Tradeweb Introduces T-bill Trading on ICD Portal
Published: June 26, 2025
Tradeweb today announced the launch of direct U.S. Treasury bill (T-bill) trading for corporate treasurers via direct connection between its ICD Portal and its institutional trading platform.
Corporate treasurers using ICD Portal can now trade T-bills through Tradeweb’s institutional trading platform, allowing them to manage T-bill investments seamlessly alongside other core investment options on ICD Portal—including money market funds, separately managed accounts, bank deposits, and bond funds—through a single, integrated solution.
Tradeweb, a global leader in electronic trading, acquired Institutional Cash Distributors (“ICD”) in 2024 to establish a dedicated client vertical for corporate treasury, delivering a comprehensive, end-to-end solution for managing global corporate liquidity, trading, and investment operations.
The launch of T-bills is an important first step toward integrating corporate treasurer workflows across a variety of Tradeweb products, geographies, and liquidity pools in the future—beginning with trade execution and straight-through processing on highly liquid products and currencies. Tradeweb will collaborate closely with corporate clients to find the most innovative and useful ways for them to transfer risk and optimise cash.
Tory Hazard, Managing Director, ICD, said: “Tradeweb is uniquely positioned to provide corporate treasurers with a comprehensive and efficient trading experience. The direct T-bill trading capability on ICD Portal—combined with our advanced price discovery and order execution technologies—offers corporate clients a powerful, automated workflow that enhances cash management, minimises risk, and supports optimal liquidity. This launch reflects our commitment to leveraging our institutional platform to deliver the fixed income products in highest demand by corporate treasury teams. We plan to add more fixed income instruments to ICD Portal in the future, aligning with our clients’ evolving investment strategies.”
Today, ICD Portal facilitates more than $4.5 trillion in annual trading volume and is one of the largest U.S. institutional investment portals. It enables 550+ corporate treasury organisations—primarily from high-growth and blue-chip companies, including approximately 17% of the S&P 100, as of December 31, 2024—to invest in money market funds and other short-term instruments to better manage liquidity. With the launch of T-bills and a growing roadmap of fixed income offerings to come, Tradeweb continues to evolve as a centralised destination for corporate investors seeking greater control, transparency, and efficiency in managing short-term investments.