Tradeweb

Tradeweb Markets LLC
Industry Financial services
Founded 1998
Headquarters New York City, New York
Key people
 Lee Olesky, CEO and Founder; Billy Hult, President; [1] [2]
Website www.tradeweb.com

Tradeweb Markets LLC (Tradeweb) is an international financial services company that builds and operates electronic over-the-counter (OTC) marketplaces for companies that trade fixed income products and derivatives. The company was founded in 1996 by Lee Olesky and Jim Toffey[3] [4] and now serves a variety of institutions, a network that includes the largest banks, asset managers, central banks, pension funds, and insurance companies. Since its founding, Tradeweb has grown into a global company that operates across multiple currencies and in numerous countries. Its focus is on applying technology to drive greater efficiency, transparency, and overall performance for institutions that trade fixed income and derivatives products.

History

Tradeweb launched its first multi-dealer online marketplace for U.S. Treasuries in 1998.

In 2000, the firm opened its London office and launched marketplaces for trading European government bonds and agencies.

The firm was privately held until 2004, when it was acquired by The Thomson Corporation for $535 million.[5]

Tradeweb established its Tokyo office in 2005. Thus began a partnership with CanDeal to launch Canadian Debt Securities trading.[6] In the same year, the firm grew by introducing marketplaces for interest rate swaps, credit default swap indices, and repo.

In 2006, Tradeweb Retail was established as the firm entered the retail fixed income marketplace through the acquisition of Lever-Trade, a provider of web-based fixed income management systems for the retail marketplace.[7]

In 2007, Thomson Financial, a unit of The Thomson Corporation, announced its plans to expand electronic trading by creating a strategic partnership with nine other global dealers through Tradeweb valuing the company at $1.55 billion.[8]

Following its acquisition by The Thomson Corporation, the firm entered the inter-dealer broker space. In 2008, it acquired Hilliard Farber & Co. Inc., the voice brokerage company, which was known for its reputation and industry expertise.[9] In 2009, it launched Dealerweb, an electronic interdealer platform for to-be-announced, or forward, mortgage-backed securities (TBA-MBS)[10] with an emphasis on being highly liquid.

In 2010, Tradeweb facilitated the first fully electronic, dealer-to-customer interest rate swap to be processed by a central clearing house in the U.S.[11] That same year, the firm relocated its U.S. headquarters to New York City, where it is now, and established the U.S. Center for Brokerage Technology and Operations in Jersey City.

In 2011, Tradeweb acquired the brokerage assets of Rafferty Capital Markets LLC (RaffCap) and the municipal bond broking business of J.J. Kenny Drake.[12]

In 2013, Tradeweb, through Dealerweb's European and interdealer trading division, launched an interdealer iTraxx credit default swap index platform.[13] In addition, Tradeweb's institutional business completed the first electronic buy-side pre-trade credit check for swaps trading in the U.S.[14] The firm also secured CFTC temporary approval of two wholly owned swap execution facilities (SEFs) TW SEF and DW SEF.[15] Live SEF trading on the platforms began on October 2, 2013.[16]

In November 2013, Tradeweb acquired BondDesk Group, a bond trading venue in the U.S. for advisors and middle market investors.[17] Tradeweb integrated the businesses, technology, services and support of Tradeweb Retail and BondDesk to form Tradeweb Direct.

In May 2014, Tradeweb and BlackRock announced a strategeic partnership that created electronic trading solutions in rates and derivatives markets for BlackRock's Aladdin clients.[18]

In June 2014, Tradeweb launched active U.S. Treasury bond trading on the Dealerweb platform, supporting trading of the most liquid on-the-run Treasury bonds with participation from dealers and several electronic market making firms.[19]

In October 2014, the company announced that investors can trade company debt for American companies on its web platform.[20]

Offices

Tradeweb's headquarters are in New York City. It also has offices in Garden City, New York; Jersey City, New Jersey; Jupiter and Boca Raton, Florida; and Los Angeles. Its European presence is in London, while its Asian presence is in Tokyo, Singapore, and Hong Kong.

