Countrywide Securities Joins TradeWeb's TBA-MBS Platform
-- Countrywide Securities Leverages TradeWeb to Expand its Mortgage Franchise --
Jersey City, NJ (May 26, 2004) -- TradeWeb, the leading dealer-to-customer fixed-income trading network, announced today that Countrywide Securities Corporation (CSC) has joined as a dealer on its TBA-MBS trading platform. CSC, an established dealer in the residential pass-through securities market, has been making markets in TBA-MBS for institutions since 1997. The firm is a member of the Countrywide Financial Corporation (NYSE:CFC) family of companies, providers of diverse financial services to consumers and institutions in America and global markets.
CSC becomes the fourteenth dealer on TradeWeb's TBA-MBS platform which also includes Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, JPMorgan, Greenwich Capital, ABN AMRO, Bear Stearns, UBS Investment Bank, and Banc of America Securities. TBA-MBS is the second TradeWeb asset class that CSC participates in. Since joining TradeWeb Treasuries in April, CSC has provided liquidity to 200 U.S. Treasury investors and handled nearly $120 billion in inquiry - an impressive start for their new primary dealership.
"With Countrywide Securities' large, well-regarded mortgage franchise joining TradeWeb TBA-MBS, investors will benefit from deeper liquidity and streamlined trade processing," said Jim Toffey, CEO of TradeWeb. "We also see from Countrywide's early success with Treasuries that their presence on TradeWeb is a powerful addition for our buy-side customer network."
"Given the volume growth and market acceptance of electronic trading for TBA-MBS, TradeWeb provides a great opportunity for Countrywide Securities to leverage technology in providing customers with consistently competitive markets and efficient trading," said Ron Kripalani, President and CEO of Countrywide Capital Markets.
The TradeWeb TBA-MBS platform connects approximately 1,100 mortgage investors, including most major mortgage originators and institutional money managers, with 14 major dealers. In April 2004, the platform posted record results with nearly $675 billion in volume which represented over 30% of TradeWeb's total volume across all asset classes.
TradeWeb is the leading online fixed-income trading network with over 5 million trades executed and total volume surpassing $46 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 AccountNetR, the leading standard settlement instructions database.
For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Jack Mahoney at (201) 536-5878.
About Thomson Financial
TradeWeb is an indirect wholly owned subsidiary of the Thomson Corporation (NYSE:TOC) and operates within the Thomson Financial group of businesses. Thomson Financial is a US$1.5 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (www.thomson.com), a leading provider of value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With revenues from continuing operations of US$7.6 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
About Countrywide Securities Corporation
Countrywide Securities Corporation, a subsidiary of Countrywide Capital Markets, Inc., is a broker-dealer registered with the Securities and Exchange Commission. Countrywide Capital Markets, a subsidiary of Countrywide Financial Corporation, also includes Countrywide Servicing Exchange, a broker-dealer of loan servicing rights; Countrywide Asset Management Corp., which manages distressed-credit assets; and CCM International, Ltd., in the United Kingdom.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a member of the SP 500, Forbes 500 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services primarily prime-quality loans. Also included in Countrywide's mortgage banking segment is the LandSafe group of companies that provide loan closing services. Diversified financial services encompass capital markets, banking insurance and global markets, largely through the activities of Countrywide Capital Markets, a mortgage-related investment banker; Countrywide Bank, a division of Treasury Bank, NA, a banking entity offering customers CDs, money market accounts and home loan products; Balboa Life and Casualty Group, whose companies are national providers of property, liability and life insurance; Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home Loans, a U.K. mortgage banking joint venture in which Countrywide holds the majority interest.
For further information about the company, visit Countrywide's Web site at www.Countrywide.com.