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Thomson TradeWeb Reports Record Volume of Over $26 Trillion for 2004

| Tradeweb Markets

JERSEY CITY/LONDON (January 13, 2005) - Thomson TradeWeb, a unit of The Thomson Corporation (NYSE:TOC; TSX: TOC), today announced that TradeWeb, the leading network of online fixed-income markets, achieved a record volume of over $26 trillion in 2004. This represents an increase of 42% over the previous year. The increase was distributed across multiple asset classes with record volumes set in US Treasuries, TBA-MBS, Commercial Paper, Agency Discount Notes, European Government Bonds, Euro Commercial Paper, and Pfandbriefe/Covered Bonds. In addition, TradeWeb's continued growth was underscored by a record fourth quarter with total volume of $7.5 trillion and a record trading day that surpassed $300 billion. Dealer liquidity on TradeWeb also expanded significantly during the year with the addition of 25 trading desks to the platform bringing the total to 149, a 20% increase over the previous year.

 

"In 2004, TradeWeb continued to prove itself as the leading online marketplace" said Jim Toffey, CEO of Thomson TradeWeb. "With record volumes across several products and the successful introduction of TradeWeb Corporates, TradeWeb continued to expand its premier market data, trade execution, and STP services in the fixed-income markets."

 

"With the addition of major dealers and customers to TradeWeb's network in Europe, as well as record volumes in multiple European products in 2004, we continue to grow at a rapid pace", said Lee Olesky, President of Thomson TradeWeb. "In addition to our expansion in Europe, we also continued to grow our cross-border capabilities with European Government Bond trading for US customers, and our US Treasury and Agency volumes from European institutional investors continued to increase as well."

Growth Spans Multiple Product Sectors 

  • U.S. Treasury and Agency Debt: TradeWeb Treasury and Agency volume reached a combined $2.5 trillion in the fourth quarter, surpassing the previous quarter's record. Trading in inflation-linked U.S. government securities (TIPS) was up more than 130% in 2004 over the previous year.
  • TBA-MBS: As evidence of TradeWeb's growing presence in the TBA-MBS market, volume in TradeWeb TBA-MBS was up 56% in 2004 over the previous year with volume exceeding $8.7 trillion.
  • Money Markets: TradeWeb Commercial Paper was up 15% in 2004 over the previous year. In addition, fourth quarter CP volume reached $1.45 trillion, surpassing the previous quarter's record. Agency Discount Note volume also continues to grow at a rapid pace, with 2004 volume up 86% over 2003 to $1.5 trillion.
  • Corporates: TradeWeb's Corporate platform continues to grow rapidly. Accepted trades in the fourth quarter of 2004 were up 96% over the previous quarter.
  • European Government Bonds: TradeWeb European Government Bond volume experienced significant growth reaching a record €1.6 trillion in 2004, up over 50% compared to the previous year. Volume in the 4th quarter reached €445 billion, a record quarter.
  • Other European Products: Volume in TradeWeb European Commercial Paper increased to €159 billion in 2004, up 150% over the previous year. Pfandbriefe/Covered Bonds also experienced tremendous growth, with 2004 volumes up 115% over 2003.
  • STP (TradeXpress): TradeWeb's STP volumes continue to rise, with 2004 allocation volume of $8.7 trillion, up 23% from 2003. The number of tickets generated on TradeXpress was more than 1.2 million, rising 31% over 2003.

About Thomson TradeWeb:

 

TradeWeb is the leading online fixed-income trading network with over 6 million trades executed and total volume surpassing $65 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links the trading desks of 32 of the world's leading fixed-income dealers with more than 1,800 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 Ò , 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$1.5 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 of US$7.44 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC.)

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