TradeWeb Europe to Add ABN AMRO, JP Morgan and UBS Warburg as Market Makers for Online Euro Sovereign Market
ew Dealers Are Leaders In Euro Sovereign Trading,
Join Seven TradeWeb Investors/Dealers in New Market
London, February 2, 2001 - TradeWeb Europe, Ltd., the European subsidiary of TradeWeb, LLC, the leader in online fixed-income markets, today announced that ABN AMRO, JP Morgan and UBS Warburg, three of the world's leading dealers of euro-denominated sovereign debt securities, have agreed to participate in TradeWeb's online Euro Sovereign market. The three new dealers will join existing TradeWeb Europe dealers in providing prices to the market following completion of its beta test, which is expected during the first quarter.
Liquidity for the TradeWeb Euro Sovereign market is currently provided by the seven dealers that are TradeWeb's equity investors: Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
The TradeWeb Euro Sovereign market is one of four TradeWeb markets. The TradeWeb US Treasuries and Agencies markets are fully operational, and a TBA mortgage pass-through securities (TBA-MBS) market will soon enter the beta-testing phase. All of the TradeWeb markets are based on a common technological platform that was launched with the US Treasury market in early 1998, and has been constantly refined during the past three years.
Roger Jones, CEO of TradeWeb Europe, said: "I am delighted to welcome these three prestigious dealers to the TradeWeb European platform. This development shows our commitment to create a real online market and introduce new dealers whose involvement will clearly benefit our buy-side clients. I look forward to working with all of our dealer partners to expand our presence in the Euro Sovereign market."
Jim Toffey, President and CEO of TradeWeb, LLC, said: "Our European effort is clearly off to a great start. Under the leadership of Roger Jones, our new CEO for Europe, the beta test for our Euro Sovereign market is exceeding our expectations and the addition of these three new dealers underscores our commitment to create the best online fixed income markets. The liquidity created through the combination of these dealers and the seven that are participating in the market's beta will create a powerful trading platform."
Steven Parker, European Head of Government Sales at JP Morgan, said: "JP Morgan is pleased to become a contributor to TradeWeb in European government bonds. As active participants on TradeWeb in treasury and agency products, the added value of including Euro sovereign securities will enable us to continue to better service our clients needs by providing the broadest range of options possible."
Jonathan Och, Head of European Government Bond Trading at UBS Warburg, said: "We are delighted to become a dealer on the TradeWeb platform in Europe. We look forward to giving our client base all the benefits of online execution, complementing the coverage by our sales force and providing another facet to our leading European Government Bond effort."
TradeWeb Europe, Ltd., the London-based European subsidiary of TradeWeb, LLC, was formed in 2000 to extend the TradeWeb brand to Europe, beginning with the development and oversight of the company's online euro-denominated sovereign debt securities market. Headquartered in New York, TradeWeb LLC is the leader in online fixed-income markets with more than 800,000 trades executed with total volume of more than $3 trillion since its inception in 1998. TradeWeb's multi-dealer model links 14 of the world's leading dealers of fixed-income securities with nearly 700 buy-side institutions in North America and Europe. In addition to Euro Sovereigns, the company's technological platform has been adapted to enable clients to trade US Treasury and Agency securities, and TBA mortgage pass-through securities (TBA-MBS). For more information on TradeWeb, please visit the company's website at www.tradeweb.com or contact Steve Hall, TradeWeb Europe, London, +44 (0) 20 7776-3200.