- Significant Growth in Trade Volume for 3rd Quarter -
JERSEY CITY, N.J., Oct. 20 /PRNewswire/ -- Thomson TradeWeb, part of The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of integrated information solutions to professional customers, announced today that LaSalle Financial Services, Inc., an affiliate of ABN AMRO (NYSE:ABN), has gone live as a liquidity provider for TradeWeb's growing online corporate bond marketplace. The firm is an active market maker in a wide range of credit sectors and has extensive relationships with institutional credit investors. ABN AMRO's vast global experience is playing a major factor in continuing the rapid development of its U.S. based corporate bond franchise. The firm already provides liquidity over TradeWeb for U.S. Treasuries, Agencies, European Government Bonds, SUPRAS, Pfandbriefe, and Interest Rate Swaps online markets. ABN AMRO is also a member of TradeWeb's initial credit default swaps dealer group.
TradeWeb's momentum in adding dealer liquidity to its online corporate bond marketplace continues to build. Since the beginning of 2005, LaSalle Financial Services, Wachovia Securities, Piper Jaffray, and Jefferies & Co. have all begun providing liquidity for their corporate bond customers over TradeWeb. The other ten members of TradeWeb's corporate bond dealer group include Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS Investment Bank, and FTN Financial. With this deep pool of dealer liquidity, TradeWeb customers regularly achieve hit rates (the proportion of trade inquiries that result in an execution) of greater than 70%.
"We are very pleased that LaSalle Financial Services has chosen to provide its customers liquidity over TradeWeb Corporates," said Billy Hult, Managing Director at Thomson TradeWeb. "It affirms that TradeWeb, with its superior functionality, deep liquidity, low cost, and strong buy-side account base, provides dealers with a compelling value. LaSalle Financial Services also provides investors with another excellent source of liquidity for corporate bonds." John Koudounis, Managing Director and Head of LaSalle Financial Services' Taxable Fixed Income unit commented, "LaSalle Financial Services' participation in TradeWeb's online corporate bond marketplace further signifies our commitment to providing customers with the most efficient trading and processing available today. TradeWeb provides us with a world class technological foundation for growth as we expand our customer franchise in the U.S. corporate bond market." The momentum of TradeWeb Corporates continues to build as institutional investors benefit from its expanding set of motivated corporate bond dealers, introduction of new functionality, and proven low cost business model. In fact, TradeWeb Corporates 3rd quarter volume increased by 177% over the previous quarter.
Over the next few days, TradeWeb Corporates will be launching online trading and processing for floating rate corporate bonds. Also, TradeWeb will be launching its online market for trading credit default swap index products later this month.
About Thomson TradeWeb: TradeWeb is the leading online fixed-income trading network with over 8.3 million trades executed and total volume surpassing $95 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 178 trading desks of 36 of the world's leading fixed-income dealers with more than 2,000 buy-side institutions in North America and Europe.
The business is also the leading electronic "straight-through processing" network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpress network. TradeWeb's STP network also includes AccountNetO, the leading standard settlement instructions database.
Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a member of the NASD.
About Thomson Financial Thomson Financial is a US$1.73 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (http://www.thomson.com/), a global leader in providing integrated information solutions to more than 20 million business and professional customers in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With revenues of US$8.10 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC). DATASOURCE: TradeWeb CONTACT: Jack Mahoney of Thomson TradeWeb, U.S., +1-201-536-5878; or Tristan Peniston-Bird of Gavin Anderson for TradeWeb, +1-212-515-1933 Web site: http://www.thomson.com/
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