Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the launch of multi-asset package trading for USD-denominated swaps, marked by the successful execution of the first fully electronic multi-asset package trade for USD-denominated swaps on the Tradeweb swap execution facility (TW SEF) between Barclays and a global hedge fund.
Tradeweb’s multi-asset package functionality for USD-denominated swaps enables institutional clients on TW SEF to streamline the simultaneous execution of interest rate swaps, inflation swaps and government bonds within a single trade. This enhancement aims to deliver greater transparency and efficiency and smarter analytics, while providing both dealers and buy-side participants with access to deeper pools of liquidity on a single electronic marketplace.
Bhas Nalabothula, Managing Director, Head of U.S. Institutional Rates, at Tradeweb, said: “This enhancement to the TW SEF platform gives clients a more efficient way to trade interest rate swaps. As our market continues to evolve, our clients are increasingly focused on smarter, more streamlined trading solutions. We’ve had great success in the adoption of this functionality in Europe, and have now expanded access to the U.S., enabling clients to package and execute large baskets of risk with greater control and simplicity.”
Dan Orlando, Head of U.S. Rates Trading at Barclays, said: “Executing the first fully electronic, multi-asset packaged trade for USD-denominated interest rate swaps for Tradeweb reflects the significant investment Barclays has made in building a market-leading, technology-driven execution platform. This milestone demonstrates how our continued focus on innovation is enabling greater automation, transparency and flexibility in swap execution – and reinforces our commitment to driving the next chapter of advancement across the derivatives market.”
Institutional investors have been trading swaps electronically on Tradeweb since 2005. As a leading global interest rate swap trading platform, this milestone follows Tradeweb’s 2019 launch of the first fully electronic multi-asset package trade on its global interest rate swaps platform using in-competition request-for-quote (RFQ).
Over time, Tradeweb has continued to expand its derivatives offering; announcing a series of “firsts” for the market, including but not limited to: first fully electronic request-for-market swaption package trade; first fully electronic swap compression trade; first fully electronic two-way market swap; first fully electronic swaption trade and first fully electronic cleared inflation swap.
