TradeWeb launches STP for corporate bonds
TradeWeb, the leading network of online fixed-income markets, today announced the successful launch of straight-through processing for corporate bond trading. Through TradeXpress, the #1 STP solution for the bond markets, TradeWeb provides full straight- through processing to the credit markets. Regardless of how a corporate bond investor executes a transaction (by phone or electronically) TradeWeb's TradeXpress service allows the trade to be electronically allocated and confirmed over its network that connects more than 27 global dealers to over 1,400 investment management firms worldwide.
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This launch extends TradeWeb's award winning straight-through processing network into its 10th fixed-income marketplace. More than 1.5 million institutional block trades have been electronically allocated and processed over TradeXpress since it began operation in February 2001.
As the preferred provider of STP services for fixed-income traders, TradeWeb is experiencing a surge in demand for corporate STP among buy-side and sell-side firms. For the first time corporate bond investors can manage all of their trade allocations and confirmations on a single efficient network and eliminate error-prone manually intensive processes. Through TradeXpress buy-side firms, dealers and custodian banks also seamlessly access AccountNet®, the leading standing settlement instruction database and network, to append their corporate trades with validated settlement instructions.
"Being able to electronically allocate and confirm both phone and electronic trades for corporate bonds provides tremendous benefit to JPMorgan Fleming," said Pat Lomelo, Vice President of Operations at JPMorgan Fleming Asset Management. "By incorporating new technologies like TradeXpress and AccountNet, we have streamlined our trade processing, which has resulted in fewer trade errors, more rapid problem resolution and less operational risk." As the most complete STP solution for most complete STP solution for fixed-income traders, support for TradeXpress and AccountNet among dealers is strong and growing.
Greg Dabal, Executive Director at Morgan Stanley added "By electronically allocating and confirming trades over TradeXpress, Morgan Stanley and its corporate bond customers can reduce their exposure to trade processing errors which ultimately leads to lower costs and greater efficiency." TradeWeb STP for corporate bonds is fully integrated into TradeWeb's newly launched corporate bond trading platform. Currently, more than 100 major buy- side firms are active in this new online marketplace for bond analysis, trading, and straight-through processing.