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Spear, Leeds and Kellogg Now Providing Liquidity to the TradeWeb Corporate Bond Marketplace

| Tradeweb Markets

--Momentum in This New Online Credit Market is Building Rapidly -- 


JERSEY CITY,N.J., September 13, 2004 - Thomson TradeWeb, part of The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of integrated information solutions to professional customers, announced today that Spear, Leeds andamp; Kellogg has gone live as a liquidity provider on the TradeWeb multi-dealer corporate bond platform. Spear, Leeds andamp; Kellogg makes markets across a wide range of credit sectors and has been a dealer in corporate bonds for institutional investors since 1992.


As the latest member of TradeWeb's Corporate dealer group, Spear, Leeds andamp; Kellogg joins seven other major liquidity providers including Citibank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, and UBS Investment Bank. Over the TradeWeb network, this group of dealers provides liquidity in cash corporate bonds for more than 175 of the largest and most active credit investors in the U.S. According to Greenwich Associate's most recent survey of U.S. institutional investors, TradeWeb's Corporates dealer group collectively executes nearly 75% of all secondary dealer-to-customer trading in the cash corporate bond market.


"While rolling-out TradeWeb Corporates, customers have been very clear in expressing their desire to access Spear, Leeds andamp; Kellogg as a liquidity provider on TradeWeb Corporates," said Jim Toffey, Chief Executive Officer of Thomson TradeWeb. "Spear, Leeds andamp; Kellogg's expands both the breadth and depth of the liquidity that corporate bond investors can now access over TradeWeb."


Frank Gilroy, Head of Credit for Spear, Leeds andamp; Kellogg added, "TradeWeb's new corporate bond platform provides Spear, Leeds andamp; Kellogg with an excellent opportunity to enhance its customer service, expand its franchise, and increase its productivity in processing transactions. All of these benefits lead to better economics."


Since launching in early June, TradeWeb's new corporate bond platform has expanded rapidly and now more than 175 institutions and over 450 individuals access the platform for real-time TRACE information, commingled dealer inventories, single and multiple security trading, and straight-through processing. TradeWeb Corporates is the only platform to fully integrate TRACE data into a trader's workflow and to allow buy-side investors to commingle and electronically upload up to 30 pre-allocated buy and sell trades on a single electronic Bid andamp; Offer List. TradeWeb's leading STP network also provides the buy side with the capability to streamline their trading process for electronic and phone trades through electronic allocations and confirmations all on one efficient network.


About Thomson TradeWeb


TradeWeb is the leading online fixed-income trading network with over 5 million trades executed and total volume surpassing $50 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 29 of the world's leading dealers of fixed-income securities with more than 1,500 buy-side institutions in North America and Europe. Its online markets span 10 fixed-income asset classes.


The business 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. Thomson TradeWeb's STP network also includes AccountNetÒ, the leading standard settlement instructions database.


Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a NASD registered broker/dealer.


For more information about TradeWeb products and services, please visit the company's website at or contact Jack Mahoney at (201) 536-5878.


About Thomson Financial


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 (, 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 of US$7.44 billion from continuing operations, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC.)