Tradeweb, a leading over-the-counter, multi-asset class marketplace for Fixed Income, Derivatives and Equities, owned by Thomson Reuters and 10 leading dealers, announced today that it has launched an electronic marketplace for Deposits with a core group of banks and institutional investors, bringing speed, efficiency and transparency to a traditionally labour-intensive, telephone-based business.
Deposits is the 18th marketplace on Tradeweb and an important complement to the Company's leading OIS offering, Commercial Paper and other money market products, all of which are widely used by both institutional investors and corporate treasurers.
The Tradeweb Deposit marketplace supports the placement of new and maturing Deposits, initially in five currencies: Euro, Sterling, US Dollar, Swiss Franc and Yen. The marketplace also provides real-time, indicative composite rates for price discovery, and STP.
The banks participating initially are: Anglo Irish Bank, Dexia, Dutch State Treasury Agency (DSTA), KBC, The Royal Bank of Scotland, and UBS. Other banks and institutions are already in the implementation stage and are expected to join in the near future.
"The launch of this market is very timely," said Lee Olesky, President of Tradeweb, "as the credit and short-term funding market is quite difficult right now. Tradeweb's electronic market for Deposits will benefit the market participants not only through the efficiencies of price transparency and processing, but importantly in the transparent provision of accurate and timely information around pricing. As our Deposit product attracts a growing number of banks and institutions from across Tradeweb's powerful network, we expect our data to become very widely used as an accurate indicator of tradable Deposit rates."
"Deposits are ready to trade electronically on a platform that offers significant liquidity," said Alastair Mair, Treasury Manager at Aegon. "Tradeweb has worked closely with participants in the Deposit market to automate the placement process both effectively and competitively on their leading platform. The platform also offers straight through processing which allows the back office to participate in this exciting development."
Jennifer Gillespie, Fund Manager of the SWIP Global Liquidity Fund commented, "Tradeweb has developed an exciting innovation for the trading of Deposits which wiill bring speed and efficiency to what has been a relatively manual process. Given that we are one of Europe's largest liquidity managers, we believe this new platform will improve the effectiveness of our trading process and provide significant benefits for our clients."