Tradeweb Launches New Electronic Marketplace for the Placement of Cash Deposits

| Workflows/Technology

LONDON, 22 April, 2008 - Tradeweb, a leading over-the-counter, multi-asset class marketplace for Fixed Income, Derivatives and Equities, owned by Thomson Reuters and 10 leading dealers, announced today that it has launched an electronic marketplace for Deposits with a core group of banks and institutional investors, bringing speed, efficiency and transparency to a traditionally labour-intensive, telephone-based business.

 

Deposits is the 18th marketplace on Tradeweb and an important complement to the Company's leading OIS offering, Commercial Paper and other money market products, all of which are widely used by both institutional investors and corporate treasurers.

 

The Tradeweb Deposit marketplace supports the placement of new and maturing Deposits, initially in five currencies: Euro, Sterling, US Dollar, Swiss Franc and Yen. The marketplace also provides real-time, indicative composite rates for price discovery, and STP.

 

The banks participating initially are: Anglo Irish Bank, Dexia, Dutch State Treasury Agency (DSTA), KBC, The Royal Bank of Scotland, and UBS. Other banks and institutions are already in the implementation stage and are expected to join in the near future.

 

"The launch of this market is very timely," said Lee Olesky, President of Tradeweb, "as the credit and short-term funding market is quite difficult right now. Tradeweb's electronic market for Deposits will benefit the market participants not only through the efficiencies of price transparency and processing, but importantly in the transparent provision of accurate and timely information around pricing. As our Deposit product attracts a growing number of banks and institutions from across Tradeweb's powerful network, we expect our data to become very widely used as an accurate indicator of tradable Deposit rates."

 

"Deposits are ready to trade electronically on a platform that offers significant liquidity," said Alastair Mair, Treasury Manager at Aegon. "Tradeweb has worked closely with participants in the Deposit market to automate the placement process both effectively and competitively on their leading platform. The platform also offers straight through processing which allows the back office to participate in this exciting development."

 

 

Jennifer Gillespie, Fund Manager of the SWIP Global Liquidity Fund commented, "Tradeweb has developed an exciting innovation for the trading of Deposits which will bring speed and efficiency to what has been a relatively manual process. Given that we are one of Europe's largest liquidity managers, we believe this new platform will improve the effectiveness of our trading process and provide significant benefits for our clients."

 

About Tradeweb

 

Tradeweb is a leading over-the-counter, multi-asset class 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 the major investment banks with over 2,200 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 Thomson Order Routing, a global FIX network with more than 6,000 connections to over 750 firms.

 

About Thomson Reuters

 

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange, Toronto Stock Exchange, London Stock Exchange and Nasdaq. For more information, go to www.thomsonreuters.com.

Tags: Workflows/Technology, News Release , Money Markets , Tradeweb Institutional