Electronic fixed income trading network TradeWeb has launched a multi-dealer auction-based online trading platform for tri-party repurchase agreements, a submarket of the $5 trillion repo market.
The company has signed up JPMorgan, Deutsche Bank, and UBS Investment Bank, as the founding dealers for the new repo market.
TradeWeb Repo allows electronic trading, position tracking, and processing for tri-party repo that is collateralised by US Treasuries. During the initial phase of roll-out, institutional investors in the US are able to use the system to view live commingled dealer repo rates and electronically execute, process and allocate trades. The new platform also features a new position tracking monitor.
TradeWeb says the second phase of the roll out is scheduled for this summer and will enable investors to execute and process repurchase agreements for additional asset classes, including mortgage-backed securities, US Agencies and other collateral.
Jim Toffey, CEO, Thomson TradeWeb, says: "With this launch, TradeWeb brings to the repo market its proven capability of building efficient online markets that enhance dealer-to-customer trading flows."