Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets, today announced that institutional clients executing
Japanese Yen swaps on its Multilateral Trading Facilities (MTFs)
and Swap Execution Facilities (SEFs) can now clear their
transactions via the Japan Securities Clearing Corporation
(JSCC).
The enhancement follows JSCC’s decision to support MTF and SEF
trading, replacing a previously time-consuming and redundant
confirmation (or take-up) process between the clearing house and
Clearing Brokers subsequent to the execution of their clients’ Yen
swap transactions. Instead, clients are now able to benefit from
fully automated workflows on Tradeweb’s MTFs and SEFs - from
pre-trade credit checks to execution and clearing - and achieve
straight-through processing (STP) improvements.
“This is the latest example of Tradeweb and JSCC being
responsive to the needs of our clients, both global hedge funds and
real-money accounts, around more connectivity, flexibility and
choice in Yen swap trading,” said Enrico Bruni, Head of Europe and
Asia Business at Tradeweb. “Yen swaps form an important part of
many institutional strategies, and harmonising these transactions
with the real-time, STP nature of the other instruments in their
portfolios will create significant efficiencies to the institutions
that trade them.”
“We are very pleased to be working together with Tradeweb to
address institutional investor demand for fully electronic trading
workflows in Yen swaps,” said Yasuyuki Konuma, JSCC President &
CEO. “As a primary Central Clearing Counterparty (CCP) for Yen
derivatives products, we are always focused on ensuring our
services are competitive, and offer global investors convenient and
enhanced access to Japanese markets.”
Tradeweb facilitates both direct and indirect connectivity to
clearing houses and links to middleware providers globally. JSCC
provides clearing services for listed cash and derivatives,
over-the-counter (OTC) derivatives and OTC Japanese Government Bond
cash and repo transactions for both domestic and foreign financial
institutions. The CCP is currently exempted from registration with
the Commodity Futures Trading Commission (CFTC) as a Derivatives
Clearing Organisation (DCO). Clearing volume of Yen swaps on JSCC
reached JPY 1,181 trillion as of August 2023, exceeding the
previous record of 2022 yearly total of JPY 1,111 trillion.
“I am confident that JSCC’s support of MTF and SEF trading will
help our clients express their views in Japanese interest rate
products much more efficiently,” said Taichi Shibuya, Head of Japan
at Tradeweb. “Enabling investors to hedge their JPY risk, while
simultaneously enjoying the benefits of trading electronically, can
only add tailwinds to their strongly growing interest in Yen
assets.”
Tradeweb launched derivatives trading in 2005 and has since
become a leading marketplace in EUR, GBP and USD interest rates
swaps (IRS). More than USD 78 trillion has been executed across
Tradeweb’s IRS platforms in 2023 so far*. The firm introduced its
first Japanese products – including Yen interest rate swaps - in
2008, and saw the industry’s first electronically-traded and
JSCC-cleared Yen swap transaction by a Japanese bank in 2014. A
year later, Tradeweb executed its first regulated Yen swap
transaction on its Electronic Trading Platform (ETP) under Japan’s
mandatory trading rules.
*January 2023 to end of August 2023
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 40 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
approximately 2,500 clients in more than 65 countries. On average,
Tradeweb facilitated more than $1.2 trillion in notional value
traded per day over the past four quarters. For more information,
please go to www.tradeweb.com
Forward-Looking Statements:
This release contains forward-looking statements within the
meaning of the federal securities laws. Statements related to,
among other things, our outlook and future performance, the
industry and markets in which we operate, our expectations,
beliefs, plans, strategies, objectives, prospects and assumptions
and future events are forward-looking statements.
We have based these forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond our control. These and other important
factors, including those discussed under the heading “Risk Factors”
in documents of Tradeweb Markets Inc. on file with or furnished to
the SEC, may cause our actual results, performance or achievements
to differ materially from those expressed or implied by these
forward-looking statements. In particular, preliminary average
variable fees per million dollars of volume traded are subject to
the completion of management’s final review and our other financial
closing procedures and therefore are subject to change. Given these
risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements contained in this release are not guarantees of future
performance and our actual results of operations, financial
condition or liquidity, and the development of the industry and
markets in which we operate, may differ materially from the
forward-looking statements contained in this release. In addition,
even if our results of operations, financial condition or
liquidity, and events in the industry and markets in which we
operate, are consistent with the forward-looking statements
contained in this release, they may not be predictive of results or
developments in future periods.
Any forward-looking statement that we make in this release
speaks only as of the date of such statement. Except as required by
law, we do not undertake any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230918968963/en/
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
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