Thomson TradeWeb, part of The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of integrated information solutions to financial professionals, today announced that HSBC has gone live as a liquidity provider on TradeWeb's leading online marketplace for agency discount notes (ADNs).
As one of the world's largest banks, HSBC is fast becoming a major fixed-income dealer for U.S. institutional investors. By joining TradeWeb for ADNs, HSBC becomes part of the rapidly growing online agency discount notes marketplace. Other ADN liquidity providers on TradeWeb include Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, JPMorgan, Barclays, Banc of America, UBS Investment Bank and RBS Greenwich Capital.
Billy Hult, Managing Director at TradeWeb said, "We are pleased that HSBC is using TradeWeb to complement its efforts to expand its customer franchise and to improve its customer service by bringing its ADN inventories, trade execution and processing online."
"HSBC's fixed income franchise is in a high growth period. Our participation on TradeWeb for ADNs helps us better meet short-term investors' needs by providing a very efficient channel in which to present inventories, execute and process trades electronically," said Chip Von Heill, Head Trader Agency Discount Notes at HSBC.
TradeWeb has provided an online market for agency discount notes since October 2002. Over the past three years, nearly $4 trillion in ADN volume has been electronically traded and processed over TradeWeb. For the most recent three months, ADN volumes reached $625 billion, up 61% from the same period last year. Nearly half of the transaction are $250mm or larger in size, indicating a high level of investor comfort in executing very large trades electronically.