CUSTOMER-TO-DEALER
USA
In the U.S., the Tradeweb customer-to-dealer system (and the Tradeweb Retail platform) are operated and offered by Tradeweb LLC. Tradeweb LLC is a broker-dealer registered with the SEC and a member of FINRA. In addition, the Tradeweb system is regulated as an alternative trading system under Regulation ATS promulgated under the Securities Exchange Act of 1934. Tradeweb LLC has registered branch office locations in Florida, Kentucky, California, and Maryland. Tradeweb Retail is only offered in the U.S.
Canada
Tradeweb LLC is also registered as an"International Dealer" with the Ontario Securities Commission in Ontario, Canada. With respect to Tradeweb's operations in Canada, Tradeweb and CanDeal.ca.Inc. ("CanDeal") have entered into a technology and services agreement whereby Tradeweb, utilizing CanDeal as the "client-facing entity," offerstrading in Non-Canadian fixed-income securities to certain approved customersin Canada. Through this relationship, Tradeweb was granted Mutual Reliance Review System (MRRS) Exemptive Relief from the Ontario Securities Commission and the local securities regulatory authorities of the other respective Canadian provinces.
UK and Europe
Tradeweb Europe Limited ("Tradeweb Europe") is authorized and regulated by the UK Financial Services Authority ("FSA") as an investment firm with permission to operate as a Multilateral Trading Facility ("MTF"). Tradeweb Europe is a UK registered company (company number 03912826) with its registered office at 99 Gresham Street, London EC2V 7NG. The FSA regulates the financial services industry in the UK and is located at 25 The North Colonnade, Canary Wharf London E14 5HS.
The rules of the FSA 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:
(i) is fit and proper;
(ii) has a sufficient level of trading ability and competence;
(iii) has, where applicable, adequate organizational arrangements; and
(iv) 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 Governments 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.
In order to be a market maker in UK Government Bonds (Gilts) on the Tradeweb system the firm needs to be a recognised Gilt-edged Market Maker (GEMM).
The attached document provides the disclosures required for Tradeweb Europe Limited as required under the UKCapital Adequacy Rules - FSA's Pillar 3.
Use of the system for legitimate purposes
An individual user of the Tradeweb system may use the system as a buy-side customer or as a market making dealer in each individual market segment in which he/she trades over the system, but not both.
Access Criteria for being a market making dealer on Tradeweb's European Government Bonds Platform ("EUGV Platform")
(a) To be a market making dealer on the EUGV Platform, the dealer must be a primary dealer (or equivalent) in one or more European Government Bond markets supported on the Tradeweb System. In addition, in order to be a market making dealer in UK Government Bonds (Gilts) on the Tradeweb system, the market making dealer needs to be a recognised Gilt-edged Market Maker (GEMM).
(b) A market making dealer must have an established trading and sales presence with at least 30 institutional buy-side customer relationships with whom they currently trade European Government Bonds.
Access Criteria for being a market making dealer on Tradeweb's European Interest Rate Swaps Platform, European Credit Bonds, Pfandbriefe and Covered Bonds Platform and Supranationals Platform
A market making dealer must have an established trading and sales presence with at least 30 institutional buy-side customer relationships with whom they currently trade the relevant product.
Access Criteria for being a market making dealer on Tradeweb's European Depo Platform
The dealer must be a deposit taking institution authorised in Europe.
Hong Kong
Tradeweb Europe has a registered branch office in Hong Kong and is regulated bythe Securities and Futures Commission (SFC) in Hong Kong as a provider of an automated trading service.
Singapore
Tradeweb Europe also has a registered branch office in Singapore and is regulated by the Monetary Authority of Singapore as a regulated market operator (RMO).
Japan
Tradeweb Europe has a registered branch office in Japan and is regulated by the Japanese Financial Services Agency (JFSA) and the Japan Securities Dealers Association (JSDA) as a security house in Japan. Tradeweb Europe is also an authorized Private Trading System (PTS) business and notified IRS intermediary business by the JFSA. Financial instruments dealer, Kanto Financial Bureau (Kin-sho) No. 224.
Australia
Tradeweb Europe holds an exemption granted by the Australian Securities & Investments Commission from having to hold a markets license and from having to have a financial services license in Australia.
INTER-DEALER
In the U.S., the Tradeweb group of companies operates a voice inter-dealer broker for mortgage-backed securities and certain other U.S.government securities through Hilliard Farber & Co., Inc. and Hilliard Farber Securities Corp., both of which are registered with the Securities and Exchange Commission ("SEC") and members of Financial Industry Regulatory Authority ("FINRA"). Hilliard Farber & Co., Inc. also operates an electronic interdealer platform, called Dealerweb, for mortgage-backed securities and, in this respect, Hilliard Farber & Co., Inc. is regulated as an alternative trading system under Regulation ATS promulgated under theSecurities Exchange Act of 1934.