Press Contacts

Susan Bennett+44 (0)20 3749 3316Susan.Bennett@tradeweb.com

Angeliki Kallipoliti +44 (0)20 7776 0958Angeliki.Kallipoliti@tradeweb.com

London – September 18, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, announced the launch of multi-asset package (MAP) trading on its global Interest Rate Swaps (IRS) platform. The first fully-electronic multi-asset package transaction using in-competition request-for-quote (RFQ) took place between Legal & General Investment Management (LGIM) and Bank of America Merrill Lynch.

“Our MAP functionality is a clear demonstration of Tradeweb’s unique ability to enhance the trading experience for our clients, and connect the buy-side with deep liquidity pools across asset classes on a single electronic venue, and in this case a single trade,” said Lee Olesky, CEO of Tradeweb...

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.EUROPEAN-LISTED ETFsTotal traded volumeAugust proved to be a record-breaking month for the Tradeweb European-listed ETF marketplace. Total traded volume reached EUR 36.29 billion, up EUR 5.63 billion from July’s previous best performance. The proportion of transactions executed via Tradeweb’s Automated Intelligent Execution Tool (AiEX) increased to 70.1%, a new monthly high.

Adriano Pace, head of equities (Europe) at Tradeweb, said: “In a record month for trading activity on the platform, we saw the average trade size for both automated and non-AiEX transactions increase substantially. This clearly demonstrates that investors are able to successfully implement their trading strategies using the execution method that best suits their needs.”

Volume breakdownBoth equity and fixed income ETFs saw net...

Media Contacts

TradewebHannah Randall Akeel+1 (646)-430-6173hannah.randallakeel@tradeweb.comICERebecca Mitchell+44 7951 057351rebecca.mitchell@theice.com

NEW YORK / LONDON – September 10, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, and Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced the launch of Tradeweb ICE U.S. Treasury Closing Prices by Tradeweb and ICE Benchmark Administration Limited (IBA).

Trusted reference price data is critical for financial firms to manage investment portfolios, evaluate the fair value of securities, perform compliance monitoring, and satisfy general accounting standards. The Tradeweb ICE U.S. Treasury Closing Prices are designed to represent the daily market mid-price for U.S....

As the leading institutional, wholesale and retail marketplace for fixed income, derivatives and ETF trading, we believe that market participants will better understand the real impact of e-trading with more centralized access to data on our market activity. 

As the leading institutional, wholesale and retail marketplace for fixed income, derivatives and ETF trading, we believe that market participants will better understand the real impact of e-trading with more centralized access to data on our market activity. 

As the leading institutional, wholesale and retail marketplace for fixed income, derivatives and ETF trading, we believe that market participants will better understand the real impact of e-trading with more centralized access to data on our market activity. 

Yields on 10-year government debt continued to decline in August. All of the 18 sovereign markets Tradeweb tracks in its monthly Government Bond Update saw yields fall by more than 10 basis points, with some even hitting record low levels in the process.

Leading the pack was the 10-year U.S. Treasury note. Dropping a considerable 51.5 basis points, its mid-yield reached a low of 1.47% on August 28, before finishing the month at 1.50%. Speculation of another rate cut from the Fed at its September meeting intensified amid tepid economic data and fears of a global economic slowdown, and there were no signs of progress with trade negotiations.

Meanwhile, the yield on Canada’s 10-year government bond declined by 32 basis points, finishing August at 1.16%. Amid talk of a recession, there was speculation about interest rate policy from the Bank of Canada at its September meeting, where the key interest rate was kept steady.

In...

Susan Bennett+44 (0)20 3749 3316Susan.Bennett@tradeweb.com

Angeliki Kallipoliti+44 (0)20 7776 0958Angeliki.Kallipoliti@tradeweb.com

London – September 5, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, and EuroCCP,  Europe’s leading equities clearing house, today announced a strategic collaboration to facilitate central counterparty clearing for European Exchange Traded Funds (ETFs).

This collaboration will help streamline European clients’ settlement process and minimise costs, by facilitating pre-settle margin and netting of exposures -- while still offering pan-European ETF investors the transparency and benefits afforded by the RFQ process.

“By offering our clients the ability to centrally clear European ETF trades, we are enhancing the RFQ workflow by introducing a new post-trade process to help investors...

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While researching Lee Olesky, the co-founder and chief executive of the fixed-income market platform Tradeweb, I came across an article comparing him to Amazon’s founder Jeff Bezos.

Both started their companies in the nineties. Both set out to use the internet and ecommerce to disrupt their respective industries at a time when the idea of buying things online was an alien concept. And both businesses have proven successful – volume on Tradeweb reached $100 trillion last year, and all of us have likely bought something from Amazon. 

It’s a comparison that Olesky is not unfamiliar with.

“We came from the same era of innovation,” he says. “Obviously Amazon is a vastly bigger business, but we share the same concept – using electronic commerce to make the process of searching and finding whatever it is you want to do more efficient and streamlined. 

U.S. corporate bond investors face challenges when trading bonds on spread due to interest rate risk in the Treasury market. Specifically, any purchase (sale) of a corporate bond on spread needs to be accompanied with the sale (purchase) of a U.S. Treasury to offset the interest rate risk inherent in the corporate bond. The primary cause is time delays that lead to changes in all-in bond yield and costs from embedded Treasury bid/ask. The Tradeweb patent-pending, net-spotting methodology offers a simple, technology-led solution that has achieved significant results by reducing embedded bid/ask costs of offsetting Treasury hedges of spotted corporate bonds.

Trading activity on the Tradeweb European-listed ETF marketplace reached EUR30.67 billion in July, a new high for monthly notional volume. The proportion of transactions completed via Tradeweb’s Automated Intelligent Execution Tool (AiEX) climbed to a record 68.1 per cent.

Adriano Pace, head of equities (Europe) at Tradeweb, says: “Our European ETF platform has defied the traditional summer slowdown, against a background of plunging bond yields and a reversal of interest rate expectations. Trading activity was consistent throughout the month, with average daily volumes reaching EUR 1.34 billion, up 60 per cent year over year and more than double since July 2017.”   After eight consecutive months of net buying, fixed income ETFs were mostly sold in July. In contrast, ‘buys’ in shares- and commodity-based products surpassed ‘sells’ by six and 16 percentage points, respectively. Europe Equities reclaimed the most actively-traded category spot from its...

Fixed-income exchange-traded funds are often criticized for bestowing unearned liquidity and price upon their underlying holdings, particularly in investment-grade and high-yield corporate debt. But with U.S.-listed corporate debt ETFs seeing $100 billion of inflows in the past five years, the near constant pricing and transparency in the ETF ecosystem is overtly affecting the corporate debt market.

"Transparency in bond pricing has gone up significantly," said Kurt Halvorson, a fixed-income portfolio manager at Western Asset Management Co. LLC, in Pasadena, Calif. "However, we have also seen liquidity become more bifurcated, with index-eligible bonds reaching much higher volumes. Issuers are aware of this trend and I think we will see them become even more cognizant over time."

The intraday pricing of bond portfolios — primarily in the form of index ETFs — provides reference prices for index-eligible corporate debt of all sizes and...