Tradeweb.com
  • Trade Bills Electronically With The Leading Dealers

    Tradeweb has been the benchmark source for U.S. Treasury bond trading since 1998. For U.S. Treasury Bills, Tradeweb provides market-leading functionality and delivers the most accurate composite pricing available from 22 dealers around the clock from the Tokyo open to the New York close.

    Features

    • View the maturity, rate and rate change from the previous day’s close (3 p.m. or 4:45 p.m. options), as well as bond and money market equivalent yields on our easy-to-use interface
    • Smart Dealer Groups: leverage our performance analysis and market intelligence to efficiently select liquidity providers that suit your needs in advance of your trades
    • Easily identify and trade On-the-Run Bills and Rolls
    • Trade Cash Management Bills on the day of announcement
    • Use the trade ticket calculator to perform on-the-fly computations, which is helpful when specific net proceeds are desired
    • Put up to five dealers in competition and execute trades (outrights, switches and butterflies) in seconds
    • Trade lists of securities real-time or at a dealer’s closing levels
    • Take advantage of full straight-through processing for a seamless, complete trading workflow
    • Take control of reporting. Tradeweb offers comprehensive reporting services to help you develop your Best Execution policy and monitor trade activity

    Competitive Pricing and Greater Liquidity

    Tradeweb is the only platform that offers delayed notifications of trade information to non-winning dealers for larger Treasury trades in competition. Delayed notifications for larger trades increase the period of time that winning liquidity providers have to hedge exposures or process trades. Delayed notifications encourage dealers to provide their most competitive pricing and enhanced liquidity.

    • For Bill Trades $200 million and larger, winning dealers know immediately upon execution that they won the trade, along with the trade details
    • Non-winning dealers are notified that the trade ended, but do not receive further trade information (including DAW, COVER, TIED, etc.) until the end of the delay
    • For trade sizes larger than $200 million, the time delay is 10 minutes
    • For switch and butterfly trades that contain a leg that meets delay parameters, the entire trade will be delayed
    • Available initially for New York hours only (7:30 a.m. to 5 p.m. EST)
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