Operations

Tradeweb Institutional, Dealerweb, and Tradeweb Direct are the company's three divisions.

Tradeweb Institutional supports the client-to-dealer business. It is the largest of company's three market divisions.

Dealerweb is the inter-dealer division that provides a range of voice, electronic, and hybrid markets for major global banks.

Tradeweb Direct provides fixed income trading solutions for financial advisors, the institutional buy side, traders, and broker dealers.

References

  1. ↑ ""TradeWeb Names Lee Olesky President of TradeWeb Group and TradeWeb Europe; TradeWeb Europe Looks to Extend Its Leadership With Olesky"". PR Newswire Association LLC. April 1, 2002. Retrieved 6 April 2015.
  2. ↑ Weinberg, Neil (September 10, 2001). "B2B Grows Up". Forbes.com. Retrieved 6 April 2015.
  3. ↑ ""TradeWeb Names Lee Olesky President of TradeWeb Group and TradeWeb Europe; TradeWeb Europe Looks to Extend Its Leadership With Olesky"". PR Newswire Association LLC. April 1, 2002. Retrieved 6 April 2015.
  4. ↑ Weinberg, Neil (September 10, 2001). "B2B Grows Up". Forbes.com. Retrieved 6 April 2015.
  5. ↑ Risk Magazine (1 May 2004). "Thomson Announces Tradeweb Acquisition". Risk. Retrieved 14 January 2015.
  6. ↑ Carbonnier, Jean-Paul (26 September 2006). "Tradeweb Partners with CanDeal". Risk. Retrieved 29 January 2015.
  7. ↑ Kutler, Jeffrey (24 July 2006). "Thomson TradeWeb Buys LeverTrade as Retail Entry Point". Securities Technology Monitor. Retrieved 29 January 2015.
  8. ↑ Schmerken, Ivy (10 October 2007). "Thomson Plans to Spin Off Tradeweb". Wall Street & Technology. Retrieved 14 January 2015.
  9. ↑ Wolfe, Daniel (6 November 2008). "Tradeweb Acquires Hilliard Farber". American Banker. Retrieved 14 January 2015.
  10. ↑ Elder, Bryce; Hume, Neil (21 April 2009). "Icap Hurt by Banks' Platform". Financial Times. Retrieved 14 January 2015.
  11. ↑ Burne, Katy (18 November 2010). "Tradeweb Delivers Milestone in Electronic Swaps Trade". The Wall Street Journal. Retrieved 14 January 2015.
  12. ↑ Reuters (11 October 2011). "Tradeweb Buys Brokerage; Plans Treasury Trading Platform". Reuters. Retrieved 29 January 2015.
  13. ↑ Whittall, Christopher (16 March 2013). "Tradeweb Revolutionises CDS". IFR. Retrieved 29 January 2015.
  14. ↑ Burne, Katy (6 June 2013). "Tradeweb Launches Swap Credit-Checking Service". The Wall Street Journal. Retrieved 29 January 2015.
  15. ↑ Schmerken, Ivy (23 September 2013). "CFTC Puts SEF Approvals on the Fast Track". Wall Street & Technology. Retrieved 29 January 2015.
  16. ↑ Puaar, Anish (14 October 2013). "US Buyside Adopts Cautious Approach to Swaps Platforms". Financial News. Retrieved 29 January 2015.
  17. ↑ Thomases, Jake (1 November 2013). "Tradeweb Revamps Retail Fixed Income with BondDesk Buy". Waters Technology. Retrieved 29 January 2015.
  18. ↑ Mackenzie, Michael. "BlackRock Signals Bond Trading Shake-Up". Financial Timesdate= 14 May 2014. Retrieved 29 January 2015.
  19. ↑ Mackenzie, Michael (5 June 2014). "Dealerweb Launch Shakes Up Treasury Trading". Financial Times. Retrieved 29 January 2015.
  20. ↑ Leising, Matthew (29 October 2014). "Bond Market Overhaul Requires Patience for Tradeweb CEO". Bloomberg. Retrieved 11 December 2014.
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