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Tradeweb Government Bond Update – May 2023
Bond Leaders Since the Very Beginning
As a pioneer in electronic markets we introduced the request-for-quote (RFQ) protocol for trading U.S. Treasuries in 1998. Since then, our platform has become the benchmark source not only for U.S. Treasuries, but for government bonds around the world.
By giving the buy-side access to liquidity from the world’s largest sell-side institutions and market makers, we’re boosting pre-trade transparency and overall global market competitiveness across the world’s largest government bond markets including the U.S., the U.K. and Europe, China and Japan.
Key Features:
- Our innovative protocol for U.S. Treasuries and European government bonds - firm, bilateral streams via STAQ
- The Tradeweb ICE CMT Rates provide market participants with a daily overview of U.S. Treasury yields for standard maturities
- The single data source for end-of-day Gilt reference pricing comes from Tradeweb
- The Tradeweb ICE U.S. Treasury Closing Prices are the daily reference prices for U.S. Treasury securities
- The first electronic platform with access to the Chinese bond market
Markets
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Products
T-bills, Notes, Nominal Bonds, Basis, Floating Rates, Strips and TIPS
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Pre-Trade At-Trade Post-Trade Axes
Streams
Dealerweb Wholesale OTR Pricing
Tradeweb Composite Price
Protocols
Request for Quote (RFQ)
Request for Market (RFM)
Click-to-trade (CTT)
Process Trade
Bilateral Streams (STAQ)
Trade Tools
Smart Dealer Selection
Swapbox
My Spread
Trade Types
Outright
Switch
Butterfly
Basis
Swap
List
Automated Intelligent Trading (AiEX)
Straight-Through-Processing (STP)
Execution ReportLiquidity Provider Performance Reports
Audit Trail/ Compliance Records
Best Execution Metrics
Transaction Cost Analysis (TCA)
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Americas Europe Asia 7:30 am New York time open 7:00 am London time open 9:00 am Tokyo time open 5:00 pm New York time close 5:00 pm London time close 4:00 pm Tokyo time close
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Products
EUR, GBP, DKK, SEK, NOK, CHF, Bills, Notes, Inflation Linked Bonds, Floating Rate Bonds, Zero Coupon, Strips and DKK/SEK Mortgages
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Pre-Trade At-Trade Post-Trade Streaming Prices
Live Axes
Protocols
Request for Quote (RFQ)
Click-to-trade (CTT)
Tools
Smart Dealer Selection Tools (SNAP)
Index CloseLimit Orders
Trade Types
Outright
Switch
Butterfly
Individual/ ASAP List
All-or-None ListAutomated Intelligent Trading (AiEX)
Request for Market (RFM)Transaction Cost Analysis
Best Execution Metrics
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Americas Europe Asia 2:00 am New York time open 7:00 am London time open 9:00 am Tokyo time open 1:00 pm New York time close 6:00 pm London time close 4:00 pm Tokyo time close
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Products
Japanese Government Bonds
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At-Trade Post-Trade Protocols
Request for Quote (RFQ)
Click-to-trade (CTT)
Process Trade
Trade Types
Outright
Switch
Butterfly
List
Index Close Trade
Trade Tools
TW Plus
Security Types
Notes: Minimum ticket ¥50k
Bills: Minimum ticket ¥50k
ILBs: Minimum ticket ¥100k
Integration
Transaction Cost Analysis (TCA)
Best Execution Metrics
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Global Hours 8:45 am Japan time open 6:00 pm London time close
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Products
All Canadian Bonds Products: Government of Canada (GoC), Real Return Bonds (RRBs), Government of Canada Treasury Bills (CTBs), Canadian Housing Trust Bonds (CMBs), Provincial Government Bonds and Corporate Bonds
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At-Trade Post-Trade Protocols
Request for Quote (RFQ)
Trade Tools
Quick Ticket
Limit Orders
Sales Entry Orders
Trade Types
Butterfly
Execution Report
Audit Trail/Compliance Records
Best Execution Metrics
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Americas 7:00 am New York time open 5:00 pm New York time close
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Products
AUD, NZD
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Pre-Trade At-Trade Post-Trade Axes
Protocols
Request for Quote (RFQ)
Process Trade
Click-to-trade (CTT)
Trade Types
Outright
Switch
Butterfly
List
Automated Intelligent Execution (AiEX)Trade Tools
Smart Dealer Selection
Limit Orders
Security Types
Bills
Semi Governments
Bonds
Inflation-Linked Bonds
Transaction Cost Analysis (TCA)
Best Execution Metrics
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Europe Australia New Zealand 8:00 am London time open 8:30 am Australia time open 10:30 am New Zealand time open 5:00 pm London time close 4:30 pm Australia time close 4:30 pm New Zealand time close
