Thomson TradeWeb achieved a record volume of over $26 trillion in 2004, the firm said. This represents an increase of 42% over the previous year.
The increase was distributed across multiple asset classes with record volumes set in US Treasuries, TBA-MBS, Commercial Paper, Agency Discount Notes, European Government Bonds, Euro Commercial Paper, and Pfandbriefe/Covered Bonds. In addition, TradeWeb’s continued growth was underscored by a record fourth quarter with total volume of $7.5 trillion and a record trading day that surpassed $300 billion. Dealer liquidity on TradeWeb also expanded significantly during the year with the addition of 25 trading desks to the platform bringing the total to 149, a 20% increase over the previous year.
TradeWeb Treasury and Agency volume reached a combined $2.5 trillion in the fourth quarter, surpassing the previous quarter’s record. Trading in inflation-linked U.S. government securities (TIPS) was up more than 130% in 2004 over the previous year.
Further, volume in TradeWeb TBA-MBS was up 56% in 2004 over the previous year with volume exceeding $8.7 trillion, while TradeWeb Commercial Paper was up 15% in 2004 over the previous year. In addition, fourth quarter CP volume reached $1.45 trillion, surpassing the previous quarter’s record. Agency Discount Note volume also continues to grow at a rapid pace, with 2004 volume up 86% over 2003 to $1.5 trillion.
TradeWeb’s Corporate platform continues to grow rapidly. Accepted trades in the fourth quarter of 2004 were up 96% over the previous quarter, while TradeWeb European Government Bond volume experienced significant growth reaching a record EUR1.6 trillion in 2004, up over 50% compared to the previous year. Volume in the 4th quarter reached EUR445 billion, a record quarter.
Across other European products, volume in TradeWeb European Commercial Paper increased to EUR159 billion in 2004, up 150% over the previous year. Pfandbriefe/Covered Bonds also experienced tremendous growth, with 2004 volumes up 115% over 2003.
Overall, TradeWeb’s STP volumes continue to rise, with 2004 allocation volume of $8.7 trillion, up 23% from 2003. The number of tickets generated on TradeXpress was more than 1.2 million, rising 31% over 2003.