Thomson TradeWeb Reports Record Volume for First Quarter of 2005
Global Volume for the Quarter Exceeds $9 Trillion
JERSEY CITY/LONDON (April 12, 2005) Thomson TradeWeb, part of The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of integrated information solutions to professional customers, today announced that over TradeWeb, the leading global network of online fixed-income markets, more than $9 trillion in total volume was executed by its online market participants, a 69% or $3.7 trillion increase over the volume executed during the first quarter of 2004. This extraordinary growth was driven by a surge in online trading activity in multiple products, most notably in TBA-MBS, Treasuries, Money Markets, and European Governments.
TradeWeb is now the online marketplace where investors regularly execute their largest trades, commented Jim Toffey, Chief Executive Officer of Thomson TradeWeb. In fact, during this past quarter nearly 60% of TradeWeb's trade volume came from transactions of greater than $100 million in value. Also, we recently saw a record switch trade that exceeded $5 billion.
Lee Olesky, President of Thomson TradeWeb added, "TradeWeb Europe's growth continues at a rapid rate. We have strengthened our position in Europe with growth in trading volumes and the launch of new products, such as Interest Rate Swaps. We are very excited about our first effort in the derivatives space and initial customer feedback has been very positive. In addition, our customer and dealer base has expanded, with 28 dealers now making markets on the European platform for customers located in 33 countries around the world."
- Growth Spans Multiple Product Sectors
- TBA-MBS: TradeWeb's TBA-MBS volume had another record quarter, reaching $3.7 trillion in the first quarter of 2005, up over 110% from the first quarter of 2004.
- U.S. Treasury and Agencies:TradeWeb Treasury and Agency volume reached $3.5 trillion in the first quarter, surpassing the previous quarter's record, and up 48% from first quarter 2004.
- Commercial Paper:TradeWeb Commercial Paper volume was up 53% in first quarter of 2005 over the first quarter of the previous year. CP volume reached $1.6 trillion for the quarter, a new record.
- Agency Discount Notes: ADN's Volume in first quarter 2005 rose to $503 billion, an increase of 97% over the same period last year, marking another record quarter.
- European Government Bonds: TradeWeb European Government Bond volume experienced solid growth in the first quarter of 2005, reaching a record €480 billion, up 23% compared to the same period last year. Euro and Sterling Inflation Linked Bonds were added to the platform in February and have been very well received.
- Other European Products: Volume in TradeWeb European Commercial Paper increased to €50 billion in Q1 2005, up 34% over the Q1 2004. Pfandbriefe/Covered Bonds also experienced tremendous growth, with Q1 2005 volume up 119% over the first quarter of 2004 to €8.2 billion.
- Corporates: TradeWeb Corporates first quarter volume increased 55% from the previous quarter. Since the beginning of the year, four new dealers have begun providing liquidity over TradeWeb bringing the total to 13. Three more are about to join. Electronic trade processing over TradeWeb's leading straight-through processing network posted strong gains during this most recent quarter.
- STP (TradeXpress): During the first quarter of 2005 TradeWeb customers processed allocations (tickets) for over $2.9 trillion in trades using TradeXpress, a 65% increase from the same period last year.
About Thomson TradeWeb
TradeWeb is the leading online fixed-income trading network with over 7.25 million trades executed and total volume surpassing $73 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 160 trading desks of 34 of the world's leading fixed-income dealers with more than 2,000 buy-side institutions in North America and Europe.
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 TradeXpress network. TradeWeb's STP network also includes AccountNet, the leading standard settlement instructions database.
Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a member of the NASD. TradeWeb Europe Limited is regulated by the U.K. FSA.
About Thomson Financial
Thomson Financial is a US$1.73 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 global leader in providing integrated information solutions to more than 20 million business and professional customers in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With revenues of US$8.10 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).