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TradeWeb launched a corporate-bond marketplace for electronic trading of high-grade corporate bonds that will compete with rival MarketAxess. The key feature is integration, TradeWeb says. By commingling the dealers' inventories, the marketplace allows buy-side traders to scan the list of available bonds, click on a bond by maturity, then call up an order ticket and request quotes from multiple dealers. While waiting for the price levels to stream in, users can check the NASD's TRACE (Trade Reporting and Compliance Engine) database to find out where a particular bond last traded. Within the same workflow, they can also run analytics, including asset-swap levels and interest-rate spread levels, and use other calculators or charting, according to TradeWeb.
"It's the first fully integrated solution for corporate bonds, offering pre-trade analytics, execution and STP completely tied into that," says Jim Toffey, TradeWeb's CEO.
A second key feature is TradeWeb's advanced Bid & Offer List execution functionality, which lets a user price a list of up to 30 bonds on one screen. A TradeWeb spokesperson notes that the competition handles up to 25 bonds and requires the user to separate the buys and sells into two different lists. TradeWeb also charges less for transactions, adds Toffey. "Your per-million transaction-charge is a fraction of what MarketAxess charges," he says, adding that the savings is 80 percent.
800-541-2268 Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio