Tradeweb Launches Electronic Multi-Asset Package Trading on its Interest Rate Swaps Platform
Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, announced the launch of multi-asset package (MAP) trading on its global Interest Rate Swaps (IRS) platform. The first fully-electronic multi-asset package transaction using in-competition request-for-quote (RFQ) took place between Legal & General Investment Management (LGIM) and Bank of America Merrill Lynch.
“Our MAP functionality is a clear demonstration of Tradeweb’s unique ability to enhance the trading experience for our clients, and connect the buy-side with deep liquidity pools across asset classes on a single electronic venue, and in this case a single trade,” said Lee Olesky, CEO of Tradeweb Markets. “Tradeweb’s strategic approach continues to be focused on building robust and efficient trading solutions that advance our markets globally.”
The Tradeweb MAP functionality builds on the firm’s award-winning NPV (net present value) list trading tool to streamline the simultaneous execution of interest rate swaps, inflation swaps and government bonds in a single package. Traditionally, multi-asset packages have been traded via phone or chat, a laborious and time-consuming process involving multiple trading desks. By leveraging its ability to provide institutional investors with access to multi-asset liquidity, Tradeweb enables clients to achieve more competitive pricing, reduce manual booking errors, and increase execution speed for multi-asset packages.
In addition, Tradeweb uses its extensive live market data to present buy-side trading desks with analytics and pricing for each instrument in the package, thus increasing transparency and helping them fulfil their best execution requirements. Clients also benefit from a streamlined post-trade workflow, as Tradeweb automatically sends swaps transactions for clearing and bond transactions for booking.
“The Global Trading team at LGIM is constantly looking for ways to innovate, and ultimately improve client outcomes,” said Phil Hunter, head of rates trading at Legal & General Investment Management. “The Tradeweb MAP functionality helps LGIM reduce trading costs and achieve straight-through processing, while also ensuring that enhanced best execution requirements under MiFID II are being met.”
Tradeweb launched NPV list trading in November 2013, initially to address demand for a solution that would help firms execute offsetting trades to eliminate line items at the clearing house, a process more widely known as compression. Since then, the tool has been developed to not only compress existing cleared trades, but also to trade custom swap strategies and packages, to facilitate the migration of their portfolios from LIBOR to new risk free rates, and to trade across multiple CCPs and manage CCP basis risk.
Institutional investors have been trading swaps electronically on Tradeweb since 2005. Tradeweb operates the largest swap execution facility (SEF) by volume for institutional rates derivatives trading, representing 68% of total notional traded year-to-date, according to Clarus data. Global IRS activity on Tradeweb Markets has already surpassed USD 36 trillion in 2019, with an average USD 214 billion traded daily, up 75% year-over-year. Tradeweb has been moving the industry forward with innovations such as the first fully electronic, centrally-cleared IRS transaction, and the first cleared inflation swap transaction using in-competition RFQ.
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, the expected timing and availability of Tradeweb’s MAP functionality, our future performance, the markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in our prospectus filed with the SEC on April 5, 2019 and other documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance or events and our actual results and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future performance or events, our results or developments in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of performance, events, results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 60 countries. On average, Tradeweb facilitated more than $630 billion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
Tradeweb Markets Inc.
