Cactus Raazi, who led Tradeweb Markets LLC’s efforts to break into corporate-bond trading, is leaving the company, according to two people with knowledge of the matter.
Raazi, a former Goldman Sachs Group Inc. corporate-bond salesman who joined the firm in 2013, is negotiating an exit, said the people, who asked not to be identified because the discussions are private. Raazi, Tradeweb’s head of credit for North America, declined to comment when reached by phone, as did Clayton McGratty, a spokesman for Tradeweb.
Tradeweb is among a list of firms that have tried to popularize bond trading over computers as banks that traditionally have been the middlemen devoted less capital to buying and selling the debt. They’re trying to change a system where, for decades, transactions have largely taken place over the phone among investors who prize discretion in the thinly traded $7.8 trillion U.S. corporate bond market.
Goldman Sachs, BlackRock Inc., MarketAxess Holdings Inc. and several bank-led consortiums with code names such as Oasis and Neptune have also sought to bring more trading onto electronic systems. Tradeweb, which primarily trades Treasuries and interest-rate derivatives on its systems, started offering corporate-bond trades in October.
Tradeweb is majority-owned by Thomson Reuters Corp. with the rest held by banks such as JPMorgan Chase & Co., Goldman Sachs and Citigroup Inc. Bloomberg LP, the parent company of Bloomberg News, competes with Tradeweb and others in offering bond-trading services to its subscribers.