TradeWeb adds four new dealers to European trading platform
London (25 March, 2003) -- TradeWeb, the leading online fixed-income trading platform, today announced that Barclays Capital, Nomura International plc, Nordea and The Royal Bank of Scotland are now participating as dealers on TradeWeb's European trading platform for European Government bonds. In addition, Barclays, Nomura and Nordea have joined the platform to trade Euro Supranationals/Agencies. The 4 new dealers join TradeWeb's world class group of liquidity providers, boosting the total number of market makers to 21.
"We are committed to providing institutional investors with access to the leading global dealers in the market", said Lee Olesky, President of TradeWeb. "Barclays, Nomura, Nordea and The Royal Bank of Scotland have responded to the needs of their customers by joining our trading platform and will make a significant contribution to increased transparency and liquidity in the market."
He added: "Our customers are continuing to trade increasingly greater volumes on a daily basis, with a recent record turnover across all products with European clients exceeding €9 billion. Average daily volumes with European customers have exploded by 45% so far this year compared with the last quarter of 2002. Our customers are also increasingly executing larger trades, including a recent record trade of €1 billion. These new dealers have joined the platform at a very exciting time in TradeWeb's development."
Barclays Capital's Head of Client Technology and European Rates Sales, Justin Bull said: "We believe TradeWeb is currently the pre-eminent fixed income multi-dealer platform in Europe. By joining this platform, we are not only able to provide our clients with enhanced liquidity, but it also complements the recent rebuild of our European Rates product and our technology platform. In our opinion, this combined functionality will provide our clients with the most up-to-date trading execution services available in Europe today".
Nomura's Head of Government andamp; High Grade Credit Sales, Charlie Manners added: "TradeWeb is an important part of Nomura's expansion of its customer franchise in light of its impressive growth in the fixed-income electronic trading market. Nomura's participation in both the TradeWeb European Sovereign and Supranational Trading platforms will further enhance our distribution capabilities and provide our customers with a fast and efficient trade execution tool".
Nordea's Head of Global Trading, Michael Watson said: "We are joining TradeWeb because it is the leading multi-dealer trading platform on fixed-income products. We endeavour to add value to our customers, and by making it possible for them to execute trades with us electronically instead of over the telephone, we will now achieve new efficiencies for our customers".
The Royal Bank of Scotland Financial Markets Head of Liquid Product Sales, Iain Wright added: "Joining TradeWeb allows us to provide our institutional investors with greater depth and breadth of liquidity on the platform of their choice. We look forward to working with TradeWeb in the months ahead"
The addition of the 4 new dealers has been welcomed by institutional investors:
Deutsche Postbank's, Head of Fixed Income, Ronald Graf, said: "We have been using TradeWeb for some time and the majority of our European Government bond transactions are executed there. TradeWeb not only proves to be the most efficient way for us to execute large trades but provides us with greater transparency and dealer liquidity. TradeWeb's Euro Sovereign and Supranational products will be greatly enhanced by the addition of these new dealers".
State Street's Chief Investment Officer - Global Collateral Management, Mike Karpik added: "It is very helpful to have such a range of strong dealers on TradeWeb's multi-product platform".
TradeWeb is the leader in online fixed-income trading with more than 3 million trades executed and total volume exceeding $22 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 21 of the world's leading dealers of fixed-income securities with more than 1,300 buy-side institutions in 23 Countries worldwide. Annual trading volume with European clients on TradeWeb grew by 350% in 2002, while the number of clients doubled. TradeWeb now delivers liquidity for ten fixed-income markets across two continents - all on one screen.
Other dealers supporting the TradeWeb platform are: CSFB, Goldman Sachs, Lehman Brothers, Merrill Lynch, Salomon Smith Barney, Morgan Stanley, Deutsche Bank, JP Morgan, Greenwich Capital, ABN AMRO, Bear Stearns, UBS Warburg, Commerzbank, HSBC, Société Générale, Dresdner Kleinwort Wasserstein, BNP Paribas and Banc of America Securities.
For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Helena Rowe at TradeWeb, Europe at +44 (0) 20 7776 3263 or Mark Semer at Kekst and Company at 212-521-4802.