced in FY 2023, Dowd's confidence in Crossword's resilience and growth potential shines through, offering a hopeful outlook for the cybersecurity sector amidst economic uncertainties. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

December 05, 2023 11:53 AM Eastern Standard Time

Video

GirlfriendGPT: The Best AI for NSFW Chats with Characters

Summit Ventures BV

GirlfriendGPT is blazing a trail in the often unexplored territory of NSFW AI chat experiences. This unique platform, conceptualized by Enias Cailliau, offers a bold and uninhibited space for those seeking to delve into the more risqué aspects of AI conversation. For users intrigued by the prospect of less restrained interactions, GirlfriendGPT presents a safe and advanced environment to explore these dimensions. Unleashing the Potential of AI in Adult Conversations GirlfriendGPT marks a groundbreaking step in the world of adult-themed AI chat interfaces. This platform isn't just about engaging in dialogues; it's an adventure into the depths of topics and scenarios, presented with a level of openness and liberty scarcely seen in the AI chat domain. It's where conversations transcend traditional limits, allowing users to experience the full potential of AI in a mature and unrestricted setting. Exclusive Features of GirlfriendGPT: Unleashing the Potential of NSFW AI Characters GirlfriendGPT distinguishes itself in the NSFW AI chat domain with several key offerings: Open and No Filter AI Conversations: Engage in dialogues that break free from the typical constraints, offering a candid and open-ended chat experience. Customizable NSFW AI Characters: Tailor your AI companions to align with your preferences in NSFW scenarios, enhancing the depth of interaction. Uncensored and Adaptive NSFW AI: Experience AI responses that are intuitive and in tune with the nuances of adult-themed conversations. Community-Centric LLM Improvements: GirlfriendGPT evolves through user feedback on their LLM (Large Language Model), constantly enhancing the NSFW chat experience based on community input. Embarking on Your NSFW AI Roleplay Adventure Your journey into the world of NSFW AI chat is just a few steps away: Visit GirlfriendGPT's advanced NSFW AI roleplay platform. Choose the "Sign In" option and log in using your credentials. Browse the homepage to select an AI character that matches your NSFW chat interests. Begin your conversation and dive into an unrestricted and engaging chat experience. How GirlfriendGPT started an NSFW AI chat revolution GirlfriendGPT is at the forefront of the NSFW AI chat revolution, offering a platform where users can explore adult-themed conversations with AI companions in a sophisticated and unrestricted environment. As the realm of AI continues to expand, GirlfriendGPT stands as a pioneer in providing a unique, bold, and open platform for NSFW AI interactions. Frequently Asked Questions (FAQs) Where can I find a platform with engaging in NSFW AI chatbots? A: Explore the unrestricted world of NSFW AI chat on GirlfriendGPT, a platform that excels in offering candid and open AI interactions. How does GirlfriendGPT enhance the NSFW chat experience? A: GirlfriendGPT leverages advanced AI to provide responsive and dynamic NSFW character interactions, making the experience more engaging and realistic. What makes GirlfriendGPT a unique destination for NSFW AI characters? A: The distinctiveness of GirlfriendGPT lies in its focus on open and unfiltered AI conversations, providing a safe and advanced space for exploring adult-themed topics. Where can I find other platforms for NSFW AI chat? A: While GirlfriendGPT offers a premier experience, you can also explore similar interactions on platforms like Chaiapp.pro and AI-Girlfriend.co, each offering unique features in the realm of NSFW AI chat. Are there any alternatives specifically for furry-themed NSFW AI chats? A: For those interested in furry-themed NSFW AI chats, Sexyfurries.com is a dedicated platform where you can delve into this niche category with advanced AI interactions. Source: GPTGirlfriend.online GPTGirlfriend.online is the most advanced AI companion startup with a community of more than 200,000 Monthly Active Users. Counting 22,500+ characters and 10,000+ creators, it has transformed how people interact with and experience AI. Please refer to our detailed Terms of Service and Community Guidelines for comprehensive information on usage, safety, and ethical considerations at GPTGirlfriend.online Contact Details GPTGirlfriend Enias Cailliau hello@enias.io Company Website https://www.gptgirlfriend.online

