TradeWeb Expand Triparty Repo Marketplace: Bank of America Joins as Sixth Dealer
January 17, 2007 (Jersey City, NY); Thomson TradeWeb, a division of The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of integrated information solutions to professional customers, today announced that Bank of America is the sixth liquidity provider to join its online Triparty Repo marketplace. The other dealers are Barclays Capital, Deutsche Bank, JP Morgan, Morgan Stanley and UBS.
TradeWeb Repo, launched in January 2006, offers institutional investors the ability to electronically trade Triparty Repo collateralized on U.S. Treasuries, U.S. Agencies and Mortgages. The online platform offers increased efficiencies to institutional clients, including improved price discovery and seamless straight-through processing.
Bank of America is one of the world's largest financial institutions and is among the most active Repo dealers on Wall Street. In addition to Triparty Repo, the Bank provides liquidity to seven of TradeWeb's other online markets: U.S. Treasuries, TBA-MBS, U.S. Agencies, Commercial Paper, Agency Discount Notes and European Government Bonds.
"Bank of America is an established global leader in the Repo market and its decision to join TradeWeb Repo is an important one for this growing online marketplace. By supporting TradeWeb Repo, Bank of America is deepening the pool of liquidity available to clients electronically," said Billy Hult, Managing Director and Head of U.S. Markets at Thomson TradeWeb. Hult noted that with average daily trading volumes reaching $60 billion, TradeWeb Repo has built an impressive presence in the Triparty Repo market in a relatively short amount of time.
"As a leading dealer in the Repo market, Bank of America is committed to providing our customers with the most efficient access to liquidity," said Anthony Kowalski, Global Head of Product Development for the Central Funding Group at Bank of America. "Joining TradeWeb's repo platform is a natural step in our business model as it will enhance our ability to serve clients."
About Thomson TradeWeb
TradeWeb is the leading online fixed-income trading network with over 10 million trades executed and total volume surpassing $150 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links the trading desks of 35 of the world's leading Fixed-Income dealers with more than 2,200 buy-side institutions in North America, Europe, and Asia. Over $200 billion in trading volume gets executed over TradeWeb each day.
The business is also the leading electronic "straight-through processing" network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully-integrated TradeXpress network. TradeWeb's STP network also includes AccountNet, the first derivatives counterparty management tool and the leading data warehouse for standing settlement instructions and OTC derivatives legal documentation.
Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a member of the NASD. TradeWeb Europe Limited is regulated by the U.K. Financial Services Authority.
About Thomson Corporation
The Thomson Corporation (www.thomson.com ), with 2005 revenues of approximately $8.5 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With operational headquarters in Stamford, Conn., Thomson has approximately 40,500 employees and provides services in approximately 130 countries. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
About Bank of America
Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company's Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Many of the bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit www.bankofamerica.com