Barclays Capital Takes Equity Stake in Tradeweb
September 10, 2009 (Jersey City, NJ) - Tradeweb, a leading global provider of online markets, today announced that Barclays Capital, the investment banking division of Barclays Bank PLC, has taken a minority equity stake in its business. In connection with the transaction, Thomson Reuters and its dealer-owners will invest an additional $68 million in total, reinforcing their commitment to Tradeweb's electronic markets.
Tradeweb's combined business is majority-owned by Thomson Reuters, along with now 10 active dealer-owners. In total, more than 35 dealers provide liquidity to Tradeweb's online fixed income and derivatives markets.
Barclays Capital's investment reflects the continued expansion of the Tradeweb business since January 2008, when Thomson Reuters and nine banks completed a capital restructuring of the firm.
"Partnering with Tradeweb underscores the firm's commitment to delivering best-in-class service, liquidity and reliability in the electronic trading space to our clients," said Harry Harrison, Head of Rates at Barclays Capital. "Our stake in Tradeweb also complements our strategy for improving market efficiency and transparency alongside our market-leading electronic trading platform, BARX."
"This investment is not only great news for Tradeweb, but can be seen as further validation of electronic trading in general. Barclays Capital is a world-class investment bank, with a leading position in online trading established over many years, including as a liquidity provider for 14 markets on Tradeweb," said Lee Olesky, CEO of Tradeweb.
"This business is built on relationships and Barclays Capital has some of the best in the industry. One reason is that the bank has long recognized how online trading can benefit clients by providing improved price transparency, speed of execution and more streamlined post-trade processing," said Billy Hult, President of Tradeweb.
Tradeweb's active bank investor group now comprises: Bank of America/Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, RBS, and UBS.
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 fixed income and derivatives trading network, which harnesses the distribution of the major investment banks with over 2,000 institutional clients. Tradeweb Retail provides a trading and sales application to fixed income brokers and traders. 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 8,000 connections to over 1,000 firms. Tradeweb is owned by Thomson Reuters and a group of leading global dealers.
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 full spectrum of solutions to their strategic advisory, financing and risk management needs. Barclays Capital has offices around the world, employs 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 websitehttp://www.barclayscapital.com/.