TradeWeb Volume Exceeds $50 Billion per day

Global Bond Network's Volume Surges with Trading in Six Online Markets 

Jersey City, NJ (May 15, 2002) -- TradeWeb LLC, the leader in online fixed-income markets, today announced that its daily trading volume has surpassed the $50 billion mark.

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, U.S. agency debt, euro-denominated sovereign debt, Pfandbriefe, U.S. agency mortgage-backed securities, and commercial paper.

"Today was a monumental day for TradeWeb," said Jim Toffey, CEO of TradeWeb. "This milestone highlights the continued strong growth in our business. Only a year ago we were celebrating $20 billion a day."

About TradeWeb

TradeWeb LLC is the leader in online fixed-income trading with more than 2 million trades executed and total volume exceeding $11 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links eighteen of the world's leading dealers of fixed-income securities with more than 1,000 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 TradeXpressSM network. For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Larry Schwartz in the US at (201) 499-4105 or Helena Rowe in Europe at +44 (0) 20 7776 3263.