Tradeweb wins the best transaction-cost analysis (TCA) solution category in the inaugural WatersTechnology Asia Awards. Founded in 1996, Tradeweb focuses on the US treasuries market and is now one of the largest institutional trading platforms in the industry with a presence in 40 markets, with 2,500 institutional clients across 65 countries.

The company uses composite pricing to generate accurate and reliable pre-trade information on how each market is performing. Paul Worthy, head of Japan at Tradeweb, describes how the platform “gives us incredibly strong market data, which is the real foundation of being able to benchmark how your trade will be executed.”

Tradeweb’s global market base has enabled it to acquire large data volumes, which helps fuel the platform and allows for benchmarking against any product and peer analysis due to the volumes of transaction data stored within it. Worthy notes how the firm’s detailed and robust pricing “underpins our...

A new benchmark developed jointly by Tradeweb and ICE Benchmark Administration is being eyed as a potential alternative to the secured overnight financing rate (SOFR), the Federal Reserve’s preferred alternative to US dollar Libor.

The constant maturity Treasury (CMT) rate tracks the volume-weighted average price of on-the-run US Treasury bills, notes and bonds executed on Tradeweb’s dealer-to-client platform.

Colm Murtagh, head of US institutional rates at Tradeweb, says the CMT rate will be a “complement” to SOFR and is aimed at the mortgage market. “Mortgage originators use a constant maturity Treasury rate,” he says. “We would be targeting that [sector].”

Others see it as a direct competitor. “It seems to make more sense as a competitor to SOFR,” says Mark Brell, executive vice-president of global trade services at Texas-based Frost Bank. “You can make the argument that the market is deep and liquid, so it's understandable why people are throwing...

Tomorrow the U.S. Treasury will conduct the final reopening of the recently reintroduced 20-year bond. With some semblance of a track record under its belt, albeit early days, we thought now was a good time to examine how the 20-year’s been received and why it matters.

In May, for the first time in over a decade, the market prepared for a new (old) nominal security: the first issuance of a 20-year bond since 1986. Given that U.S. Treasury issuance tends to have regular intervals and relatively predictable and consistent sizes, the addition of more duration to the market is significant.

Not unlike the 2006 reintroduction of the 30-year bond, the new 20-year auction became a focal point for the market. In some respects, the backdrop of the rates landscape was similar when both bonds were reintroduced, with generally low yields. Although only one of them launched in the midst of a global pandemic.

When the U.S....

Ten-year government bond yields declined across the board in July, with those for Italy and Greece once again seeing the biggest moves. The mid-yield on the Italian 10-year benchmark note ended the month at 1%, a drop of 24 basis points from June’s close. Its Greek equivalent fell 16.5 basis points to finish at 0.96%, nearing the record low close reached on February 14, 2020. Fitch Ratings affirmed Italy's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' and Greece’s IDR at 'BB'. The agency left its outlook for both countries as ‘stable’.

Ireland’s 10-year bond yield also declined by double digits during the month, falling by nearly 12 basis points to close at -0.13%. On July 7, the European Commission said that it expected the country’s economy to shrink by 8.5% this year, compared to an earlier forecast of a 7.9% decrease.

Meanwhile, the European Central Bank left interest rates unchanged and maintained the...

NEW YORK – August 5, 2020 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported average daily volume (ADV) of $724.7 billion (bn) in July, a decrease of 3.5 percent (%) year over year (YoY).

Lee Olesky, Tradeweb CEO, said: “Our volumes in July reflected both the state of the markets in which we operate and our ability to meet the evolving needs of our clients. Trading volumes driven by strong issuance in U.S. treasuries, mortgages and credit helped to offset the negative impact that lower volatility had on swaps volumes. Tradeweb continued to deepen client engagement through enhancements to our trading protocols such as request-for-market in swaps and all-to-all in credit. We believe this increased adoption of electronic trading is here to stay even as trading floors eventually re-open around the world.”

Tradeweb set new ADV...

LONDON (Reuters) - Expectations of a borrowing deluge from corporates globally are turning bond market attention to a little-known tool that’s already helping smooth trading of illiquid debt the way exchange-traded funds (ETFs) did years ago.

It’s been three years since the China Foreign Exchange Trade System (CFETS) and Hong Kong Exchanges and Clearing (HKEX) took the historic step of opening up China’s Interbank Bond market to foreign investors via Bond Connect. This collaborative initiative, which Tradeweb helped design and implement, represented the most ambitious, large scale effort to create an access point to China’s USD 13 trillion bond market for international investors.

