Trading Volumes on Tradeweb Grow By 40% During Period of Significant Market Volatility
JERSEY CITY, NJ (August 13, 2008) - Tradeweb, a leading over-the-counter, online multi-asset class marketplace, owned by Thomson Corp and 10 leading dealers, announced today that overall trading volumes on its network grew to $42.7 trillion in the first half of 2008, a 40% increase compared to the same period in 2007. The growth in activity is attributable to increased money market trading.
Tradeweb provides 18 online marketplaces to over 2,000 institutional clients, who are able to tap into the liquidity of more than 35 world-class dealers.
The benefits of electronic trading are increasingly evident. For example, in H1 2008:
Nineteen new dealer desks have joined Tradeweb in the first half of 2008, for a total of more than 225 dealer desks worldwide
The total number of users trading U.S. Dollar swaps, Euro swaps and Overnight Index Swaps increased by 38% in H1 2008 compared to a year earlier.
STP allocation volume on Tradeweb is up 63% at $28 trillion, as clients increasingly recognize the efficiencies of online trade processing
"During this difficult time for the financial markets, Tradeweb has once again demonstrated that online trading has a vital role to play in providing liquidity to clients," said Jim Toffey, CEO of Tradeweb. "Not only do electronic markets provide our clients with a deep pool of liquidity but they enable them to better manage their market risk through seamless trade processing."
"Tradeweb's dealers continue to demonstrate their commitment to expanding electronic trading on Tradeweb," said Lee Olesky, President of Tradeweb. "This vote of confidence positions the business well as we continue to migrate traditional phone-based markets, such as interest rate swaps, to the more efficient execution of Tradeweb's online markets."
Tradeweb is a leading over-the-counter, multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivatives, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of more than 35 major dealers with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and 10 leading global dealers.