Tradeweb, a leading over-the-counter, multi-asset class, online marketplace owned by Thomson Reuters and 10 leading dealers, today announced that Citi, Deutsche Bank, Goldman Sachs, and UBS have recently gone live on their platform for Euro Interest Rate Swaps (IRS).
This takes the total number of market makers for Euro IRS on Tradeweb to 15, creating one of the largest multi-dealer liquidity pools in the global swaps market.
In conjunction with this significant additional liquidity, Tradeweb has also introduced a Request for Stream (RFS) trading model for Euro and Sterling IRS. RFS allows dealers to show clients more frequently updated rates during an inquiry, keeping prices even more accurately in line with market movements.
Euro and Dollar IRS trading was initially launched on Tradeweb in 2005. Global trading volumes and delta for swaps on Tradeweb grew in excess of 90% in the first five months of 2008 over the year ago period. Average daily volumes for the period were approximately $9 billion.
"These four dealers - who are also part of Tradeweb's new ownership structure - have clearly demonstrated their commitment to increasing electronic trading within the IRS market by going live on Tradeweb in just a few short months," said Lee Olesky, President of Tradeweb.
Mr Olesky continued, "In current market conditions, liquidity is in particularly high demand. Accurate streaming prices from multiple dealers have already proven a very effective mechanism of delivery for both the buy and sell-side. The introduction of RFS is a timely effort by all 15 of our current European IRS dealers."
"Tradeweb continually proves to be an excellent source of liquidity for interest rate swaps in all market conditions, especially with more major market makers on board," said Peter Hartmann, Director, Bayern LB.
"We are partnering with Tradeweb to drive the evolution of electronic trading of swaps because Tradeweb links liquidity and functionality to a global trading community," said Michele Faissola - Global Head of Rates, Deutsche Bank.
"JPMorgan has partnered with Tradeweb since its inception as a US Treasury trading platform. We've supported them throumm through key milestones including the launch of Interest Rate Derivative functionality and executing the first electronic swap trade on Tradeweb in 2005," said Chris Willcox, Global Head of Rate Markets, JPMorgan.
Mr Willcox continued, "Recent evolution to a Request for Stream model, the addition of the new liquidity providers, and the formation of a strategic relationship with leading banking partners make Tradeweb the multi-dealer electronic marketplace of reference for the entire Interest Rate Swap market,"
"We are delighted to be participating in Tradeweb's IRS product scope, which offers attractive trading functionality and helps us efficiently service our global clients," said Steven Compton, Global Head of G10 Rates, Citi.