It also created a unique opportunity for Tradeweb clients to become some of the first foreign asset managers to electronically access liquidity in Chinese fixed income products at scale. Tradeweb was the first offshore trading venue to link to Bond Connect in July 2017, and since then, it has accounted for the lion’s share of volume on the platform.

Through June of this year, Tradeweb clients have traded USD 516 billion on Bond Connect and activity continues to grow at a rapid...

Following two decades of private ownership, Tradeweb became a publicly traded company on April 4th, 2019 with one of the most successful IPOs of the year. Since then we’ve continued to invest in our people, our network and our technology to improve the way financial markets trade. Learn more in our 2019 Annual Report.

The positive market value of derivatives positions held by international banks leapt 43% over the first three months of the year to $4.4 trillion, the highest level since Q2 2016. It’s the largest single-quarter leap in derivatives asset values going back at least five years. Derivatives liabilities – those with negative market values – also increased, by 36% quarter-on-quarter to $5.2 trillion.

NEW YORK – July 29, 2020 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has made available for trading an exchange-for-physical (EFP) based on the Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures (IBHY) listed on the Cboe Futures Exchange (CFE). This new offering is available through the Dealerweb EFP platform.

An EFP is a trade in which a buyer transfers a long ETF position and a short futures position to a seller in return for a short ETF position and a long futures position. Dealers and market makers typically trade EFPs in order to better manage balance sheet, reduce financing costs and minimize basis risk.

The standardized nature of EFP trading makes the market a strong candidate for increased automation and the Dealerweb EFP platform is a primary destination for EFP trading. Significant volume is...

Buy-side bond traders achieved better execution with new trading protocols in 2020. Iseult Conlin, U.S. Institutional Credit Product Manager at Tradeweb, explains how to build them into trading workflows in her recent interview with Trader TV.

To learn more about our corporate bond platform, click here.

LONDON (Reuters) - Expectations of a borrowing deluge from corporates globally are turning bond market attention to a little-known tool that’s already helping smooth trading of illiquid debt the way exchange-traded funds (ETFs) did years ago.

This article orginally appeared in Capital Magazine here.“ETFs don't do well in times of crisis,” we were all warned. But during the coronavirus crash, they didn't just do well – investors also bought bond ETFs. Enrico Bruni, head of Europe and Asia at the trading platform Tradeweb, explains why. - By Stefan Schaaf

The rise in popularity of exchange-traded funds (ETFs) was accompanied until recently by warnings about their risks. However, these may have been exaggerated. When capital markets were brought to their knees in February and March due to the rapidly spreading coronavirus pandemic, overall market infrastructure not only held up, but ETF trading also functioned quite smoothly. In this interview, Enrico Bruni, head of Europe and Asia at the trading platform Tradeweb, explains why investors increasingly turned to bond ETFs during the crash, despite the criticism they had received earlier.

“We are a listed...

Tomorrow the U.S. Treasury will conduct the final reopening of the recently reintroduced 20-year bond. With some semblance of a track record under its belt, albeit early days, we thought now was a good time to examine how the 20-year’s been received and why it matters.

In May, for the first time in over a decade, the market prepared for a new (old) nominal security: the first issuance of a 20-year bond since 1986. Given that U.S. Treasury issuance tends to have regular intervals and relatively predictable and consistent sizes, the addition of more duration to the market is significant.

Not unlike the 2006 reintroduction of the 30-year bond, the new 20-year auction became a focal point for the market. In some respects, the backdrop of the rates landscape was similar when both bonds were reintroduced, with generally low yields. Although only one of them launched in the midst of a global pandemic.

When the U.S....

Tradeweb Markets LLC (Tradeweb), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, and ICE Benchmark Administration Limited (IBA), a leading provider of global benchmarks, are introducing the daily Tradeweb ICE Constant Maturity Treasury Rates (the Tradeweb ICE CMT Rates or TWI-CMT Rates).

The Tradeweb ICE CMT Rates have been designed to provide market participants with a daily overview of U.S. Treasury yields for standard maturities, and are based on transactions executed by institutional investors in U.S. Treasuries (and/or quotes provided for U.S. Treasuries) on Tradeweb’s electronic trading platform for U.S. Treasury securities (the Tradeweb Platform).  Tradeweb and IBA are providing the Tradeweb ICE CMT Rates to help market participants meet their valuation, risk management and potential benchmarking needs.

The Tradeweb ICE CMT Rates will be based on an interpolated...