Tradeweb helps the world's leading asset managers, central banks and other institutional investors access the liquidity they need through a range of electronic marketplaces.
Whether electronically, over the phone, or through a combination of both, Dealerweb gets the trade done.
Feb 22, 2013
Oct 11, 2011
The Retail platform is a go-to source for advisors and traders who need fast, reliable execution for their fixed income trading needs.
Dec 21, 2012
Dec 4, 2012
Tradeweb's online community offers news and insight on key issues in fixed income and derivatives from the center of some of the world’s largest financial markets.
May 17, 2013 | DerivAlert
May 16, 2013 | DerivAlert
May 10, 2013 | DerivAlert
Tradeweb Markets is a world leader in building and operating electronic over-the-counter marketplaces. Since 1998 the company has helped transform the way that business gets done in the fixed income and derivatives markets. Tradeweb’s position as the hub of fixed income and derivatives electronic trading has been made possible through a longstanding partnership with the industry. More
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Our online forum of news and insight from across the fixed income and derivatives industries
Trading of to-be-announced mortgage-backed-securities (TBA-MBS) exceeded a record $24 trillion in 2012 on Tradeweb, a 20% year-over year increase. Key factors attributing to the increased volumes included investors’ continued hunt for yield in a low interest rate environment, a strong federal support of the housing market and the continuation of quantitative easing programs.
Price fluctuations in 2012 proved to be fairly volatile as well, with Fannie Mae 3.0s closing the year over four points higher from a bid price of 100 – 09 to 104 – 26+ on December 31. Intra-2012 price lows for Fannie 3s reached 98 – 10 on March 19, and climbed to a high of 106 – 00+ on September 26. Additionally, as investors sought to avoid trade fails during QE3, use of Tradeweb’s innovative Round Robin functionality exceeded $2 trillion in volume.
2013 represents the beginning of the implementation of a new secondary market structure for mortgages, targeting completion in 2017. It remains unclear whether this includes a generic TBA-MBS, but several indicators show that the marketplace will not fall under full governmental control. Keep close watch on announcements from the Federal Housing Finance Agency for updates throughout the year. Margin requirements for TBA-MBS will also be a prominent topic in 2013. The Treasury Market Practices Group (TMPG) has asked for systems to be in place by early June. The recommendation also calls for written master agreements (MSFTA) dictating terms of the margin call – a key issue for investors to consider ahead of impending requirements. Finally, though refinancing from HARP 2.0 appears to have dissipated, as evidenced by recent pre-payments, a proposal for implementing HARP 3.0 is on the horizon, representing the first program to target non-GSE mortgages.
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Building better markets is the core focus of Tradeweb. It’s what we do day in and day out. This is the space where we share with you the views and insights we’ve gained through our years of experience. Stop by often to see what’s happening in the market and get our unique point of view on the issues that affect our industry now and into the future.
As our different blog channels evolve over time, here you will find some additional background on each of our contributors, their role at Tradeweb and unique perspectives on our markets.
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