Tradeweb Welcomes Credit Suisse First Boston to Euro and US Dollar Interest Rate Swaps
- CSFB is 8th liquidity provider for electronic auction-based € and $ IRS platform -
LONDON / JERSEY CITY, 19 September 2005 - Thomson TradeWeb, part of The Thomson Corporation (NYSE: TOC, TSX: TOC), announced today that Credit Suisse First Boston has joined TradeWeb's rapidly growing, electronic interest rate swaps platform (TradeWeb IRS) as the eighth major liquidity provider for both Euro and US Dollar denominated swaps. CSFB is a global investment bank with a leading presence in the derivatives market, ranking among the top 10 dealers in the global swaps market.
TradeWeb successfully launched Euro IRS in March 2005, backed by six global derivatives dealers. US Dollar swaps went live on 13 September, with eight liquidity providers on board, becoming the first integrated platform in this market to offer electronic multi-dealer auctions with automatic ISDA-compliant post-trade processing. More market makers are set to join TradeWeb IRS, both in Europe and the US, in the coming months.
With TradeWeb's unique offering and functionality, the buy- and sell-side community benefit from greater efficiencies and significantly reduced operational risk.
Lee Olesky, President of Thomson TradeWeb, commented: "We are very pleased CSFB has joined TradeWeb swaps as our newest dealer to provide liquidity to customers electronically. In just a few short months, we have seen the market embrace electronic trading of swaps on TradeWeb, expanding to 60 buy-side customers and average daily volumes in August of over €1 billion."
Paul-Henry Bacher, Head of Electronic Trading and Services at Credit Suisse First Boston - London, said: "As a major player in the global swaps market, it is important we have partners who can provide us with the appropriate platform and functionality to serve the needs of our customers. We look forward to adding our liquidity to the TradeWeb global swaps platform.
Notes to Editor
TradeWeb's multi-dealer swaps platform allows trading and confirmation in spot and forward 3-Month and 6-Month EURIBOR IRS and EONIA OIS - both outright and spread trades. Clients are also able to electronically trade and confirm off-benchmark, tailored Interest Rate Swaps via the TradeWeb RFQ trading model.
TradeWeb's USD swaps platform allows trading across the USD curve from 2 to 30 Years vs 3M Libor, for both outright and benchmark spread trades, where there is contingent execution of an On The Run Treasury Bond, and a corresponding maturity Interest Rate Swap.
ISDA is the International Swaps and Derivatives Association, founded in 1985 by 18 dealers, to develop standard terms and documentation for interest rate swaps.
About Thomson TradeWeb
TradeWeb is the leading online fixed-income trading network with over 8 million trades executed and total volume of $90 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 165 trading desks of 35 of the world's leading fixed-income dealers with more than 2,000 buy-side institutions in Europe, North America and Asia.
The business is also the leading electronic "straight-through processing" network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpress network. TradeWeb's STP network also includes AccountNet™, the leading standard settlement instructions database.
Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a member of the NASD. TradeWeb Europe Limited is authorised and regulated by the U.K. Financial Services Authority.
About Thomson Financial
Thomson Financial is a US$1.73 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (www.thomson.com), a global leader in providing integrated information solutions to more than 20 million business and professional customers in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With revenues of US$8.10 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Credit Suisse First Boston (CSFB) is the trade name for the investment banking business of Credit Suisse and its subsidiaries and affiliates. CSFB is a leading global investment bank serving institutional, corporate, government and individual clients. Its businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 33 countries across five continents. CSFB is a division of the Zurich-based Credit Suisse Group, a leading global financial services company.