Thomson TradeWeb will be launching a dealer-to-customer electronic trading platform for US Dollar denominated interest rate swaps during the 3rd quarter of 2005.
With the strong backing of seven major dealers, TradeWeb said its new swaps platform (TradeWeb IRS) will be the first integrated platform in the U.S. Dollar denominated swaps market to provide institutional investors with electronic multi-dealer auctions and fully automated post-trade processing complete with ISDA-compliant electronic trade confirmations.
Jim Toffey, Chief Executive Officer of Thomson TradeWeb, commented, “We are delighted with the high level of dealer commitment to TradeWeb’s U.S. Dollar denominated swaps trading platform. The OTC swaps market is at a critical stage of development and for it to continue its exceptional growth new technology and methods of trading need to be implemented by the market.”
The founding members of TradeWeb IRS are JPMorgan, Merrill Lynch, Barclays, ABN AMRO, Dresdner Kleinwort Wasserstein, HSBC, and Wachovia. Over TradeWeb, institutional investors will have the ability to simultaneously request quotes from multiple dealers electronically and move from trade execution seamlessly to electronic processing.
TradeWeb IRS for U.S. dollar denominated swaps is TradeWeb’s 13th online market and 2nd for derivatives. Recently TradeWeb launched electronic trading for Euro denominated swaps. Soon, it will be adding electronic trading for credit default swap indices.