US bond trading network TradeWeb has signed ABN Amro, UBS Warburg and J P Morgan to provide prices for the live launch of its forthcoming online euro sovereign market service.
The three new dealers will join existing TradeWeb Europe participants in providing prices to the market following completion of its beta test, which is expected during the first quarter.
Jim Toffey, president and CEO of TradeWeb, says: "The beta test for our euro sovereign market is exceeding our expectations and the addition of these three new dealers underscores our commitment."
Liquidity for the European service is currently provided by TradeWeb's backers: Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
In Europe, TradeWeb's prospective bank-to-investor network will be competing with BondClick, a rival system which also numbers Deutsche Bank, ABN Amro and J P Morgan among its investors and which is set to debut later this month.
The euro sovereign market is one of four TradeWeb markets. The TradeWeb US treasuries and agencies markets are fully operational, and a TBA mortgage pass-through securities (TBA-MBS) market will soon enter the beta-testing phase.