Risk Magazine Names Tradeweb as 2014 OTC Trading Platform of the Year!
We are excited to share that Tradeweb has been named OTC Trading Platform of the Year by Risk Magazine as part of its Risk Awards 2014. The winners were picked based on a number of factors including risk management, customer satisfaction, responsiveness to new regulations, engagement with regulators, liquidity provision and creativity.
The Tradeweb swap execution facility (SEF) was recognized as an early leader following the launch of SEFs on October 2 for OTC swaps trading, and was praised by clients for its responsiveness, customer service, flexibility and technology. According to a Tradeweb client interviewed by Risk Magazine:
“We have been trading interest rate swaps through Tradeweb for six years, but this year we were impressed by the fact they wanted to get our feedback on what we were looking for in the redesigned trading platform. They listened to our opinions about how a trade executed at Tradeweb should flow down to clear at the clearing house, including our preference to cut out middleware providers such as MarkitServ and have the Sef route our trade direct to the clearing house. Tradeweb was very willing to think about that concept and develop the functionality to make that happen. We are just a small Midwestern insurance company, and our volumes are tiny compared to its sell-side clients, so I can’t show my appreciation highly enough for Tradeweb for listening to us in that respect,” says one end-user client.
Tradeweb was also recognized for keeping clients apprised of evolving regulatory guidance, modifications to regulations by the CFTC and their implications for trading on SEFs.
In addition, despite the preparation for and the launch of SEFs on October 2, Tradeweb clients noted that they were able to continue trading on existing platforms without any disruptions. In addition, in early 2013, Tradeweb demonstrated that SEFs were among other areas of focus for the firm following the launch of an index credit default swap (CDS) trading facility on the Dealerweb platform. The solution which secured as much as 80% of dealer-to-dealer volumes by the end of the first quarter of 2013 was a market that had previously been the domain of the big interdealer brokers.
Thank you to all of our employees for your hard work to bring such great recognition to our firm!