TradeWeb has officially launched its online commercial paper (CP) marketplace following a two-month beta test during which seven dealers and 40 institutional investors traded $320 billion of commercial paper.
The TradeWeb CP market is anchored by the industry's leading commercial paper dealers, which together account for as much as 80% of the daily volume of dealer-placed commercial paper. The initial dealer group includes Credit Suisse First Boston, Deutsche Banc Alex.Brown, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
The TradeWeb CP market is the company's fifth online marketplace, following US treasuries and agencies, euro sovereigns, and TBA mortgage pass-through securities (TBA-MBS).
The group says feedback from institutional investors who participated in the two-month CP beta test program is extremely positive.
"The TradeWeb CP search engine takes the hassle out of sifting through dealer postings to find commercial paper offerings that I can use," notes Wendy Fletcher of Banc One Investment Advisors.