TradeWeb Resumes Trading of U.S.-Based Products
- Customers Can Once Again Use Leading Fixed-Income Trading Platform to Trade U.S. Treasury and Agency Debt Securities, TBA Agency Mortgage-Backed Securities and Commercial Paper -
NEW YORK, NY (October 3, 2001) TradeWeb LLC, the leader in online fixed-income markets, today reported that it has resumed trading in all US-based products, including U.S. Treasury and agency debt securities, TBA agency mortgage-backed securities and commercial paper as of October 1st.
TradeWeb's service was temporarily interrupted following the terrorist attacks on the World Trade Center, where the company's headquarters were located. All of the company's software, databases and office records in New York were safely stored offsite and the company's London office played a key role in restoring trading activities. Trading in euro-sovereign debt securities via TradeWeb was not interrupted.
In the two trading days since the resumption, all sixteen TradeWeb dealers were back online and posting live prices for the U.S.-based products. Over 400 buy-side institutional investors executed 5,000 trades with total volume of over $30 billion, approaching the average daily trading volumes seen by TradeWeb dealers before the interruption.
Jim Toffey, TradeWeb President and CEO, said: "I am very proud by what we have accomplished since September 11 in rebuilding part of what was inexplicably destroyed. In the wake of one the greatest tragedies our nation has ever experienced - one that directly touched every member of our team - we never once lost focus of our responsibility to our customers. In less than three weeks, the TradeWeb platform has been restored to what it was before the attack and is once again in a position to provide the leading fixed-income e-commerce solution. We share credit for this achievement with our dealers and our customers, who have supported us throughout the rebuilding process."
Vic Simone, Managing Director of Goldman Sachs andamp; Co. and Chairman of the Board of TradeWeb, added: "TradeWeb's recovery from the disaster it faced has been extraordinary. The company's investor group and the dealer community have always been impressed by the TradeWeb team, but their performance and conduct these past few weeks have been exemplary. We are thrilled to have TradeWeb back up and running and remain committed to supporting the company in its ongoing efforts to provide a superior service to our mutual clients."
"We continue to grieve for our neighbors at the World Trade Center who lost their lives and our prayers go out to their families," Mr. Toffey concluded. As announced on September 13, 2001, all of TradeWeb's employees in the World Trade Center have been accounted for and are safe.
Customers with concerns or questions can reach TradeWeb at 201-499-4070 or its London office at +44 207 776-3200.
Headquartered in the United States, TradeWeb LLC is the leader in online fixed-income markets with more than 1.2 million trades executed and total volume exceeding $6 trillion since its inception in 1998. TradeWeb's multi-dealer model links sixteen of the world's leading dealers of fixed-income securities with more than 800 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 on TradeWeb, please visit the company's website at www.tradeweb.com or contact John Demitroff at 201/499-4076.