Mostly… fixed income and cross product eTrading

May 10, 2007

Tradeweb convertibles

Filed under: etrading — holky @ 9:26 am

Thomson TradeWeb has announced it has gone live with dealer-to-customer trading of dollar-denominated convertibles bonds, its 17th online fixed-income marketplace also the first that reaches into or at least more towards the equities space. Initial liquidity-providing dealers are Citigroup, Lehman Brothers, Merrill Lynch and UBS.

Securities Industry News comments this could ratchet up the competition with New York-based MarketAxess, which has a smaller product set that doesn’t include convertibles but does a bigger business than TradeWeb in overall corporate credit trading. Here TradeWeb is seeking to fill what it sees as a gap in multidealer-to-institutional-client e-trading. There have been relatively few options over the years for commingled dealer pricing of convertibles, which are corporate debt securities that come with an option to be converted into company stock or cash. Screen-based convertibles trading has been offered primarily on dealers’ proprietary platforms. As in bond sectors overall, phone-based transactions still dominate.

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1 Comment »

  1. theyre joining the (thomson)tradeweb and reuters dots already for https://mostly.wordpress.com/2007/05/04/tradeweb-and-reuters-together-at-last/ … pretty sure Reuters does not normally publish these Tradeweb press releases? http://www.reuters.com/article/bondsNews/idUSN0933474620070509

    Comment by holky — May 15, 2007 @ 5:51 am


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