Tradeweb Markets Inc., an operator of electronic marketplaces, and MAXEX, a digital exchange for U.
S. residential mortgage loans, have announced a commercial collaboration aimed at enhancing institutional market access for U.
S. residential mortgages. The partnership includes a strategic investment by Tradeweb in MAXEX, though financial terms were not disclosed.
The collaboration seeks to establish a more centralized, transparent, and institutionally scalable market for U.
S. residential mortgage loans, which represent a significant segment of global private credit. Tradeweb plans to connect its global network of over 3,000 clients with MAXEX’s network, which includes approximately 400 mortgage lenders and more than three dozen institutional investors. This integration of MAXEX’s centralized exchange and clearinghouse with Tradeweb’s electronic trading, data, and workflow capabilities is intended to improve efficiency, transparency, and liquidity within residential private credit, complementing the role of government-sponsored enterprises (GSEs).
MAXEX operates an end-to-end digital exchange designed for institutional trading of residential whole loans. The firm addresses market fragmentation and operational complexities through standardized contracts, centralized clearing and settlement, and electronic execution. MAXEX has facilitated loan sales into over 250 private-label securitizations and to leading portfolio investors, establishing itself as an active facilitator of private mortgage loan liquidity in the U.
S.
This partnership will also expand Tradeweb’s presence in the mortgage sector beyond agency mortgage-backed securities (MBS) into the growing private residential credit ecosystem, where institutional demand for high-quality, yield-generating assets continues to increase.
Troy Dixon, Managing Director and Co-Head of Global Markets at Tradeweb, stated, “Tradeweb has a proven record of transforming large, complex fixed income markets through electronic trading. Residential private credit represents a compelling next phase of that evolution as we continue to invest in core areas of organic growth for Tradeweb. Our commercial collaboration and investment in MAXEX reflect our conviction that its centralized exchange model, combined with Tradeweb’s global distribution, technology, and data capabilities, will enhance how institutional investors access and trade U.
S. residential mortgage loans.”
Tom Pearce, CEO, Chairman, and Co-Founder of MAXEX, commented, “MAXEX was built to address the structural inefficiencies that have long constrained the residential mortgage secondary market. Tradeweb is one of the most respected market operators in global fixed income. Together, we intend to bring institutional-grade infrastructure, transparency, and liquidity to a core segment of private credit that underpins the U.
S. financial system.”
Following the investment, MAXEX appointed two new Board members: Troy Dixon of Tradeweb, and Marc Simpson, Managing Director and Head of Residential Whole Loan and Secondary MBS Trading at JPMorgan. JPMorgan had led a 2021 investment in MAXEX and is among the largest participants in the U.
S. residential credit markets.
Tradeweb Markets Inc. (Nasdaq: TW), founded in 1996, provides electronic marketplaces for rates, credit, equities, and money markets, serving over 3,000 clients globally. MAXEX, an Atlanta-based fintech company, connects approximately 400 bank and non-bank lenders with investors, including Wall Street banks, alternative credit funds, insurance companies, and REITs. It is financially backed by various private equity and capital markets investors, including Tradeweb Markets, JPMorgan, Atlas Merchant Capital, South Street Holdings, and Moore Specialty Credit.
