TradeWeb to launch electronic trading platform for US rate swaps

Thomson TradeWeb, a US-based fixed-income electronic market specialist, is planning to launch a multi-dealer US dollar interest rate swaps trading platform in the third quarter of 2005.

The firm named JP Morgan, Merrill Lynch, Barclays, ABN AMRO, Dresdner Kleinwort Wasserstein, HSBC and Wachovia as the founding members of the new platform.

TradeWeb IRS, as the new market will be known, will allow institutional investors to request quotes from multiple dealers and execute trades.

In early May, TradeWeb said it was working with JP Morgan, Goldman Sachs and Morgan Stanley to create a credit default swap index trading platform. It is expected to go live in the second half of 2005.

TradeWeb already runs an electronic trading service for euro-denominated swaps, which it launched in February (see Bloomberg and TradeWeb enter multi-dealer electronic swaps trading fray).

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