Tradeweb Markets launches new trading package on IRS platform
18 September 2019 London
Image: Shutterstock
Tradeweb Markets has launched a multi-asset trading package on its global interest rate swaps (IRS) platform.
The tool has been developed to compress existing cleared trades and trade custom swap strategies and packages, to facilitate the migration of portfolios from the London Interbank Offered Rate to new risk-free rates, and to trade across multiple central counterparties (CCPs).
The Tradeweb multi-asset package functionality builds on the firm’s net present value list trading tool to enhance the execution of IRS, inflation swaps and government bonds in a single package.
In addition, Tradeweb uses its live market data to present buy-side trading desks with analytics and pricing for each instrument in the package, increasing transparency and help clients to fulfil best execution requirements.
Clients also benefit from a streamlined post-trade workflow, as Tradeweb automatically sends swaps transactions for clearing and bond transactions for booking.
The first fully-electronic multi-asset package transaction using in-competition request-for-quote took place between Legal & General Investment Management (LGIM) and Bank of America Merrill Lynch.
Tradeweb first launched net present value list trading in November 2013 while institutional investors have been trading swaps electronically on Tradeweb since 2005.
Lee Olesky, CEO of Tradeweb Markets, said: “Our multi-asset package functionality is a clear demonstration of Tradeweb’s unique ability to enhance the trading experience for our clients, and connect the buy-side with deep liquidity pools across asset classes on a single electronic venue, and in this case a single trade.”
Phil Hunter, head of rates trading at LGIM, added: “The Tradeweb multi-asset package functionality helps LGIM reduce trading costs and achieve straight-through processing, while also ensuring that enhanced best execution requirements under the second Markets in Financial Instruments Directive are being met.”
The tool has been developed to compress existing cleared trades and trade custom swap strategies and packages, to facilitate the migration of portfolios from the London Interbank Offered Rate to new risk-free rates, and to trade across multiple central counterparties (CCPs).
The Tradeweb multi-asset package functionality builds on the firm’s net present value list trading tool to enhance the execution of IRS, inflation swaps and government bonds in a single package.
In addition, Tradeweb uses its live market data to present buy-side trading desks with analytics and pricing for each instrument in the package, increasing transparency and help clients to fulfil best execution requirements.
Clients also benefit from a streamlined post-trade workflow, as Tradeweb automatically sends swaps transactions for clearing and bond transactions for booking.
The first fully-electronic multi-asset package transaction using in-competition request-for-quote took place between Legal & General Investment Management (LGIM) and Bank of America Merrill Lynch.
Tradeweb first launched net present value list trading in November 2013 while institutional investors have been trading swaps electronically on Tradeweb since 2005.
Lee Olesky, CEO of Tradeweb Markets, said: “Our multi-asset package functionality is a clear demonstration of Tradeweb’s unique ability to enhance the trading experience for our clients, and connect the buy-side with deep liquidity pools across asset classes on a single electronic venue, and in this case a single trade.”
Phil Hunter, head of rates trading at LGIM, added: “The Tradeweb multi-asset package functionality helps LGIM reduce trading costs and achieve straight-through processing, while also ensuring that enhanced best execution requirements under the second Markets in Financial Instruments Directive are being met.”
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