TradeWeb announces successful debut of Danish and Swedish government bonds on European trading platform
London (3 November, 2003) -- TradeWeb, the leading online fixed-income trading platform, today announced the successful debut of Danish and Swedish government bonds on its European trading platform earlier last week. As the first multi-dealer electronic trading platform to provide trading of this combined product, TradeWeb continues its strong history of market innovation and leadership, both in Scandinavia and further afield.
On its first day of trading alone, 28 October, TradeWeb received trade enquiries exceeding 2 billion in local currency. Moreover, in the first four days of trading, Scandinavian volumes reached more than EUR 700 million equivalent. Notably, the first Scandinavian bond traded over TradeWeb, was completed only 47 seconds after the products' trading debut.
To provide unrivalled liquidity to TradeWeb's two newest government bond products, the company has secured the majority of key dealers for Scandinavian government bonds, of which 11 are supporting the Danish, and six supporting the Swedish, government bonds. More dealers are expected to join the dealer liquidity group for these products in the coming months. TradeWeb has over 60 institutional investors based in the Scandinavian region.
This latest development in TradeWeb's Scandinavian operations follows the addition of Nordea, SEB, Svenska Handelsbanken and Danske Bank as market makers on TradeWeb's European trading platform for European Government bonds in the last year, boosting the total number of TradeWeb's market makers to 24.
"The successful debut of Danish and Swedish government bonds, following the addition of Scandinavia's leading institutions to TradeWeb's electronic platform, reflects our continuing commitment to the Scandinavian region and to the expansion of our products globally," said Lee Olesky, President of TradeWeb. "TradeWeb is providing more than simply an electronic means of trading in Scandinavian government debt, it is building a deep, liquid marketplace that can be easily and efficiently accessed by our customers around the world," he added.
TradeWeb is the leader in online fixed-income trading with nearly 4 million trades executed and total volume exceeding $34 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 1,500 institutional investors 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 pre-trade Premier Market Data to the Leading Bond Trading Network, to post-trade Straight-Through Processing (STP). The industry leader in STP of fixed-income trades, TradeWeb provides dealers and institutional investors 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.
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), SEB, Svenska Handelsbanken and Danske Bank.
For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com.