December 05, 2023 11:00 AM Eastern Standard Time

Image

Evolving market structure dynamics spurs new credit liquidity

Tradeweb

Adoption of electronic credit trading has grown in fits and starts over the past two decades, but it looks like its day is finally here. Thanks to a diverse ecosystem that includes tech-native new entrants, adaptive incumbents, a proliferating fixed income ETF ecosystem, and hyper-competitive trading platforms, electronic trading in credit (aka corporate bonds) has reached new heights of volume and momentum. Playing roles as market makers, protocol innovators, liquidity providers, price disseminators, and momentum traders, these varied constituents have in their own ways challenged traditional manual trading conventions to establish electronic trading as vital to the everyday workings of the market. The why of electronification is no longer a relevant question to credit traders. We’ve reached the moment when technology and innovation have made it easier, more efficient, and in many cases preferential, to execute trades electronically. Now, the more important question is how – how much to use it, how best to use it, and how to keep up with the technology increasingly at the core of execution trading and market-making. Newfound resilience building lasting confidence By the numbers, the market’s persistent shift of volume from manual to digital is clear. Coalition Greenwich estimates that roughly 40% of U.S. High Grade and 30% of U.S. High Yield corporate bonds now trade electronically, as compared to 8% and 2% in 2013, respectively. Earlier this year in March, during a period of extreme market volatility triggered by the collapse of Silicon Valley Bank and Signature Bank, we might have expected a steep drop-off in electronic credit trading in favor of traditional voice execution. After a temporary blip lower, we saw electronic trading return to normal trend levels of 35-40% of the broader credit market. Three years ago, this would have caused immense stress on the markets. But because of investments in technology by both the buy-side and dealer communities, as well as investments in infrastructure and systematic algorithmic pricing, the underlying foundation of electronic credit markets held strong. All this suggests a newfound durability by the players in electronic credit trading, even in the face of market disruption. If anything, electronic trading venues provide an even greater opportunity to generate alpha during periods of market volatility. This structural change and heightened sense of preparedness by market participants has had a positive effect on the stability and breadth of trading in these markets. Credit markets are full of idiosyncratic bonds and infrequent issuers. Electronification has brought some of those out of the buy-and-hold shadows. As the cast of characters behind the market’s electronic evolution doubles down on ways to further drive it, we’ll see new credits, new ratings categories, and new issuers benefiting from this virtuous cycle of transparent pricing and liquidity. Those behind electronification The growth in electronic credit trading is no accident. For two decades, regulators, investors, and tech-savvy disruptors encouraged electronic credit trading to create more stability, transparency, liquidity, and access. Progress, though, was erratic, as periods of volatility often drove investors back to familiar traditional voice trading. COVID on the other hand, while similarly disruptive, was a turning point in the electronification evolution, helping fast-track the adoption of electronic trading through various functionalities and protocols. In 2021, even as the runaway pace of U.S. corporate bond issuance normalized and traders started returning to their desks, increased reliance on electronic trading platforms did not slow: average daily electronic trading volumes in U.S. credit climbed to $11.5 billion by March 2021. Some of those who have contributed to electronification’s success, in fact, simply set out to democratize historically institutional-focused credit investing. In the process, they helped to create the conditions that well-functioning markets crave - better liquidity, price transparency, and efficiency. Scale and pricing acumen have come to bear for the benefit of the markets. Consider the use of real-time composite pricing. Now, instead of using single-dealer quotes or pricing service end-of-day runs to mark illiquid bonds, market participants can use multiple pricing sources, modeling techniques, and market indicators to derive a more accurate and up-to-date price on a bond. With this added level of pricing efficiency and dependability, market participants have grown more confident with electronic trading, utilizing smart machine learning models and AI to price entire portfolios of corporate bonds based off of reference prices such as Tradeweb AiPrice. The need for more reliable pricing extends to other areas such as exchange-traded funds (ETFs), which are priced based on these underlying bonds. Tradeweb’s recently-launched market data service leverages AiPrice to calculate real time Indicative Net Asset Values (iNAVs) for ETFs based on executable streaming bond prices. iNAVs provide intraday indications of an ETF’s value based on the market price of its constituents, ultimately helping boost trading confidence in the ETF and underlying credit markets. So, who are these players and how have they contributed to the advancement of electronic trading? Electronic incumbents and natives: They make markets and provide liquidity at scale, mostly through electronic means. Their