US bond trading network TradeWeb has signed up three new dealers to its TBA- MBS dealer group, increasing the size to ten members.
TradeWeb is an online fixed income market with headquarters in New York. Its TradeWeb TBA-MBS (mortgage pass-through securities) market enables institutional investors and dealers to trade 15-year and 30-year fixed-rate securities. The market launched in May 2001.
Bear Stearns, Greenwich Capital and UBS Warburg are joining dealers Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
During the first two months of operations, TradeWeb's total trading volume exceeded $60 billion. It secured an average trade size of more than $20 million per trade.