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  • Banc of America Securities Joins Tradeweb's TBA-MBS Dealer Group

    Premier Fixed-Income Network Now Includes 12 Leading MBS Market Makers 

    JERSEY CITY, NJ, February 13, 2003 -- TradeWeb, the leader in online fixed-income trading, today announced that Banc of America Securities LLC has joined its TBA-MBS dealer group. Banc of America Securities recently joined TradeWeb's Commercial Paper platform and will shortly join TradeWeb's U.S. Treasuries and Agencies platforms.

    Banc of America Securities becomes the twelfth dealer to participate as a market maker on TradeWeb's TBA-MBS trading platform. The other dealers include Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Smith Barney, JP Morgan, Bear Stearns, Greenwich Capital, and UBS Warburg.

    Since the introduction of TradeWeb's TBA-MBS product in early 2001, over $1.6 trillion in volume has traded on the platform. January's volume of TBA-MBS trading on TradeWeb exceeded $300 billion.

    The TradeWeb TBA-MBS platform enables institutional investors to compare bid or offer prices from the leading mortgage-backed securities dealers, and execute trades with those dealers in a matter of seconds. Participating TBA-MBS dealers can enable their institutional clients to buy and sell to-be-announced (TBA) mortgage-backed pass-through securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.

    "We are very excited to have Banc of America Securities join our TBA-MBS platform as a market maker. Buy-side mortgage traders will benefit from this addition to our dealer group, as the deepest pool for TBA-MBS liquidity becomes even deeper," said Jim Toffey, CEO of TradeWeb.

    "Participating on TradeWeb's TBA-MBS platform shows that we are committed to providing innovative and efficient execution for our clients" said Peter Leonard, head of Mortgage-Backed Trading at Banc of America Securities. "We are always working to meet the needs of our clients by making our products and services available through leading electronic trading platforms such as TradeWeb."

    About TradeWeb

    TradeWeb LLC is the leader in online fixed-income trading with more than 3 million trades executed and total volume exceeding $20 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links nineteen of the world's leading dealers of fixed-income securities with more than 1,200 buy-side institutions in North America and Europe.

    For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Tom Eady, TradeWeb in the US at (201) 536-6580 or Helena Rowe in Europe at +44 (0) 20 7776 3263.

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