TradeWeb doubles volumes

TradeWeb doubles volumes

US fixed income network TradeWeb has completed its fifth full year in operation with record growth in its trading volumes which doubled to $10.8 trillion in 2002.

TradeWeb says volumes on its network reached peak levels of over $80 billion per day, with monthly volumes consistently exceeding $1 trillion.

Jim Toffey, CEO of TradeWeb, comments: "Our record volumes prove that e-commerce has grown dramatically in the bond markets during the past year."

A Bond Market Association survey late last year found 81 electronic trading systems currently operating in the US and Europe versus 79 last year, indicating some stability in the electronic trading arena after several years of expansion and consolidation among platform operators.

The rise in TradeWeb volumes follows the introduction of a number of fixed-income products during last year, including US Agency Discount Notes, Pfandbriefe and Supranationals. The network also extended its trading hours for US Treasuries in Europe.

In addition more than 200,000 trades, valued at over $1 trillion, have been executed on the company's paperless account allocation and trade confirmation network TradeXpress.

Lee Olesky, president of TradeWeb and CEO of TradeWeb Europe, says: "We are adding more dealers and products to the European platform in 2003, and we are excited about the continued growth prospects for our business."

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