experience in credit includes trading fixed income ETFs, which can be traded like a single security or redeemed for an underlying basket of bonds. Without electronic tools and channels, it would be difficult to manually price or move baskets of credit of the size they require, so the electronic infrastructure has evolved to meet the greater demands for liquidity and price transparency. In June, at a time when the proliferation of ETFs is helping to boost liquidity in debt markets, Citadel said it would use its experience and platform in ETF trading to offer US investment-grade bond trading to clients. Similarly, portfolio trading, or packaging a basket of bonds to buy and/or sell in a single trade, depends on the ability to price the basket of underlying bonds, find the right counterparty and arrive at a blended valuation – much of which can now be done electronically. Electronification and the integration of disparate infrastructure has made it far easier to aggregate, compile, and analyze this information which in turn, has encouraged smarter, more transparent credit markets. The platforms: Radical and disruptive when they launched, these trading platforms and registered broker-dealers originally sought out to provide institutional dealers and their buyside clients a venue for executing trades more efficiently, whether that meant conducting the trade either electronically, over the phone or through a combination of both. While the long-term trend towards electronification has certainly picked up since these platforms first came into existence 20+ years ago, the mission remains the same today: focus on innovation and creating electronic protocol solutions that remove friction from the trading experience. Today, more than 40% of corporate bonds trading daily do so via multi-dealer platforms and roughly 60% of those trades are done via the RFQ protocol – a testament to the power of electronification. Programmatic Traders: These players incorporate high frequency and algorithmic trading strategies to conduct trades and capture price disparities. They provide and improve liquidity through systematic market positioning. They and certain hedge funds use the A2A (all-to-all) trading protocol to be liquidity makers, not just liquidity takers. They also passively leave liquidity in the form of limit orders. Technology has made the pricing data they need to conduct these high-speed trades much more available and reliable. The market has also grown more confident in using third-party data on transaction costs to evaluate trades. Adaptive dealers: The market’s incumbents; they’re evolving and adapting to changes in the industry by investing in and supporting electronic infrastructure perhaps more than ever. While the trader/salesperson model still reigns supreme in credit, bulge-bracket dealers understand that employing technology in new and productive ways – for their desks and for their clients – is key to maintaining market leadership. The more credit trading standardizes and fees compress, the more maintaining a viable business will depend on scale and market share. Offerings like real-time streaming pricing services and proprietary algos are efforts to capture digital market share. Volumes tell the story Broader TRACE and Tradeweb volumes also demonstrate this shift to electronic trading. Both show consistent increases in total volumes and overall trading activity. For example, in the last five years, Tradeweb’s share of fully electronic U.S. High Grade TRACE and fully electronic U.S. High Yield TRACE has increased 5-fold to 16.6% and nearly 7-fold to 7.8% respectively.[1] Looking across the broader market, TRACE reported the highest number of credit trades ever done in its history this October. That same month, TRACE also reported the fourth highest notional volume of credit bonds traded. These volume and trade numbers suggest that electronic trading has contributed to a more efficient, liquid credit marketplace by providing a way to trade faster and at scale. Credit markets are continuing to evolve It’s clear that we have entered into the next wave of credit trading. A steady flow of new market entrants, coupled with changing behaviors of the old guard brought on by electronification, is bringing new liquidity to credit markets which in turn brings better pricing signals and attracts more players to the game. And all of this is possible because of greater electronic linkages between this network of participants. Over the next few years, we expect the question of how to evolve at a faster pace, as the tools and protocols we’ve identified to help us source liquidity get even smarter and even faster with time. As we look towards the future, the options for more electronification in credit seem endless with only 40% truly being traded electronically. For our part at Tradeweb, we look forward to continuing to work closely with our clients and fellow market participants to introduce new innovations, products and solutions that enhance the trading experience and encourage a more efficient, transparent and liquid generation of credit markets. [1] Fully electronic U.S. High Grade TRACE share was 16.6% in Q3 2023 (vs. 3.5% in Q3 2018); Fully electronic U.S. High Yield TRACE share was 7.8% in Q3 2023 (vs. 1.2% in Q3 2018) About Tradeweb Markets Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1.2 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release. Contact Details Tradeweb Media Contact Daniel Noonan +1 646-767-4677 Daniel.Noonan@Tradeweb.com Company Website http://www.tradeweb.com

December 05, 2023 09:30 AM Eastern Standard Time

Image