TradeWeb, the leading dealer-to-customer fixed-income trading network, announced today that Countrywide Securities Corporation (CSC) has joined as a dealer on its TBA-MBS trading platform. CSC, an established dealer in the residential pass-through securities market, has been making markets in TBA-MBS for institutions since 1997. The firm is a member of the Countrywide Financial Corporation (NYSE: CFC - News) family of companies, providers of diverse financial services to consumers and institutions in America and global markets.
CSC becomes the fourteenth dealer on TradeWeb's TBA-MBS platform which also includes Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, JPMorgan, Greenwich Capital, ABN AMRO, Bear Stearns, UBS Investment Bank, and Banc of America Securities. TBA-MBS is the second TradeWeb asset class that CSC participates in. Since joining TradeWeb Treasuries in April, CSC has provided liquidity to 200 U.S. Treasury investors and handled nearly $120 billion in inquiry -- an impressive start for their new primary dealership.
"With Countrywide Securities' large, well-regarded mortgage franchise joining TradeWeb TBA-MBS, investors will benefit from deeper liquidity and streamlined trade processing," said Jim Toffey, CEO of TradeWeb. "We also see from Countrywide's early success with Treasuries that their presence on TradeWeb is a powerful addition for our buy-side customer network."
"Given the volume growth and market acceptance of electronic trading for TBA-MBS, TradeWeb provides a great opportunity for Countrywide Securities to leverage technology in providing customers with consistently competitive markets and efficient trading," said Ron Kripalani, President and CEO of Countrywide Capital Markets.
The TradeWeb TBA-MBS platform connects approximately 1,100 mortgage investors, including most major mortgage originators and institutional money managers, with 14 major dealers. In April 2004, the platform posted record results with nearly $675 billion in volume which represented over 30% of TradeWeb's total volume across all asset classes.