Collaboration to expand benchmark pricing,
broaden index inclusion and enhance trading functionality across
fixed income products
- The partnership seeks to develop the next generation of fixed
income pricing and index trading products by leveraging FTSE
Russell’s innovative Fixed Income index solutions and Tradeweb’s
fixed income trading platform and data capabilities.
- Fixed Income closing prices will be administered as benchmarks
by FTSE Russell and be derived from trading activity on Tradeweb’s
platform.
- The partnership aims to extend pricing coverage to most
constituents featured in the FTSE Fixed Income Index universes and
explore incorporating new Tradeweb pricing sets into FTSE Fixed
Income Indices.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets, and FTSE Russell, an LSEG business, today announced a
strategic partnership to develop the next generation of fixed
income index pricing and index trading products.
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the full release here:
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Expanded Benchmark Pricing. The firms aim to provide
next-generation pricing across a broader range of fixed income
securities, which will be administered by FTSE Russell as
benchmarks. Expanding their existing collaboration on benchmark
pricing for UK Gilt and European Government bonds, the objective is
to deliver robust, algorithmic, and reliable pricing. The closing
prices amalgamate trading activity from Tradeweb’s electronic
platform, enabling closer alignment with actual trading levels and
intraday pricing. These prices are administered in accordance with
the EU and UK Benchmark Regulation and the IOSCO Principles for
Financial Benchmarks and can be used as reference rates for a broad
range of use cases including trade-at-close transactions and
derivatives contracts.
Broad Index Inclusion. In the coming months, Tradeweb and
FTSE Russell will continue to collaborate on fixed income pricing
sets to extend coverage across multiple regions and fixed income
asset classes. Over time, FTSE Russell will explore incorporating
Tradeweb pricing into FTSE Fixed Income indices, starting with FTSE
World Government Bond Index (WGBI), a flagship index comprised of
sovereign debt from over 20 countries and denominated in a variety
of currencies.
Enhanced Trading Functionality. Tradeweb seeks to expand
and enhance electronic trading functionality for FTSE Russell Fixed
Income indices and customized baskets through tools and protocols
such as RFQ (request-for-quote), AiEX (Automated Intelligent
Execution tool) and Portfolio Trading, offering trade-at-market
close, trade-at-month-end and other features conducive to index
rebalancing trades. For clients seeking to efficiently express a
view on FTSE Russell indices and baskets, providing enhanced
trading functionality can help efficiently manage what are often
their largest and most critical trades.
Lisa Schirf, Global Head of Data & Analytics at Tradeweb,
said: “Tradeweb’s collaboration with FTSE Russell will provide
clients with verified benchmarks they can use as reliable closing
prices for their end-of-day trading strategies and other purposes.
The Tradeweb FTSE closing prices will create a foundation across
global Fixed Income markets for consistent end-of-day and intraday
prices and is another way we are investing in the electronification
of the markets.”
Scott Harman, Head of Fixed Income Indices at FTSE Russell,
said: “With our comprehensive suite of sophisticated Fixed Income
Indices and a growing need for innovative pricing solutions from
our clients, our deeper collaboration with Tradeweb will enable us
to bring to market greater tractability and tradability of our
indices. We are very excited by the opportunity this relationship
will bring and how it has the potential to fundamentally change the
Fixed Income ecosystem.”
Trusted reference price data is critical for financial firms to
manage investment portfolios, evaluate the fair value of
securities, perform compliance, and satisfy general accounting
standards. Tradeweb and FTSE recently launched benchmark closing
prices for European Government Bonds in May 2023, expanding on
Tradeweb’s well-established UK Gilt Closing Prices. Administered in
accordance with the EU and UK Benchmark Regulation and the IOSCO
Principles for Financial Benchmarks, Tradeweb FTSE Euro Government
Bond Closing Prices are available from Tradeweb and provide
end-of-day reference prices for Euro-denominated nominal bonds
issued by Austria, Belgium, Finland, European Union, France,
Germany, Greece, Ireland, Italy, Netherlands, Portugal and
Spain.
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 more
than 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 fiscal quarters. For more information,
please go to www.tradeweb.com
About FTSE Russell, an LSEG business:
FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide.
FTSE Russell calculates thousands of indexes that measure and
benchmark markets and asset classes in more than 70 countries,
covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $20.1
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create ETFs, structured products
and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024013893/en/
Media: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Simon Henrick, LSEG +44 (0) 20 7797 1222 newsroom@lseg.com
Investors: 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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