Both will allow users to request up to three quotes at the same time and will feature straight-through processing. They will compete fiercely for new business in the coming few months, with both claiming to be in the final stages of completing deals with other liquidity providers.
What is unclear is the impact this will have on existing single-dealer platforms, of which Barclays’ Barx, launched in conjunction with Bloomberg in July 2003, is the most prominent.
Eric Bommensath, London-based head of government bond trading at Barclays Capital, claimed that Barx would not be affected, despite Barclays signing up to both TradeWeb and SwapTrader. He said Barx was available without cost to anyone with a Bloomberg terminal.