Tradeweb Added as Counterparty to New York Fed’s SMCCF09.09.2020
TRADEWEB DIRECT ADDED AS COUNTERPARTY TO NEW YORK FED’S SECONDARY MARKET CORPORATE CREDIT FACILITY
NEW YORK – September 9, 2020 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that its Tradeweb Direct broker-dealer has been added as a counterparty for the Federal Reserve Bank of New York’s Secondary Market Corporate Credit Facility (SMCCF). Tradeweb’s credit trading platform is already utilized as a trade execution venue for the SMCCF for trading with counterparties on a fully-disclosed basis. As an Eligible Seller for the SCCF, Tradeweb can now enable anonymous “all to all” trading, sourcing liquidity from additional counterparties across its institutional and retail trading platforms.
“We are very pleased to help the New York Fed access additional liquidity for bonds purchased through their secondary credit facility,” said Tradeweb CEO Lee Olesky. “Tradeweb is well positioned to provide access to a broad range of liquidity sources, and we believe that expanded reach is beneficial for SMCCF participants and credit markets more broadly.”
The Secondary Market Corporate Credit Facility was established by Federal Reserve Bank of New York to support credit to large employers by providing liquidity for outstanding corporate bonds. The SMCCF may purchase in the secondary market eligible corporate bonds as well as U.S.-listed ETFs whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. Such corporate bonds and ETFs must meet the eligibility criteria specified in the SMCCF term sheet. BlackRock Financial Markets Advisory is the investment manager for the SMCCF.
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 $790 billion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
With Lindsey Spink, Co-Head of Global Fixed Income Trading, American Century Investments
With Li Renn Tsai, Head of Products and Sales, Asia, Tradeweb
Stephanie Dumont and Ola Persson of FINRA reflect on advances in fixed income transparency.
Chris White of ViableMkts and BondCliQ is introducing a new conference model.
Aim is to increase flexibility and efficiency for institutional clients trading corporate bonds.