Automated fixed income network Tradeweb is to become a full-service inter-dealer broker after acquiring US voice brokerage Hilliard Farber. Terms of the deal were not disclosed.
Hilliard Farber was one of the first inter-dealer brokers to trade mortgage-backed securities, when it opened a mid-town Manhattan office in 1975.
Following the acquisition, Hilliard Farber's brokers will continue to operate under the Hilliard Farber brand, and will offer voice broking in all their current markets, including US treasury securities, repurchase agreements, as well as specialty mortgage products.
"Tradeweb is strongly positioned to develop an inter-dealer business," says Lee Olesky, CEO of Tradeweb. "Our relationships with the dealers date back to the roots of e-trading; our expertise at building markets has been thoroughly tested; and we have a proven track record of delivering greater efficiency to both institutional clients and dealers."
He says Tradeweb additionally plans to launch an electronic inter-dealer platform for pass-through mortgage-backed securities in early 2009, complementing Hilliard Farber's voice offering.