Thomson TradeWeb, the fixed income trading platform, says DZ Bank, the fifth largest bank in Germany, has joined as a dealer participant in European government bonds and Pfandbriefe/Covered Bonds.
“The addition of DZ BANK further strengthens TradeWeb’s European offering, providing investors with the best source for online liquidity for the fast-growing European Government Bonds and Pfandbriefe marketplaces,” says Lee Olesky, President of Thomson TradeWeb.
DZ Bank is the 27th leading primary dealer to provide liquidity for TradeWeb’s European government bond platform. Thomson TradeWeb says the market reached record volumes of EUR480 billion in the first quarter of 2005.
DZ Bank also becomes the 17th liquidity provider for TradeWeb’s Pfandbriefe/Covered Bonds platform, where Q1 volumes surged 119% to EUR8.2 billion over the same period. DZ Bank was a co-founder of the Jumbo Pfandbriefe market in 1995 and now acts as a market maker for more than 450 Jumbo Pfandbriefe.
Ulrich Walter, Head of Fixed Income Trading at DZ Bank, says the bank wants to expand its third party business. “As the most significant e-trading platform for government bonds, TradeWeb represents an important element of this strategy,” he says. “Participating in TradeWeb is a further step for DZ BANK in intensifying existing business relations with institutional customers and gaining additional international customer contacts.”
Frank Scheidig, Head of Fixed Income Sales International at DZ Bank, says the bank is expanding strongly in international customer business, especially with large-scale accounts such as central banks and funds. “In order to service these customers professionally, TradeWeb ideally complements our service offering,” he says. “TradeWeb builds a perfect bridge between personal servicing and electronic execution and is an indispensable supplement to traditional telephone trading.”
Joop Bresser, Director Fixed Income from Delta Lloyd Verzekeringsgroep NV, Amsterdam, welcomed DZ Bank to the TradeWeb trading platform. “The bank has always provided liquidity as well as competitive prices in size in government and covered bonds,” he says.
“We note that DZ BANK is one of our most important counterparts in the Covered Bond Markets,” adds Andrea Ueberschaer, Senior Portfolio Manager from DWS Frankfurt. “We appreciate the fact that from now on DZ Bank is offering its outstanding service as well on the electronic trading platform TradeWeb.”