Tradeweb Introduces Yen Interest Rate Swap Trading
London, 30 September 2008 - Tradeweb, a leading over-the-counter, multi-asset class, online marketplace owned by Thomson Reuters and nine leading dealers, announced today the successful addition of Yen to its Interest Rate Swap offering, which already includes Dollar, Euro and Sterling denominated Swaps. This is the first Japanese product to be made available on Tradeweb, benefiting buy-side clients in Asia and around the world.
Liquidity for Yen Swaps is being provided initially in Asian and European hours by four leading dealers: Citi, Deutsche Bank, J.P. Morgan and RBS. Via its data hub in Tokyo, Tradeweb already offers Asian clients US Treasury and European Government Bond trading during Asian hours, and a total of 13 Tradeweb products across fixed income, derivatives and money markets, during US and European hours.
"Yen Swaps is the latest example of Tradeweb's ability to build electronic markets across asset classes in response to sell- and buy-side demand around the world," said Lee Olesky, Chief Executive Officer of Tradeweb. "We look forward to expanding the number of Asian products on the platform."
"This is a watershed event for Tradeweb, which now provides trading across all four major swaps markets. The initial client demand for Yen Swaps has been positive, in direct response to the deep liquidity being provided by this elite dealer group," said Jesper Bruun-Olsen, Managing Director of Tradeweb's Asian operations.
"As one of the largest rates markets, yen-denominated products are a logical and important addition to Tradeweb's existing suite of interest rate swap offerings," said Jason Evans, Managing Director, Head of Core Rates Trading Japan at Deutsche Bank
"J.P. Morgan's long-standing partnership with Tradeweb is devoted to bringing continuous innovation to the market. The addition of Japanese Yen Interest Rate Swaps to the Tradeweb platform is a testament of this commitment. It will provide our worldwide clients with enhanced transparency and efficient execution, and ultimately broaden the liquidity pool the investor community can access," Ville Vaataja, Managing Director, Rates Trading Tokyo at J.P. Morgan.
Tadeweb is a leading over-the-counter multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivatives, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of more than 30 major dealers with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,500 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and nine leading global dealers.