TradeWeb, the electronic trading platform for the fixed-income markets, hosted transactions worth $18.3 trillion in 2003 – a volume up 70 per cent over 2002.
“2003 will be seen as the year in which TradeWeb moved firmly into the mainstream of the global fixed-income business,” says Jim Toffey, CEO of TradeWeb. “Our unique combination of highly accurate market data, deep market liquidity, and seamless straight-through processing – all on one network – provides immeasurable value for both investors and dealers alike.”
Over the past year, TradeWeb claism to have secured its position as the leading STP network for the fixed-income markets. More than 300 major buy-side firms electronically allocated over 550,000 block trades during 2003, using TradeWebs TradeXpressSM STP network. Total allocated volume was up 75 per cent from 2002, making TradeWebs STP network – in its own estimation – the fixed-income industry standard.
“Record volumes, coupled with the addition of 7 new dealers to the European platform made 2003 an outstanding year for TradeWeb in Europe,” says Lee Olesky, CEO of TradeWeb Europe. “In the coming year, TradeWeb will continue to provide the best source of online liquidity in the fixed-income markets, through the addition of new products and market makers”.
In Europe, TradeWebs 2003 volume surpassed 1.9 trillion, an increase of 110 per cent on the previous year.
TradeWeb has executed 3.74 million trades worth $2,838 trillion since its inception in 1998. Its multi-dealer auction model links 24 of dealers in fixed-income securities with more than 1,500 buy-side institutions in North America and Europe.
The company has also troubled Omgeo with its straight-through processing network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations through its integrated TradeXpress network. TradeWebs STP network also includes AccountNet, a standard settlement instructions (SSI) database.