+44 (0)20 3749 3316
+44 (0)20 7776 0958
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New Phase 3b Interim Data from STARDUST Study Show Two-Thirds of Patients with Moderately to Severely Active Crohn’s Disease Achieved Clinical Remission After Two Doses of STELARA® (ustekinumab)14.2.2020 07:00:00 CET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced interim data from the Phase 3b STARDUST study. At week 16, 79 percent of patients with moderately to severely active Crohn’s disease (CD) achieved clinical responsea and 67 percent were in clinical remissionb after receiving one ~6 mg/kg intravenous (IV) dose followed by one 90 mg subcutaneous (SC) dose of STELARA® (ustekinumab), open label.1 Intestinal ultrasound (IUS) responses were assessed and were detected as early as week 4.2 Week 16 data (digital oral presentation or DOP 13) and IUS response data (DOP 10) from STARDUST are being presented as part of a digital oral presentation at the 15th Congress of the European Crohn’s & Colitis Organisation (ECCO).1,2 The primary endpoint of the 48-week STARDUST study is comparative endoscopic responsec among adult patients with CD receiving ustekinumab maintenance therapy.3 At week 16, patients who achieved a ≥70 point decrease in Crohn’s Disease Activity Index scored
Edwards Launches New Compact Dry Vacuum Pump With the Highest Pumping Density on the Market13.2.2020 13:07:00 CET | Press release
Edwards launch the new nXRi high performance compact dry pump, with lower input power and zero maintenance, bringing real performance improvements and cost benefits across a range of applications. Initial variants will provide pumping speeds of either 60 and 90 m3h-1 , four times more pumping speed than a similar sized dry pump. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200213005447/en/ Edward nXRi Compact Dry Vacuum Pump (Photo: Business Wire) Designed with size in mind, the compact footprint and height allow the Edwards nXRi dry pump to fit easily under a benchtop saving valuable space in the laboratory; and at under 30kg offers a highly mobile vacuum pump for changing work flows and environments. The pump is maintenance free for up to five years, with no tip-seal or oil change, for maximum uptime and reduced maintenance costs. The nXRi's 40% smaller footprint, compared to alternative dry pumps, assures seamless integ
Interactive Brokers Launches Bond Scanner to Help Investors Find the Best Pricing on Wide Range of Fixed Income Products12.2.2020 15:00:00 CET | Press release
Interactive Brokers Group, Inc. (Nasdaq: IBKR) today announced it has created a Bond Scanner to help make finding the best prices on bonds easier and more transparent for clients and non-clients alike. “We believe we offer the lowest bond prices available. Investors should visit our Bond Scanner at ibkr.com/bonds, filter for bonds of interest, and then call their broker to compare,” said Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Clients benefit from our aggregation of price quotes from multiple electronic venues and institutional dealers,” he added. “We do not widen spreads nor are there hidden fees or markups. While some companies charge a large, hidden markup, we charge extremely low, transparent commissions. IBKR clients may provide liquidity to bond markets and improve pricing by entering their own pending orders into the book.” In addition to ultra-low, transparent pricing, the company offers a huge selection of fixed income products, includ
ADVA tackles GNSS jamming and spoofing with market’s first intelligent assurance solution11.2.2020 08:00:00 CET | Press release
ADVA (FSE: ADV) today launched the industry’s first centralized GNSS monitoring and assurance tool. Using artificial intelligence (AI) and machine learning (ML) for comprehensive predictive maintenance, it addresses the key concerns of GNSS users around the globe. The new customer-owned tool enables users to collect and analyze huge amounts of information from across the network to remotely identify issues and protect networks from GNSS vulnerabilities, including jamming and spoofing attacks. It also helps to identify GNSS obstruction issues, detect blind/poor spots that appear over time and enable optimal antenna positioning. Built into ADVA’s Ensemble Controller network management suite with Sync Director, the solution enables customers to detect potential problems in advance, maintain the highest quality of network synchronization and significantly reduce opex. By complementing today’s limited distributed approach to GNSS assurance with a centralized-global system, it offers a major
Light Up the Future with Posiflex at EuroShop 202011.2.2020 02:12:00 CET | Press release
The Posiflex Group, a synergy of world-leading POS, kiosk, and industrial computing technologies — will bring its Serviced IoT solutions to EuroShop 2020, the leading Europe trade fair for the retail industry, from February 16th – 20th at Hall6/A57 in Düsseldorf. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200210005879/en/ Mini Kiosk - Mercury EK-Series (Photo: Business Wire) Nowadays, the ways of retail have been fundamentally changed. Retailers are experiencing unparalleled disruption and are facing new challenges with fierce competition and consumer demands. To aid retailers to stay ahead of the curve, Posiflex POS solutions help retailers to become an integral part of the future retail by offering machines with advanced capabilities, such as rotating screens, various OS platform support, hands-on cable management, and ease of service. Posiflex’s new Android version of MT-Series (Mobile POS), RT-Series (POS terminal),
Global Market Leader Fiat Chrysler Automobiles Selects IDEMIA’s Connectivity Solutions to Improve the Connected Vehicle Experience10.2.2020 07:49:00 CET | Press release
FCA takes its forward-thinking global telematics program to the next level with the integration of IDEMIA’s eSIM (DAKOTA) and Subscription Manager platform (Smart Connect). These groundbreaking services, already operational, are enabling each day FCA to optimize vehicle operations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200209005062/en/ (Photo: Business Wire) The DAKOTA eSIM will be embedded directly into new FCA vehicle models that will be launched in multiple regions. Combined with Smart Connect, this solution gives the automaker the flexibility to dynamically choose the best connectivity provider throughout the lifetime of the vehicle on a worldwide scale. IDEMIA’s solutions not only pave the way for in-demand services such as emergency calls, predictive maintenance and insurance-related services, but also simplify the manufacturing process and provide the capability to remotely update software and tailor connecti