WestLB - 26th Dealer to join TradeWeb
--Dealer to provide further liquidity to TradeWeb's leading European Government Bonds and Pfandbriefe/Covered Bond platforms--
London (17 March, 2004) -TradeWeb, the leader in online fixed-income trading, today announced that WestLB AG will become a dealer participant on TradeWeb's award-winning trading network, for European Government Bonds and Pfandbriefe/Covered Bonds. With total assets of more than €290 billion, WestLB AG is one of the leading providers of financial services in Germany.
WestLB is the 26th dealer participant to join TradeWeb's pre-eminent global network, following the recent addition of UniCredit Banca Mobiliare on 2 March 2004. WestLB will be the 24th dealer to provide liquidity for TradeWeb's European Government Bond market, and the 12th dealer to provide liquidity for the network's Pfandbriefe/Covered Bonds market.
"WestLB joining the Network represents a further strengthening of TradeWeb's global offering," said Lee Olesky, President of TradeWeb. "Already deeply rooted in both Europe and the US, TradeWeb is confident that WestLB's addition to the Network will clearly benefit our buy-side clients, providing them with the best source of multi-dealer liquidity in the fixed-income markets."
"WestLB's presence on the TradeWeb platform is a further proof of our commitment to the European Government and Covered Bond markets. We continue to improve our client service by providing investors with enhanced liquidity and the most efficient execution available", said Ian Clifton, Head of Market Risk at WestLB Global Financial Markets.
Guido Mundt, Head of European Sales and Marketing added: "Meeting the needs of our customers and adding real value is a key element of our sales strategy. TradeWeb enables our sales staff to have a lot more time for analysis and advice on complex products to the benefit of all our European fixed-income investors."
Volker Blau, Managing Director of Allianz Capital Managers said: "Trading German Covered Bonds electronically via TradeWeb has become an outstanding alternative for Allianz Group. We are pleased to welcome another strong trading partner such as WestLB to this efficient platform.