Quarterly Update: Q1 2007
JERSEY CITY/LONDON (April 12, 2007) - Thomson TradeWeb, a unit of The Thomson Corporation (NYSE: TOC; TSX: TOC), today announced that TradeWeb, the leading online multi-dealer-to-client marketplace for Fixed Income and Derivatives, posted total trading volumes of $14.9 trillion in the first quarter of 2007, a 16% increase over the first quarter of 2006.
The increase was driven by new markets, especially Triparty Repo, where average daily trading volume now exceeds $75 billion. TradeWeb's other Money Markets also fared well in a flat yield curve environment, with record trading volumes in CP and ECP, up a combined 21% in the first quarter versus a year earlier.
In the Rates markets, TradeWeb's mortgage marketplace had a strong quarter, posting $4.4 trillion in trading volume, up 11% versus Q1 2006. In the same period, €11.7billion of Pfandbriefe / Covered Bonds traded, up 47% from a year earlier. Of note, European Government Bond trading increased by 1% over the prior year, but rose 24% over the fourth quarter of 2006.
New markets reporting double-digit trading volume growth for the first quarter of 2007 compared to the first quarter of 2006 include:
- Triparty Repo 29%
- Interest Rate Swaps 91%
- European Credit (launched April 2006) 10% (Q1 2007 versus Q4 2006).
Excluding all new markets, total trading volume on TradeWeb rose 10% in the first quarter 2007 versus the first quarter of 2006, and increased by 9% versus the fourth quarter of 2006.