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Tradeweb Government Bond Update – May 2023
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.
Pre-Trade | At-Trade | Post-Trade | ||
---|---|---|---|---|
Axes Streams Dealerweb Wholesale OTR Pricing Tradeweb Composite Price |
ProtocolsRequest for Quote (RFQ) Request for Market (RFM) Click-to-trade (CTT) Process Trade Bilateral Streams (STAQ) |
Trade ToolsSmart Dealer Selection Swapbox My Spread |
Trade TypesOutright Switch Butterfly Basis Swap List
|
Liquidity Provider Performance Reports Audit Trail/ Compliance Records Best Execution Metrics Transaction Cost Analysis (TCA) |
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 |
Pre-Trade | At-Trade | Post-Trade | ||
---|---|---|---|---|
Streaming Prices |
ProtocolsRequest for Quote (RFQ) Click-to-trade (CTT) |
ToolsSmart Dealer Selection Tools (SNAP) Limit Orders
|
Trade TypesOutright Switch Butterfly Automated Intelligent Trading (AiEX) |
Transaction Cost Analysis Best Execution Metrics |
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 |
At-Trade | Post-Trade | ||||
---|---|---|---|---|---|
|
ProtocolsRequest for Quote (RFQ) Click-to-trade (CTT) Process Trade |
Trade TypesOutright Switch Butterfly List Index Close Trade |
Trade ToolsTW Plus |
Security TypesNotes: Minimum ticket ¥50k Bills: Minimum ticket ¥50k ILBs: Minimum ticket ¥100k
|
Integration Transaction Cost Analysis (TCA) Best Execution Metrics |
Global Hours | |
8:45 am Japan time open | |
6:00 pm London time close |
At-Trade | Post-Trade | ||
---|---|---|---|
ProtocolsRequest for Quote (RFQ)
|
Trade ToolsQuick Ticket Limit Orders Sales Entry Orders |
Trade TypesButterfly |
Execution Report Audit Trail/Compliance Records Best Execution Metrics |
Americas |
7:00 am New York time open |
5:00 pm New York time close |
Pre-Trade | At-Trade | Post-Trade | |||
---|---|---|---|---|---|
Axes |
ProtocolsRequest for Quote (RFQ) Process Trade Click-to-trade (CTT) |
Trade TypesOutright Switch Butterfly List |
Trade ToolsSmart Dealer Selection Limit Orders |
Security TypesBills Semi Governments Bonds Inflation-Linked Bonds |
Transaction Cost Analysis (TCA) Best Execution Metrics
|
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 |