Wall Street dealers complete buy back in TradeWeb
04 January 2008 | 2388 views | 0
Source: Thomson Financial
Thomson Financial, an operating unit of The Thomson Corporation (TSX:TOC, NYSE:TOC), and TradeWeb, announced today that they have completed a strategic partnership with nine of the world's leading global dealers, announced on October 11, 2007.
This partnership will help drive the expansion of electronic trading, utilizing TradeWeb's leading multi-dealer-to-client marketplace for fixed income and derivatives to create a global multi-asset class execution venue for clients.
Under the terms of the agreement, the dealers invested approximately $180 million to purchase a 15% stake in TradeWeb's established markets. Thomson Financial has contributed its equity trading-related assets, including AutEx and the Thomson Order Routing network to TradeWeb. In addition, Thomson and the dealers agreed to fund additional investment in order to expand the TradeWeb platform to new asset classes, including equities and derivatives, such as interest rate and credit default swaps.
The dealers that have partnered with TradeWeb are: Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS. All nine firms will participate in a range of TradeWeb markets, including interest rate swaps, providing a significant opportunity for institutional investors to benefit from the efficiencies of electronic trading.