TradeWeb Posts Record Volume in 2003
-- Total Volume Up 70% Over Prior Year; Growth in All Products --
JERSEY CITY/LONDON (January 21, 2004) -TradeWeb, the leading e-commerce platform in the fixed-income markets, captured a substantial share of total fixed-income trading activity in 2003 as its volume surged higher for the fifth year running. Total volume reached $18.3 trillion for 2003, up 70% over 2002. The volume growth was distributed across the entire range of fixed-income asset classes available on TradeWeb's global network.
"2003 will be seen as the year in which TradeWeb moved firmly into the mainstream of the global fixed-income business," said Jim Toffey, CEO of TradeWeb. "Our unique combination of highly accurate market data, deep market liquidity, and seamless straight-through processing - all on one network -- provides immeasurable value for both investors and dealers alike."
Lee Olesky, CEO of TradeWeb Europe added: "Record volumes, coupled with the addition of 7 new dealers to the European platform made 2003 an outstanding year for TradeWeb in Europe. In the coming year, TradeWeb will continue to provide the best source of online liquidity in the fixed-income markets, through the addition of new products and market makers." In Europe, TradeWeb's 2003 volume surpassed €1.9 trillion, an increase of 110% on the previous year.
Over the past year, TradeWeb firmly secured its position as the leading STP network for the fixed-income markets. More than 300 major buy-side firms electronically allocated over 550,000 block trades during 2003, using TradeWeb's TradeXpressSM STP network. Total allocated volume was up 75% from 2002. TradeWeb's STP network has become the fixed-income industry standard.
TradeWeb is the leading online fixed-income trading network with over 4 million trades executed and total volume surpassing $38 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 24 of the world's leading dealers of fixed-income securities with more than 1,500 buy-side institutions in North America and Europe.
The company 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 leading standard settlement instructions database.
For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Jack Mahoney in the U.S. at (201) 536 5878 or Helena Rowe in Europe at +44 (0) 20 7776 3263.