Europe
U.K. AND EUROPE
Tradeweb Europe Limited ("Tradeweb Europe") is authorized and regulated by the U.K. Financial Conduct Authority ("FCA") as an investment firm with permission to operate as a Multilateral Trading Facility ("MTF"). Tradeweb Europe is a U.K. registered company (company number 03912826) with its registered office at 99 Gresham Street, London EC2V 7NG. The FCA regulates the financial services industry in the U.K. and is located at 25 The North Colonnade, Canary Wharf London E14 5HS.
The rules of the FCA Handbook require Tradeweb Europe to disclose the criteria for governing who can access the system in the EU. Tradeweb Europe will only grant access to an entity that meets one or both of the following criteria:
(a) it is a regulated investment firm or credit institution; or
(b) it is a person who:
• is fit and proper;
• has a sufficient level of trading ability and competence;
• has, where applicable, adequate organizational arrangements; and
• has sufficient resources for the role it is to perform.
The rules and procedures for accessing the Tradeweb System are set out in the User Guide.
Tradeweb Europe provides facilities for trading in the following products:
(a) European Government Bonds;
(b) U.S. Treasuries;
(c) Agency Discount Notes;
(d) European Commercial Paper;
(e) European Credit Bonds;
(f) Credit Default Swaps;
(g) Interest Rate Swaps;
(h) Mortgage Backed Securities;
(i) Pfandbriefe/Covered Bonds;
(j) Supranationals
(k) U.S. Agencies;
(l) U.S. Commercial Paper;
(m) Deposits;
(n) Japanese Government Bonds;
(o) European Equity Derivatives;
(p) European Repo;
(q) FX Options;
(r) Exchange-traded Funds.
DEALER-TO-CUSTOMER LP SUBSCRIBER ACCESS CRITERIA
In order to qualify as a liquidity provider / market maker on any fully-disclosed dealer-to-customer electronic platform offered by Tradeweb Europe Limited (each a “D2C Platform”) a participant must:
A. meet the criteria of a “LP Subscriber” (as set out below) and then continue to meet this criteria during the period it acts as a LP Subscriber on such D2C Platform;
and
B. if applicable, also meet and continue to meet any relevant platform-specific access requirements for LP Subscribers adopted and published by Tradeweb Europe Limited.
LP Subscriber Criteria – D2C Platforms
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With respect to its participation as a “LP Subscriber” on a D2C Platform, the participant:
- (a) holds itself out as a dealer and is generally engaged in activity causing itself to be commonly known in the marketplace as a dealer, and
(b) has the appropriate regulatory status under applicable laws and regulatory requirements to act as a dealer;
- makes a market in such D2C Platform;
- regularly trades the instruments offered on the D2C Platform as principal on a fully-disclosed basis with a significant number of Institutional counterparties (e.g., at least 30) that are not LP Subscribers (i.e., liquidity taking customers) in the ordinary course of business using its own capital; and
- if the instruments offered on the D2C Platform are centrally cleared, has the appropriate direct clearing membership or arrangements for clearing such instruments.
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Specific Criteria for LP Subscribers on Certain D2C Platforms
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U.S. Dealer to Customer*
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U.S. Treasuries
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LP Subscriber must be (i) designated as a Primary Government Securities Dealer by the Federal Reserve Bank of New York (the “Fed”), and (ii) a netting member in good standing of the Government Securities Division of the FICC
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MBS
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LP Subscriber must be a direct clearing member in good standing of the MBS division of the FICC
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EU Dealer to Customer*
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European Government Bonds
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LP Subscriber must be “Primary dealer” or equivalent (in at least one jurisdiction where government bonds are traded on the D2C EUGV Platform).
For UK Government Bonds (Gilts), LP Subscriber must be a recognized Gilt-edged Market Maker (GEMM).
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European Credit, Supranational, and Pfandbriefe/Covered Bonds
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LP Subscriber must regularly participate in the relevant Primary and Syndication Markets for the relevant product platform
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European ETFs
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LP Subscriber must be an Authorized Participant in good standing with at least one of the ETF issuers whose ETF instruments are available for trading on the Tradeweb ETF platform.
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Europe Depo Platform
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LP Subscriber must be a deposit taking institution authorized in Europe (an authorised credit institution)
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* An individual user of the Tradeweb system may use the system as a buy-side customer or as a LP Subscriber in each individual market segment in which he/she trades over the system, but not both