Tradeweb Becomes First Electronic Platform to Connect Repo and IRS Markets

New features enhance and expedite clients’ decision-making process and workflows

LONDON – June 4, 2024 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has launched innovative features bridging the firm’s repurchase agreements (repo) and interest rate swap (IRS) product offerings to enhance clients’ execution workflows in these markets.

Amid higher money market volatility due to revised expectations of central bank policy actions, traders have been increasingly referencing spreads to overnight index swap (OIS) curves when evaluating pricing of fixed-rate repos. Tradeweb is the first electronic trading platform to make OIS curves available during the repo trade negotiation process, helping institutional clients assess the price competitiveness of different repo rates across different currencies and maturities. These OIS spreads are generated for all GBP, EUR and USD trades on the Tradeweb repo platform, and will reflect the exact term of each repo trade, leveraging off swap curves on the IRS platform.

In addition, immediately after executing a long-dated fixed-rate repo transaction on Tradeweb, buy-side traders can manage their interest rate exposure in a fully electronic workflow, thereby achieving straight-through processing and reducing operational risk. At the click of a button, they can pre-populate a corresponding OIS ticket with the details of their completed repo trade – including start and end date, direction and cash amount – and send a request-for-quote enquiry to Tradeweb’s extensive network of liquidity providers on its IRS platform.

Nicola Danese, Co-Head of International Developed Markets at Tradeweb, said: “By linking our repo and swaps platforms, we are transforming what used to be manual, disconnected and time-consuming processes into efficient, time- and cost-effective digital workflows. Only a multi-asset platform like Tradeweb can interconnect markets in this way, and we are proud to deliver another industry first for the benefit of our clients.”

Nick Sheffield, Portfolio Manager in the Money Markets team at Insight Investment, said: “In today’s active rates environment, Tradeweb provides us with essential information for executing a fixed-rate repo transaction. We seek out technology that can help enhance investment outcomes for clients and welcome innovations that support speed of decision-making and execution processes.”

Tradeweb offers a seamless and efficient end-to-end solution for trading repo across 24 currencies, providing institutional clients with access to liquidity from 47 dealers globally. The platform sees on average 3,300 trades and over $340 billion in notional trading volume per day. Meanwhile, Tradeweb’s award-winning IRS marketplace has been bringing greater transparency to swaps trading since 2005. Tradeweb operates regulated electronic swaps platforms around the globe, which see over $790 billion in average daily notional traded volume and liquidity from more than 50 dealers.

Media Contacts:

Angeliki Kallipoliti, Tradeweb
+44 7824 327073
Angeliki.Kallipoliti@Tradeweb.com

Eloise Doolan, Tradeweb
+44 7917 266 191
Eloise.Doolan@Tradeweb.com

Investor Contacts:

Ashley Serrao, Tradeweb
+1 646 430 6027
Ashley.Serrao@Tradeweb.com

Sameer Murukutla, Tradeweb
+1 646 767 4864
Sameer.Murukutla@Tradeweb.com

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com

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