Greenwich Capital Begins TBA-MBS Trading on TradeWeb
Greenwich Capital Joins Group of Premier TBA-MBS Market Makers on the Leading Fixed-Income Trading Platform
New York, NY (March 25, 2002) -- TradeWeb LLC, the leader in online fixed-income trading, today announced that Greenwich Capital has joined its TBA-MBS dealer group. Greenwich Capital already participated on TradeWeb as a market maker for U.S. Treasuries and Agencies.
The addition of Greenwich Capital brings the size of TradeWeb's TBA-MBS dealer group to ten firms; all are leading market makers in the mortgage-backed securities market. The other nine dealers are Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Smith Barney, Bear Stearns, and UBS Warburg.
The addition of Greenwich Capital as a TBA-MBS market maker on TradeWeb comes at a time when demand is surging for the company's online TBA-MBS trading platform. Since its launch in May 2001, over $500 billion in TBA-MBS has traded on TradeWeb.
TradeWeb also offers online trading for U.S. Treasuries, U.S. Agencies, Commercial Paper, and Euro Sovereign debt securities. In fact, TradeWeb recently announced that it eclipsed $10 trillion in total trading volume for all products since trading began in 1998, with half of that volume occurring within the past eight months.
"Greenwich Capital is a premier fixed-income dealer with a leading TBA-mortgage backed securities business," said Jim Toffey, CEO of TradeWeb. "Customers have told us that Greenwich Capital is a strong addition to what was already an impressive lineup of TBA-MBS market makers. We expect our TBA-MBS trading volume to continue to grow as a result of the addition of Greenwich Capital."
Mike Chapey, the head of mortgage pass-through trading at Greenwich Capital, added, "The TradeWeb TBA-MBS platform is an important tool that demonstrates our commitment to provide Greenwich Capital's customers with a strong pricing view and efficient trade execution."
Headquartered in the United States, TradeWeb LLC is the leader in online fixed-income trading with more than 1.8 million trades executed and total volume exceeding $10 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links eighteen of the world's leading dealers of fixed-income securities with more than 1,000 buy-side institutions in North America and Europe.
The company's online trading network is utilized by clients to trade U.S. Treasury and agency debt securities, TBA agency mortgage-backed securities, commercial paper, euro-sovereign debt securities and pfandbriefe.
The company also provides fixed-income market professionals with premier market data for the liquid fixed-income securities traded on its platform. Real-time market data is available either directly from TradeWeb over the Internet or through data distribution agreements with MoneyLine Telerate and Reuters.
TradeWeb is also a leader in electronic "straight-through processing" of fixed-income trades, providing dealers and customers with paperless trade allocations and confirmations on its fully-integrated TradeXpressSM network. For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Tom Eady at 201/499-4064.