TradeWeb's ECP Product Goes Live and is Now Available to All Customers

London (10 February, 2003) -- TradeWeb, the leader in online fixed-income trading, today announced that its Euro Commercial Paper (ECP) Live Beta test period has been successfully completed. The new ECP product has now gone live with initial week's trading reaching just under €1 billion.

Live testing of TradeWeb's first European inventory product commenced on 26 November 2002, with 5 dealers and 10 institutional investors. The total number of trades carried out during this beta period was over 250, with the average trade size of €20 million. The total volume for this period was over €5 billion, with the majority of ECP trades in Euros, Sterling, Swiss Francs and US Dollars. Average daily offerings have been between 5000 and 6000 with the earliest trade taking place at 7:36am (GMT).

"The beta testing has been extremely successful and proved that there is a real need among dealers and institutional investors for a product that can offer efficient functionality to access multi-dealer liquidity," commented Lee Olesky, President of TradeWeb Group and CEO of TradeWeb Europe. "We are very excited with the results we have seen to date and believe that this new addition to our platform will add value to the European investment community. Indeed, the largest trade during the live test period was over €90 million, the fastest trade took place in 5 seconds and we have had a record day of €600 million."

This sentiment is supported by positive customer feedback from members of the beta test group:

"TradeWeb's ECP product not only saves me valuable time but has vastly improved transparency and liquidity in the ECP market," said Trevor Denton of T. Rowe Price, member of the test group.

TradeWeb's live testing group of institutional investors comprised of Money Funds, Corporates and Sovereigns, with a geographic spread of 40% UK and 60% Continental Europe.

Olesky added, "Even in this live test period, we have already gained approximately 2% of the total turnover in the ECP market. Given the limited number of investors taking part in the test period, this proves very promising as we extend our ECP product and develop further Money Market solutions for our clients. With the addition of ECP, TradeWeb Europe had a record month in January, of over €120 billion across all products with its clients."

TradeWeb's ECP solution allows users to access the combined inventories of up to 6 of the largest ECP dealers (Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Morgan Stanley, Deutsche Bank and JP Morgan) through its flexible, user-friendly search engine. Trades can be executed quickly, easily and efficiently with the ability to view commingled offerings by separate rate run and offerings screens.

About TradeWeb

TradeWeb is the leader in online fixed-income trading with more than 3 million trades executed and total volume exceeding $20 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links nineteen leading global dealers of fixed-income securities with more than 1,300 buy-side institutions worldwide.

TradeWeb's proprietary auction model enables institutional investors to receive live price quotes simultaneously from their key dealers and trade instantly. The inventory model enables institutional investors to view and trade live commingled offerings from their leading dealers. 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 TradeXpress network. For more information about TradeWeb products and services, please visit the company's website at www.tradeweb.com or contact Helena Rowe in Europe at +44 (0) 20 7776 3263.