TradeWeb Rebounds from Destruction of Office and Infrastructure With Several Volume Records During First Month of Resumed Service
-Company Achieves Daily Volume Record of $42.5 Billion -
- New Records Confirm TradeWeb's Position as the Leading Global Online Bond Trading Network -
New York, NY (November 14, 2001) TradeWeb LLC, the leader in online fixed-income markets, today announced that it has rebounded from the destruction of its office and primary infrastructure in the World Trade Center with a series of trading volume records during the month of October. TradeWeb restored service in its online markets on October 1 after being forced to shut down for three weeks in the aftermath of the September 11 terrorist attacks. The company's quick, record-setting recovery reflects the position that it has earned as the undisputed leader in online trading markets for liquid fixed-income products.
The October records include:
TradeWeb daily volume topped $42.5 billion across all products on October 31, 2001, a 6.25% increase over the previous record of $40.0 billion, which was set on August 13, 2001.
TradeWeb's U.S. agencies market generated total volume of more than $40 billion during the month, including a record day on which it executed trades valued at $3.6 billion.
TradeWeb Europe's euro sovereign market, which was uninterrupted following September 11, achieved its fifth consecutive record month with total volume of more than €28 billion. During the month, the market executed its largest single trade to date, more than €250 million, and now enjoys average daily volume of more than €2.5 billion.
The company's TBA-MBS market executed more trades than in any previous month, with average trade size of approximately $25 million. This included a trade of $500 million, tying the platform's largest outright TBA-MBS trade.
TradeWeb's commercial paper market achieved record average daily volume of more than $13 billion.
Demand is clearly surging for the company's online fixed-income markets, which link major dealers to their institutional clients on an integrated global electronic trading network. TradeWeb recently eclipsed $7 trillion in total trading volume since trading began in 1998, with more than 50% of that volume occurring within the past ten months.
Jim Toffey, President and CEO of TradeWeb, said: "The recovery from the destruction of our U.S. operations has surpassed all our expectations. We restored service faster than many would have expected, and in doing so we not only reached pre-September 11 volume levels, but we exceeded them in all of our markets. This tremendous achievement is a credit to the TradeWeb team, our dealer partners and, of course, our devoted customers."
Tim Musial, a portfolio manager for Northern Trust Quantitative Management in Chicago, added: "I've been a loyal TradeWeb user for some time, but the three weeks without the service made me realize even more how much value it adds to my trading. The bond market needs TradeWeb and I'm certain that I speak for hundreds of other investors when I say that I'm thrilled that TradeWeb is back and better than ever."
Headquartered in the United States, TradeWeb LLC is the leader in online fixed-income markets with more than 1.4 million trades executed and total volume exceeding $7 trillion since its inception in 1998. TradeWeb's multi-dealer model links eighteen of the world's leading dealers of fixed-income securities with more than 900 buy-side institutions in North America and Europe. The company's technological platform is utilized by clients to trade U.S. Treasury and agency debt securities, euro-sovereign debt securities, TBA agency mortgage-backed securities and commercial paper. For more information about TradeWeb, please visit the company's website at www.tradeweb.com or contact John Demitroff at 201/499-4076.