- Provides 6,000 axes from European credit and government
bond dealers
LONDON, June 30, 2015 /PRNewswire/ -- Tradeweb Markets,
the leading global marketplace for electronic fixed income,
derivatives and ETF trading, announced its actionable axes have
significantly improved institutional investors' access to high
quality liquidity for European government and corporate bonds.
Tradeweb axes provide valuable pre-trade information in today's
challenging environment of constrained dealer balance sheets and
reduced market liquidity.
Tradeweb is the only trading platform with real-time axes for
European government bonds, in addition to axes for European credit,
covered bonds, and supranationals, agencies, and sovereigns (SAS).
Twenty eight corporate bond dealers provide more than 3,500 axes at
a time for investment grade and high yield instruments, in addition
to approximately 5,000 runs. Twenty liquidity providers also
support more than 1,500 axes for SAS and covered bonds, and over
1,000 European government bond axe indications on Tradeweb.
"Our investment in axe functionality has significantly improved
investors' ability to discover and access high quality liquidity in
European credit and government bond markets," said Enrico Bruni, head of Europe and Asia at Tradeweb. "Electronic markets are
enabling more effective and efficient execution, and the growing
use of axes on our platform clearly reflects that trend."
Integration of this functionality on Tradeweb infuses pre-trade
analysis of available liquidity into a seamless trading experience.
Axes highlight prices or indications from market-makers to buy or
sell specific instruments, allowing investors to leverage the
information when requesting quotes from dealers.
Tradeweb data shows that when requests-for-quotes (RFQs) are
sent to axed liquidity providers, there is a meaningful improvement
in pricing, especially for credit trades larger than €2 million and
government bond trades greater than €10 million. Axed pricing is
very competitive, and these trades are effectively being executed
at close to mid-market levels.
The volume of axed, euro-denominated credit trading on Tradeweb
has more than doubled in comparison to non-axed trading, and volume
of axed government bonds has also increased significantly since the
March 2014 launch. The likelihood of
a completed trade from RFQs to axed dealers has also improved
considerably for both asset classes.
Axes are displayed on Tradeweb, or can be delivered by an
application program interface (API) using a proprietary, encrypted
link, via FIX Protocol messaging, or directly into client order
management or pricing systems. The FIX API used by Tradeweb meets
the recently defined FIX standards for the distribution of
pre-trade data.
Institutional investors have been trading European government
bonds electronically on Tradeweb since 2000, and European credit,
covered bonds and SAS since 2006. Users can put multiple dealers
into competition using the multi-dealer RFQ protocol pioneered by
Tradeweb, or view and trade on real-time, indicative streaming
prices. The marketplaces provide access to deep liquidity,
efficient trade execution, and a suite of post-trade processing and
reporting tools.
About Tradeweb Markets
Tradeweb Markets builds and
operates many of the world's most efficient financial marketplaces,
providing market participants with greater transparency and
efficiency in fixed income and derivatives. Focused on applying
technology to enhance efficiency throughout the trade lifecycle,
Tradeweb pioneered straight-through-processing in fixed income and
now supports marketplaces for more than 20 asset classes with
electronic execution, processing, post-trade analysis and market
data in an integrated workflow. Tradeweb Markets serves the
dealer-to-customer markets through the Tradeweb institutional
platform, inter-dealer trading through Dealerweb, and the US-based
retail fixed income community on Tradeweb Direct. Customers rely on
Tradeweb to drive the evolution of fixed income and derivatives
through flexible trading architecture and more efficient,
transparent markets.
For more information, visit www.tradeweb.com.
Louise Collins, Tradeweb +44
(0)20 7776 0943
Louise.Collins@Tradeweb.com
Angeliki Kallipoliti, Tradeweb +44 (0)20 7776 0958
Angeliki.Kallipoliti@Tradeweb.com
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