TradeWeb Launches TradeXpress Service
Paperless Trade Allocations And Confirmations Are Expected To Result In Significant Cost Savings For Participants
JERSEY CITY, NJ, October 24, 2002 -- TradeWeb, the leader in online fixed-income trading, today announced the official launch of TradeXpress, a suite of enhancements to TradeWeb's global trading network that will enable institutional investors and fixed-income dealers to send trade allocation information and ticket confirmations electronically.
The launch follows a successful live test of TradeXpress that included eight TradeWeb dealer participants and thirty of their buy-side customers. During the testing period over 109,000 trades with a dollar value of more than $750 billion were electronically allocated and confirmed using the TradeXpress service. Participating dealers included Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, and Salomon Smith Barney.
TradeXpress enables institutional investors to execute large block trades with fixed-income dealers using TradeWeb's online trading platform, and then allocate each block trade into multiple client accounts for settlement. The institutional investor's client account numbers can be stored on TradeWeb's customer database and mapped to participating dealers for electronic confirmation of individual trade tickets, eliminating the need for telephone follow up.
Dealers and investors who participated in the TradeXpress live test reported savings of both time and operating costs as a result of the elimination of paper and telephone follow up from the allocation and confirmation process.
TradeWeb's multi-dealer, multi-product, global fixed-income trading platform links leading dealers to their institutional clients on an integrated electronic network. Current product offerings include U.S. Treasuries, Agencies, TBA Mortgage-Backed Securities, Benchmark Corporates, Commercial Paper, Agency Discount Notes, Supranationals, Euro-Sovereigns, and Pfandbriefe.
TradeWeb is the leader in online fixed-income trading with more than 2.5 million trades executed and total volume exceeding $16 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links nineteen of the world's leading dealers of fixed-income securities with more than 1,200 buy-side institutions in North America and Europe.
TradeWeb's proprietary auction model enables institutional investors to receive live price quotes simultaneously from their key dealers and trade instantly. Users can connect to TradeWeb's network using software that installs in minutes and runs on their existing computer hardware.
The company also provides fixed-income market professionals with premier market data for the liquid fixed-income securities traded on its platform. Real-time market data is available either directly from TradeWeb over the Internet or through a data distribution agreement with MoneyLine Telerate.
TradeWeb is also a leader in electronic "straight-through processing" of fixed-income trades, providing dealers and customers with paperless trade allocations and confirmations on its fully integrated TradeXpress network. For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Tom Eady in the US at (201) 536-6580.