Tradeweb.com
  • Home : Media Center : News Releases : TradeWeb to Launch Online Commercial Paper Market
  • TradeWeb to Launch Online Commercial Paper Market

    NEW YORK, NY (February 7, 2001) TradeWeb LLC, the leader in online bond markets, today announced its intention to launch a commercial paper (CP) marketplace. The TradeWeb CP market will be anchored by the liquidity of the industry's leading CP players in terms of trades executed and dollar volume, including Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney. TradeWeb expects to launch a beta test for its CP market in the next couple of months and to add new dealers upon completion of the test.

    The TradeWeb commercial paper market will be the first multi-dealer commingled CP trading product. TradeWeb CP users will be able to view offerings and live pricing from all participating dealers on one screen, and send an inquiry to any one dealer. The TradeWeb CP product is designed to provide users with significant flexibility and simplicity in negotiating and executing transactions.

    TradeWeb CP is the company's fifth online marketplace, following U.S. Treasuries and Agencies, which are fully operational, Euro Sovereigns, currently in beta testing with European customers, and TBA mortgage pass-through securities (TBA-MBS), which will soon be in the beta testing phase with U.S. customers. TradeWeb's online markets are based on the technology that was launched in the Treasury market in early 1998, and has been constantly refined during the past three years.

    Jim Toffey, President and CEO of TradeWeb, said: "We are pleased to once again be in a position to offer our clients a new online marketplace. Our CP platform will link the content and liquidity of the leading dealers in this sector with our proven, user-friendly technology for the institutional investor."

    Additional Quotes from Dealers

    Vaughn Smith, a Managing Director of Credit Suisse First Boston, said: "At CSFB we have always recognized the value of CP electronic trading. TradeWeb's commercial paper trading platform is the natural extension of TradeWeb's already proven brand name in the market. A multi-dealer platform offering online negotiation and instantaneous execution will benefit all market participants."

    Rob Wall, Head of Money Market Trading at Goldman Sachs, added: " Innovation is critical to serving our clients, and the TradeWeb CP online marketplace is a clear step forward for commercial paper trading." Jack Cunningham, Managing Director at Lehman Brothers, said: "We believe that TradeWeb's combination of extensive customer research and superior content will ensure its success as a premier money market electronic trading platform."

    Paul Holland, a Managing Director of Merrill Lynch, added: "Electronic execution of trades in the Commercial Paper market has proven to be an enormous efficiency for all market participants - issuers, dealers and investors. In a high volume market like commercial paper the ability to execute quickly, easily and with certainty is critical to success."

    Marc Fisher, a Principal of Morgan Stanley Dean Witter, said: "We expect TradeWeb to be an important component of Morgan Stanley Dean Witter's commercial paper distribution. We believe that the functionality available in the TradeWeb environment will make Commercial Paper trading more user-friendly and efficient."

    Theresa Gallagher, Managing Director, Short Term Trading and Sales of Salomon Smith Barney, added: "The flexibility that TradeWeb offers our customers in other products has been well-tested, and we welcome the opportunity to utilize this technology in the Commercial Paper market. We are confident that this product will be a useful resource for our investors."

    About TradeWeb

    Headquartered in New York, TradeWeb LLC is the leader in online fixed-income markets with more than 800,000 trades executed with total volume of more than $3 trillion since its inception in 1998. TradeWeb's multi-dealer model links 14 of the world's leading dealers of fixed-income securities with more than 650 buy-side institutions. In addition to commercial paper, the company's technological platform has been adapted to enable clients to trade US Treasury and Agency securities, Euro Sovereigns and TBA mortgage pass-through securities (TBA-MBS). For more information on TradeWeb, please visit the company's website at www.tradeweb.com or contact John Demitroff at 201/499-4076.

This website uses cookies. For information on what cookies are and how Tradeweb uses them, please see the privacy policy. By continuing to use our website, you accept our use of cookies. close message