Thomson Financial plans to form a strategic partnership with nine of the world’s leading global dealers to drive the expansion of electronic trading using the TradeWeb platform.
The partnership will use TradeWeb’s established market position to create a global multi-asset venue for clients. Under the terms of the agreement, the dealers will invest approximately $180 million to purchase a minority stake in TradeWeb’s established markets.
The dealers that have agreed to invest in TradeWeb are: Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS.
“This new venture is a demonstration of Thomson Financial’s commitment to working with its dealers and customers to drive performance. It will marry TradeWeb’s proven technology and operational skills with the support of a world-class group of dealers to provide global, one-stop trading and straight-through processing for our customers,” says Sharon Rowlands, CEO of Thomson Financial.
“This partnership is a natural step forward in the evolution of the online financial marketplace, taking us closer to the time when almost all trading is electronic. TradeWeb is ideally positioned to seize this opportunity, and expand e-trading for our clients on one platform through organic growth and through acquisition. The end-game is to be the leading global network where markets meet,” adds Jim Toffey, CEO of Thomson TradeWeb.
The transaction is expected to close in the next few months, pending regulatory approval. TradeWeb will maintain its global headquarters in Jersey City, NJ. TradeWeb will also continue to work closely with Thomson Financial on developing new and innovative solutions for non-traders.