25 September 2017
visit www.ncr.com

Banks back TradeWeb STP network

30 May 2008  |  6543 views  |  0 fibre optic wires

TradeWeb says its dealer-owners have committed to use its expanded straight-through processing (STP) platform for the voice and electronically-traded fixed income securities that they trade with customers.

The banks committed to use the extended platform - which will launch in September - are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Royal Bank of Scotland and UBS.

The system will enable buy-side clients to electronically verify details for block trades and then process client sub-account allocation tickets. Customers will also be able to move post-trade messaging from open communications - like e-mail and phone - to a secure e-communications network and maintain an electronic audit trail for transactions.

TradeWeb says benefits for dealers include secure post-trade messaging and trade status monitoring, reduced market risk and lower operational risk through more seamless trade processing and faster error resolution.

TradeWeb says the expanded service will mean more efficient and secure post-trade messaging and trade status monitoring as well as lower market risk with faster and more precise check-out of trade details between dealers and customers.

"This is yet another example of the substantial synergies and value that we can realise from our strategic partnership with 10 of the world's leading global dealers," says Jim Toffey, CEO, Tradeweb. "The connectivity and content provided by these dealers will enable the industry to drive post-trade processing costs much lower than was previously possible."

Vic Simone, MD, Goldman Sachs and chairman of the board, Tradeweb, adds: "Reducing operational and settlement risk is a major industry objective that the dealer community takes seriously. Our commitment to support Tradeweb's STP network for processing our customers' account allocations is a prime example of our goal to fully automate post-trade processing."

Last October nine of the banks listed paid Thomson Financial $180 million to purchase a minority stake in TradeWeb. They had originally sold the platform in 2004 amid regulatory concerns over potential conflicts of interest and competition issues in dealer-owned networks. Citi joined the nine in April, acquiring an undisclosed minority equity stake.

Many of the dealers backing Tradeweb - including Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland and UBS - were also involved in rival platform LiquidityHub, the central fixed income pricing aggregator for swaps trading which folded in March.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Six bidding for European covered bond platform

Six bidding for European covered bond platform

16 May 2008  |  8000 views  |  0 comments
Citi acquires Tradeweb stake

Citi acquires Tradeweb stake

08 April 2008  |  7103 views  |  0 comments
LiquidityHub shuts down

LiquidityHub shuts down

28 March 2008  |  8802 views  |  0 comments
Wall Street firms pay $180 million to buy back into TradeWeb

Wall Street firms pay $180 million to buy back into TradeWeb

11 October 2007  |  8627 views  |  0 comments
Fixed income dealers to set up LiquidityHub swaps service

Fixed income dealers to set up LiquidityHub swaps service

14 July 2006  |  8350 views  |  0 comments
Thomson TradeWeb to launch CreditXpress STP service

Thomson TradeWeb to launch CreditXpress STP service

20 June 2006  |  5910 views  |  0 comments
TradeWeb and SwapsWire team for OTC STP

TradeWeb and SwapsWire team for OTC STP

01 March 2006  |  8739 views  |  0 comments
Thomson completes TradeWeb acquisition as Reuters eyes Telerate

Thomson completes TradeWeb acquisition as Reuters eyes Telerate

24 May 2004  |  15966 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.sibos.comvisit www.ncr.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13766 views comments | 29 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10552 views comments | 14 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8741 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8705 views comments | 19 tweets | 27 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8460 views comments | 1 tweets | 2 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job