Tradeweb Completes Electronic Links to Major Clearing

Houses For OTC Derivatives Trades
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Tradeweb Completes Electronic Links to Major Clearing Houses For OTC Derivatives Trades

JERSEY CITY, New Jersey, April 6, 2010--

    - First Centrally Cleared Multi-Dealer Electronic Interest Rate Swap
Trade Executed on Tradeweb

    - Electronic Trading of Interest Rate Swaps Climbs 55% on Tradeweb

    Tradeweb, a leading global provider of online markets, today announced
that the first electronic swap trade on a multi-dealer platform has been
centrally cleared by an institutional client. This follows the completion of
electronic links from Tradeweb to the major derivatives clearing houses.
Institutional clients are now able to fully automate their workflow on
Tradeweb - from trade execution through clearing, enabling institutions to
better manage operational, systemic and market risk.

    To date, Tradeweb has integrated with ICE Trust and ICE Europe via ICE
Link, and CME Clearing for the clearing of credit default swaps (CDS). In
addition to these interfaces built for its CDS business, Tradeweb has further
developed connectivity to MarkitSERV, a global, electronic OTC derivative
trade processing company. Similar to CDS, clients are able to communicate to
the platform's MarkitWire service for interest rate swaps (IRS), for onward
transmission to LCH.Clearnet's SwapClear facility.

    In addition to being able to clear trades through Tradeweb's links to
central counterparties, over 380 leading global clients are already using a
trading application programming interface (API) to link their internal
systems with Tradeweb's electronic markets. Tradeweb has direct relationships
with more than 20 of the major system vendors and a large number of smaller
and proprietary systems.

    The completion of the clearing house links follows a surge in electronic
trading on Tradeweb's global swaps platform. Total global notional swaps
volume since the introduction of the platform in 2005 now exceeds $5 trillion
from more than 50,000 trades. This represents a compound annual growth rate
of 55% in DV 01 (delta), the dollar value of a one basis point change in
interest rates. Currently, sixteen liquidity providers make markets to more
than 150 institutional clients.

    "The industry is at the threshold of a fully-integrated electronic
trading workflow for OTC derivatives," said Lee Olesky, CEO of Tradeweb. "The
development of these links represents an important step towards a more
automated marketplace, which will reduce systemic risk and promote
transparency, efficiency and prevention of market abuse that global
regulators and market participants are seeking."

    "ICE Link is pleased to work with Tradeweb to provide customers with a
seamless flow from electronic execution to clearing. Tradeweb can help grow
dealer and buyside participation through ICE, reinforcing our role in
bringing the leading risk management and clearing solutions to the CDS
market," said Clive de Ruig, Global Head of ICE Processing.

    "The combination of Tradeweb's dealer-to-client e-trading platform with
CME Clearing offers clients greater choice for transacting their OTC
business," said Kim Taylor, President, CME Clearing. "As a result, our
clearing solution becomes even more compelling to the world's leading asset
managers as well as other clients around the world."

    "We are pleased to link with Tradeweb to provide market participants with
a more efficient workflow for trading and processing OTC derivatives," said
Jeff Gooch, CEO of MarkitSERV. "This underscores our ability, as a neutral
platform, to manage the complexity of the new environment and work with
trading platforms to reduce operational risk post-trade."

    "There has been a rapid increase in the OTC derivatives trading activity
recently and the need to improve operational efficiencies has become more
marked. Together with Tradeweb we are addressing market demands for more
flexible and automated solutions in processing interest rate swap trades,"
said Roger Liddell, chief executive of LCH.Clearnet.

    With the links in place, institutional investors are now able to take
advantage of seamless trading and processing of CDS and IRS transactions on
Tradeweb. This prepares the industry for the use of central counterparties to
clear trades.

    About Tradeweb

    Tradeweb is a leading provider of online markets and a pioneer in the
development of electronic trading and trade processing. The company provides
services in the fixed income, derivative, and equity markets to clients in
more than 50 countries. Since 1998, Tradeweb has operated a global fixed
income and derivatives trading network, which harnesses the distribution of
the major investment banks with over 2,000 institutional clients. Tradeweb
Retail provides a trading and sales application to fixed income brokers and
traders. With its expansion into the equity markets, Tradeweb is leveraging
AutEx, the industry leader for 40 years in providing indications of
interests, and Tradeweb Routing Network, a global FIX network with more than
8,000 connections between over 1,000 firms.

Source: Tradeweb

Ishviene Arora, Cognito, +1-646-395-6305, ishviene.arora@cognitomedia.com; Paul Bowhay, Cognito, +44(0)20-7438-1117, paul.bowhay@cognitomedia.com

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