Tradeweb Launches Online Market for TLGP Debt
JERSEY CITY, N.J., December 4, 2008 - Tradeweb, a leading provider of online markets for institutional investors and dealers, announced today it has launched the electronic trading of debt issued under the FDIC's Temporary Liquidity Guarantee Program. Clients are now able to access real-time indicative pricing, execute and process trades for all debt issued under the TLGP on Tradeweb.
The new service on Tradeweb - which will be available as part of Tradeweb's existing U.S. Agency market - benefits clients by:
Providing access to liquidity of leading Agency dealers (TLGP debt is being traded off sell-side Agency desks);
Displaying real-time, indicative composite two-way pricing for all FDIC-backed debt;
Providing connectivity to key third parties, including order management systems;
Maintaining a full audit trail on all trades;
Electronically capturing trade details in real-time, using the Tradeweb API messaging service;
Providing access to AccountNet, Tradeweb's leading derivatives account database to maintain accurate settlement instructions and deliver electronic allocations to dealers.
The first bonds to be issued under the TLGP were for Goldman Sachs, which priced $5 billion of new debt on November 25, maturing in June 2012. Under the terms of the TLGP, all new debt issued will be guaranteed by the FDIC and must have final maturities on or before June 2012, when the program will expire.
"The reaction from clients to the prospect of trading TLGP debt on Tradeweb has been overwhelmingly positive," said Peter Pujols, Director and Head of U.S. Agencies at Tradeweb. "Online trading provides institutional investors an enhanced level of price transparency, fast access to a powerful group of dealers and much-improved operational efficiency."
"Dealer support is critical for the success of any new online market," said Billy Hult, President of Tradeweb. "We're delighted that the liquidity providers for Tradeweb's Agency market have enthusiastically agreed to support this new and exciting sector of the Rates market."
Tradeweb is a leading provider of online markets and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivative, 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 2,000 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 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and nine leading global dealers: Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS.