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Barclays Capital Begins Dealing Agency Discount Notes on Tradeweb

| Money Markets

-- Rapidly Growing Online Market Now Includes Nine Major Dealers -- 


Jersey City, NJ (May 5, 2004) -- TradeWeb, the leading dealer-to-customer fixed-income trading network, announced today that Barclays Capital has joined as a dealer on its Agency Discount Note (ADN) trading platform. Barclays is the ninth dealer to join TradeWeb's premier ADN dealer group, which includes Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, and JPMorgan. Barclays began making markets for its ADN customers over TradeWeb yesterday.


Jim Toffey, CEO of TradeWeb, said: "As a major global bank, Barclays Capital provides Agency Discount Note investors with another deep source for liquidity in this growing market".


"Barclays Capital is pleased to add ADNs to our product capabilities on TradeWeb," said Randy Sides, Head of e-Commerce, Americas, at Barclays Capital. "Our global footprint and distribution capabilities are greatly reinforced by the ability to offer ADNs to the full spectrum of our client base, including money managers, asset managers, pension fund managers, hedge funds and banks."


Since the launch of ADNs on TradeWeb, more than $1.3 trillion in volume has been traded over the platform. During the 1st quarter of 2004, more than $255 billion in ADN's traded, up 16% from the previous quarter.


About TradeWeb


TradeWeb is the leading online fixed-income trading network with over 5 million trades executed and total volume surpassing $45 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 27 of the world's leading dealers of fixed-income securities with more than 1,500 buy-side institutions in North America and Europe.


The company is also the leading electronic "straight-through processing" network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpressSM network. TradeWeb's STP network also includes AccountNet?, the leading standard settlement instructions database.


For more information about TradeWeb products and services, please visit the company's website at or contact Jack Mahoney at 201.536.5878.


About Barclays Capital


Barclays Capital is the investment banking division of Barclays Bank PLC, one of the largest multi-national financial services groups in the world. With a focus on financing and risk management, Barclays Capital acts internationally as an intermediary and adviser to corporates, financial institutions, governments and supranational organizations. Barclays Capital, which has the support of an AA rated parent bank with a balance sheet of over £440 billion, has offices in 22 countries and around 5,700 people worldwide, giving it the reach and distribution power to meet clients' needs wherever they are based.


For further information on Barclays Capital visit our website at