Barclays Capital Joins Tradeweb’s Online Commercial Paper Marketplace
JERSEY CITY , N.J. , November 25, 2008 - Tradeweb, a leading provider of online markets for institutional investors and dealers, announced today that Barclays Capital has gone live as a dealer on Tradeweb's U.S. Commercial Paper marketplace. Effective immediately, Barclays Capital will be providing clients online access to new issues and inventory, as well as live commentary on the market. This move is part of the integration of Lehman Brothers' North American businesses with Barclays Capital.
Tradeweb continues to build its commercial paper franchise, which was launched in 2001 as its first online money market. Since then, the CP business has rapidly expanded globally, with over $50 trillion of CP traded in the U.S. and Europe since launch. Clients have increasingly relied on Tradeweb as an industry pricing source and to directly trade commercial paper online using its flexible search engine to quickly filter and sort offerings.
The U.S. CP dealer group comprises: Bank of America, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch and Morgan Stanley.
"We are delighted that Barclays Capital is providing its clients access to its commercial paper offerings over Tradeweb," said Erica Barrett, Director of U.S. Money Markets at Tradeweb. "Adding a bank of this stature to the dealer group further enhances Tradeweb's CP market, which has consistently provided the buy-side community with a cost-effective venue for accessing inventory using superior functionality."
"With the integration of Lehman Brothers' commercial paper desk, Barclays Capital has an even greater presence in this market and our participation in Tradeweb's online commercial paper marketplace provides our clients with enhanced services," said Eric Bommensath, Managing Director and Head of Fixed Income at Barclays Capital.
Tradeweb's commercial paper platform has played an important role in providing liquidity to market participants during the recent market turmoil, providing a high degree of price transparency, access to leading dealer inventory and fully-integrated trade processing.
Tradeweb is a leading provider of online markets and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivative, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of the major investment banks with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and nine leading global dealers: Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS.
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with a comprehensive set of solutions to their strategic advisory, financing and risk management needs. Barclays Capital has offices around the world, employs over 20,000 people and has the global reach, advisory services and distribution power to meet the needs of issuers and investors worldwide. For further information about Barclays Capital, please visit our website www.barclayscapital.com.