Source: Thomson TradeWeb
Thomson TradeWeb, a unit of The Thomson Corporation (NYSE: TOC; TSX: TOC), announced today that Barclays Capital has started providing liquidity in TBA-MBS securities for its customers over TradeWeb, the leading dealer-to-customer online market for fixed-income. Barclays Capital, the investment banking division of Barclays Bank Plc., is an active market maker in seven additional TradeWeb marketplaces including U.S. Treasuries, European governments, Agencies, Agency Discount Notes, ECP, Pfandbriefe, and Supras. Over the past quarter, Barclays Capital has consistently ranked among the Top 3 dealers in TradeWeb Treasury volume market share.
In joining TradeWeb TBA-MBS, Barclays Capital extends its reach into the residential mortgage pass-through market, where more than 350 major institutional investors use TradeWeb to access the liquidity of 17 dealers and trade more than $36 billion in volume each day. Other members of TradeWeb's TBA-MBS dealer group 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, Banc of America Securities, Countrywide Securities, Freddie Mac SS&TG, and Wachovia Securities.
"Barclays Capital has been among the most effective dealers in utilizing TradeWeb to provide state-of-the art customer service and extend its fixed-income franchise," said Jim Toffey, Chief Executive Officer of Thomson TradeWeb. "We look forward to Barclays' participation in TradeWeb's TBA-MBS marketplace as it will further enhance the deep liquidity that TradeWeb users now access over our network."
Tom Hamilton, Managing Director and Head of Mortgage Trading at Barclays Capital, added, "Barclays Capital is strongly committed to delivering high quality services and liquidity for mortgage investors and our participation on TradeWeb TBA-MBS helps in achieving these objectives."
TradeWeb TBA-MBS has rapidly transformed the TBA-MBS mortgage marketplace. During September, TradeWeb's TBA-MBS online volume hit $815 billion up 49% from the same period last year, another TradeWeb record. Contributing to this phenomenal growth is continued acceptance of electronic trading among mortgage investors. More than 50% of TradeWeb TBA-MBS volume comes from trades over $250 million. Also, dealers continue to join. In the past few months, Countrywide Securities, Wachovia Securities, Freddie Mac SS&TG, and now Barclays Capital all started providing liquidity in TradeWeb's TBA-MBS marketplace.