Online fixed-income trading dealer TradeWeb has launched its TradeXpress service that enables institutions and dealers to send allocation information and ticket confirmations electronically.
The service allows institutional investors to execute large block trades with fixed-income dealers using TradeWeb's online trading platform and then allocate each block trade into multiple client accounts for settlement.
Client account numbers can be stored on a customer database and mapped to participating dealers for electronic confirmation of individual trade tickets, eliminating the need for paper and telephone follow up.
The company says during the testing period over 109,000 trades with a dollar value of more than $750 billion were electronically allocated and confirmed using the service.