TradeWeb adds two leading dealers and launches new Scandinavian product on European trading platform
London (8 September, 2003) -- TradeWeb, the leading online fixed-income trading platform, today announced that Handelsbanken and Danske Bank have agreed to join as market makers on TradeWeb's European trading platform for European Government bonds. These 2 new dealers join TradeWeb's world-class group of liquidity providers, boosting the total number of market makers to 24. In addition, TradeWeb today announced that a new product - Scandinavian Government bonds - would shortly be available for the first time on its platform. TradeWeb will be the only multi-dealer electronic trading platform offering Swedish and Danish Government bonds.
"The addition of these two leading Scandinavian institutions, coupled with the inclusion of Scandi bonds on the platform reflects our commitment to the region as a whole. Nordea and SEB joined the platform earlier this year and now TradeWeb will offer the liquidity of the leading market makers in the region." said Lee Olesky, President of TradeWeb. He added: "Handelsbanken and Danske Bank are joining the platform at a very interesting time in the market for Scandinavia, particularly with the referendum in Sweden set for 14 September and TradeWeb's move into Scandi bonds."
Handelsbanken's Head of Trading, Fredrik Sjöstrand said: "The addition of Scandinavian bonds to TradeWeb's existing European Government bond offering ensures that we can now provide our clients with access to a complete range of products traded electronically."
Danske Bank's Executive Vice President, Steen Blaafalk commented: "We believe TradeWeb is the pre-eminent fixed income multi-dealer platform in Europe. By joining this platform, we are not only able to provide our clients with efficiencies of enhanced liquidity and the most up-to-date trade execution service available in Europe, but will be offering them access to trade Scandinavian bonds electronically for the first time. We are actively working on implementation of TradeWeb at Danske and are on target for launch."
The addition of these 2 new dealers has been particularly well received amongst Scandinavian institutional investors:
Tuomas Hirvinen, Senior Portfolio Manager at the largest pension fund in Finland, Varma-Sampo, said: "We are delighted that Scandi bonds will soon be available on TradeWeb. The inclusion of Handelsbanken will enhance liquidity on the Euro Sovereign platform and create efficiencies for our business."
AMF Pension's Head of Fixed Income, Lars Åberg commented: "With inclusion of Denmark and Sweden on TradeWeb, we welcome Handelsbanken on the platform".
Erling Skorstad, Senior Vice President at Nykredit Portfolio said: "Nykredit Portfolio has been a TradeWeb client for almost 2 years. We have used TradeWeb to trade Euro Sovereign bonds and are very positive about the system and the liquidity offered. With the addition of Danish and Swedish bonds on TradeWeb, we are looking forward to an even better liquidity and increased execution efficiency for our trades in Scandinavian bonds. "
PFA Pension's, Head of Fixed Income, Poul Kobberup commented: " We welcome the addition of Danske Bank as a TradeWeb dealer. Most of our Euro Sovereign business is traded on TradeWeb, and with their addition to the platform, we have electronic access to all of our key counterparties."
TradeWeb is the leader in online fixed-income trading with nearly 4 million trades executed and a total volume exceeding $31 trillion since its inception in 1998. TradeWeb's multi-dealer auction model, now links 24 of the world's leading dealers of fixed-income securities with more than 1,400 buy-side institutions in 28 Countries worldwide. TradeWeb delivers liquidity for ten fixed-income markets across two continents - all on one screen.
TradeWeb is the only electronic trading network to offer a complete spectrum of services, ranging from Premier Market Data to the Leading Bond Trading Network, to Real Straight-Through Processing (STP). The industry leader in STP of fixed-income trades, TradeWeb provides dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpress network.
Other dealers supporting the TradeWeb platform are: CSFB, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, JP Morgan, ABN AMRO, Bear Stearns, UBS, Commerzbank, HSBC, Société Générale, Dresdner Kleinwort Wasserstein, BNP Paribas and Banc of America Securities, Barclays, Nomura, Nordea, The Royal Bank of Scotland (RBS Greenwich Capital in the US) and SEB.