TradeWeb Volume Surpasses $10 Trillion Mark
Expanding Product Line Fuels Growth of Leader in Electronic Bond Trading
New York, NY (March 20, 2002) -- TradeWeb LLC, the leader in online fixed-income trading, today announced that its cumulative trading volume has surpassed the $10 trillion mark since trading began in 1998.
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, agency mortgage-backed securities, and commercial paper.
Each of TradeWeb's five online fixed-income products continues to experience significant customer demand. For example, over $2 trillion in volume has traded through TradeWeb's commercial paper platform since the product was launched only seven months ago. TradeWeb's Treasury volume grew more than 47% in 2001. Average monthly volume for Agencies more than doubled on TradeWeb during 2001. Since its launch in May 2001, over $500 billion in TBA-MBS has traded on TradeWeb. Euro Sovereign trading volume quadrupled during the past year. In fact, more than half of TradeWeb's $10 trillion of cumulative trading volume has occurred in just the past 12 months.
"Our current trading volume is more than $2 trillion each quarter and growing," said Jim Toffey, CEO of TradeWeb. "This is a strong vote of confidence in TradeWeb from both dealers and investors. We expect our trading volumes to continue to grow as a result of additional new product introductions and increased customer demand for our e-commerce services."
Additional new products scheduled for introduction on the TradeWeb platform in 2002 include corporate bonds, agency discount notes, pfandbriefe, euro-denominated supranational issues, and euro commercial paper.
Paul Scheufele, a managing director of Credit Suisse First Boston and Chairman of the Board of TradeWeb, added: "The TradeWeb platform has truly established itself as a premier source of e-commerce services for dealers and customers in the liquid fixed-income markets. No other online fixed-income platform matches the breadth of products and dealers available on TradeWeb."
Headquartered in the United States, TradeWeb LLC is the leader in online fixed-income trading with more than 1.8 million trades executed and total volume exceeding $10 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. The company's online trading network is utilized by clients to trade U.S. Treasury and agency debt securities, TBA agency mortgage-backed securities, commercial paper, euro-sovereign debt securities and pfandbriefe. The company also provides fixed-income market professionals with premier market data for U.S. Treasuries, Agencies, TBA-MBS, and Euro Sovereigns through data distribution agreements with MoneyLine Telerate and Reuters. For more information about TradeWeb, please visit the company's website at www.tradeweb.com or contact Thomas Eady at 201/499-4064.