Three New Dealers Join TradeWeb TBA-MBS Dealer Group
- Addition Of Bear Stearns, Greenwich Capital and UBS Warburg Increases Dealer Group to Ten Members -
NEW YORK, NY (July 25, 2001) TradeWeb LLC, the leader in online fixed-income markets, today announced the addition of three new dealers to its TBA- MBS dealer group, increasing the size to ten members. The new dealers -- Bear Stearns, Greenwich Capital, and UBS Warburg -- will join TradeWeb's current TBA-MBS dealer participants, which include Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney. The combined trading flows of these premier mortgage dealers represent a vast majority of daily dealer-to-customer TBA-MBS trading volume in the mortgage market.
The TradeWeb TBA-MBS market officially launched in May, 2001, and allows institutional investors and dealers to trade 30-year and 15-year fixed-rate TBA-MBS. The first two months of operations have been very successful, with total trading volume exceeding $60 billion, and an average trade size of more than $20 million per trade.
Jim Toffey, President and CEO of TradeWeb, said: "We are very excited to expand our TBA-MBS dealer group to include these three outstanding MBS dealers. Their participation is further validation of TradeWeb's acceptance by the mortgage industry as the leading online TBA-MBS marketplace."
Jeffrey Mayer, senior managing director and head of the mortgage department at Bear Stearns, said: "TradeWeb MBS is an excellent complement to our mortgage distribution network. It is a valuable tool that will further our commitment to provide our customers with the most efficient execution possible."
Brian Cohane, head of pass-through trading at UBS Warburg, said: "UBS Warburg is always looking to expand the options we provide to our clients. The TradeWeb model addresses our clients' need for access to an electronic trading platform."
Headquartered in New York, TradeWeb LLC is the leader in online fixed-income markets with more than 1,000,000 trades executed and total volume exceeding $5 trillion since its inception in 1998. TradeWeb's multi-dealer model links 16 of the world's leading dealers of fixed-income securities with more than 800 buy-side institutions in North America and Europe. In addition to TBA-MBS, the company's technological platform is utilized by clients to trade U.S. Treasury and Agency securities, Euro-Sovereign debt securities and commercial paper. For more information on TradeWeb, please visit the company's website at www.tradeweb.com or contact John Demitroff at 201/499-4076.