[London, ENGLAND] TradeWeb Europe, which enables online
trade in the sovereign debt securities market, Friday
announced that three top market makers have agreed to
ABN AMRO, JP Morgan and UBS Warburg will join existing
dealers when TradeWeb Europe completes its beta test
during the first quarter.
TradeWeb Europe is the European subsidiary of TradeWeb,
LLC, which has positioned itself as the leader in online
fixed-income markets. In the U.S., TradeWeb’s platform
also enables clients to trade U.S. Treasury and Agency
securities and TBA mortgage pass-through securities
Jim Toffey, president and chief executive of TradeWeb,
LLC, said the European project, formed in 2000 to extend
the TradeWeb brand to Europe, was off to a great start.
“Under the leadership of Roger Jones, our new CEO for
Europe, the beta test for our Euro Sovereign market is
exceeding our expectations and the addition of these
three new dealers underscores our commitment to create
the best online fixed income markets,” said Toffey.
“The liquidity created through the combination of these
dealers and the seven that are participating in the market’s
beta will create a powerful trading platform,” Toffey added.
Already participating in the European beta are Credit Suisse
First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers,
Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
Steven Parker, European head of government sales at JP Morgan,
said the added value of including Euro sovereign securities
will enable JP Morgan to improve its service to its clients
by providing the broadest range of options possible.
The TradeWeb markets are based on a common technological
platform first introduced by the company in early 1998
for trading in the US Treasury market. Since then it has
seen more than 800,000 trades executed with a total volume
of over US $3 trillion.
Having made refinements to its platform over the past three
years, TradeWeb now considers a European launch to be the
next logical step. It formed TradeWeb Europe, based in
London, in 2000. Since then it has been preparing for its
official European launch, expected in the next few weeks.
Further information is available from www.tradeweb.com.