TradeWeb Builds Momentum in Europe With Success Across Multiple Product Offerings
--November is Seventh Consecutive Month of Record Setting Trading Volume for TradeWeb Euro Sovereign Market --
--US Treasury and Agency Markets Very Well Received By European Investors--
--Pfandbriefe in Successful Soft Launch, Expected to Go Live Early in 2002--
London, 13 December 2001 - TradeWeb Europe Ltd., the UK-based subsidiary of TradeWeb LLC, the leader in online fixed-income markets, today reported rapid growth in all of its markets, reflecting widespread acceptance of the TradeWeb platform by European institutional investors.
November was the seventh consecutive record month for TradeWeb Europe's flagship Euro Sovereign market, highlighted by total trading volume of €39.5 billion, an increase of 30 percent over October. Coupled with the powerful increases in the use of TradeWeb's US Treasury and agency products by European clients, TradeWeb Europe's overall volume reached €44.8 billion, an increase of 49 percent over the previous month. These impressive volume figures clearly demonstrate TradeWeb's global market leadership position.
TradeWeb Europe expects to roll out several additional products to its customers in 2002. The TradeWeb Pfandbriefe market will soon complete a soft launch, after which it will become widely available, and TradeWeb's US Commercial Paper market will also be made available to European customers in the new year. As interest among European investors increases, TradeWeb has made US Treasury and agency prices available free of charge to European customers until April 2002.
"The numbers speak for themselves," said Roger Jones, Managing Director of TradeWeb Europe. "TradeWeb's multi-product, multi-dealer platform is the market leader - in the United States and now in Europe. We have received a very favourable reaction to the soft launch of our Pfandbriefe market, and we will extend our product coverage in the new year with Supras, ECP and through a number of other initiatives."
It has become clear to European institutional investors that TradeWeb provides the best solution for accessing their market makers in liquid bond markets. Stefano Pittaluga, Fund Manager at Gruppo Monte Paschi Asset Management, added: "TradeWeb is the most efficient way for us to trade with our dealers in multiple markets. We look forward to being able to access the new products that TradeWeb will make available in Europe next year."
All of TradeWeb's six online fixed-income markets are experiencing huge customer demand globally. In November, the six TradeWeb markets, which link major dealers to their institutional clients on an integrated global on-line trading network, achieved total volume and average daily volume records of approximately $686 billion and $34 billion, respectively. TradeWeb recently eclipsed $7.5 trillion in total trading volume since trading began in 1998, with more than 50% of that volume occurring within the past eight months.
TradeWeb LLC is the leader in online fixed-income markets with more than 1.4 million trades executed since its inception. TradeWeb's multi-dealer model links eighteen of the world's leading dealers of fixed-income securities with more than 900 buy-side institutions in North America and Europe. The company's technological platform is utilised by clients to trade U.S. Treasury and agency debt securities, euro-sovereign debt securities, TBA agency mortgage-backed securities, commercial paper, and Pfandbriefe. For more information about TradeWeb, please visit the company's website at www.tradeweb.com or contact Steve Hall at +44 (0) 20 7776-3200.