Thomson Reuters and a group of nine dealers have launched a trading platform for credit-default swaps, Tradeweb, in the U.S. and plan to launch it in Europe in 2009, Reuters reports.
“Especially given the current market turmoil, we are confident that Tradeweb’s inherent transparency and efficiency for OTC markets will provide a compelling trading mechanism for the market,” Lee Olesky, chief executive of Tradeweb said in a release.
The nine dealers include Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS.