TradeWeb Volume Doubled in 2002
Monthly Trading Volume Now Exceeds $1 Trillion
Jersey City, NJ and London (January 21, 2003) -- TradeWeb, the leader in online fixed-income trading, completed its fifth full year of operation in 2002 with record growth in trading volume. Full year trading volume of $10.8 trillion was executed on TradeWeb's global fixed-income network, which includes trades between 19 major dealers and more than 1,200 leading investment firms in 24 countries. Volume reached peak levels of over $80 billion per day, with monthly volumes consistently exceeding $1 trillion.
"Our record volumes prove that e-commerce has grown dramatically in the bond markets during the past year," commented Jim Toffey, CEO of TradeWeb. "Many investment managers tell us that they now do the vast majority of their trades - often 80% or more -- on TradeWeb."
During 2002, TradeWeb also enhanced its straight-through processing (STP) system capabilities for both buy-side customers and dealers with the launch of TradeXpress - a paperless account allocation and trade confirmation network. Both buy-side customers and dealers benefit from greater efficiency and reduced trade failures by using TradeXpress, thereby lowering their overall operating costs. To date, more than 200,000 trades -- valued at over $1 trillion -- have been electronically allocated and confirmed by users of the new TradeXpress service.
"We continue to be impressed by the growing number of larger size trades that are being done on TradeWeb," added Toffey. "Every month, we see more than 2,000 trades of $100 million or greater in size get done on TradeWeb. But when you think about it, it makes perfect sense. The larger the trade, the greater the value of price discovery for the client."
TradeWeb's volume record follows the introduction of a number of key fixed-income trading products during 2002. The new product launches included U.S. Agency Discount Notes, Pfandbriefe, and Supranationals, as well as extended trading hours for U.S. Treasuries in Europe.
"We are confident that TradeWeb's trading model and continued aggressive expansion into new fixed-income markets will provide more success for the future," said Lee Olesky, President of TradeWeb and CEO of TradeWeb Europe. "We are adding more dealers and products to the European platform in 2003, and we are excited about the continued growth prospects for our business."
TradeWeb is the leader in online fixed-income trading with more than 3 million trades executed and total volume exceeding $19 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 buy-side institutions 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, TradeWeb in the US at (201) 536-6580 or Helena Rowe in Europe at +44 (0) 20 7776 3263.