Tradeweb and FTSE Russell to Provide Gilt Closing Prices Solution

The companies will collaborate to deliver enhanced end-of-day reference pricing for Gilts and Treasury bills.

Tradeweb Markets, a global provider of fixed-income, derivatives, and exchange-traded-funds (ETF) marketplaces and FTSE Russell, the global index provider, have been named by the UK Treasury as the joint future providers for end-of-day reference prices for Gilts and Treasury bills.

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Tradeweb FTSE Gilt Closing Prices

Tradeweb, which launched a news electronic OTC marketplace for US-listed ETFs earlier this year, and FTSE Russell, are working closely on creating the “c” solution following the UK Debt Management Office (DMO) announcement that it intended to withdraw from the provision of reference prices and its decision to launch an independent review into successor arrangements.

Enrico Bruni, managing director, head of Europe and Asia business at Tradeweb commented, “With a 13-year history in the Gilt market, we believe Tradeweb is ideally positioned to succeed the DMO as the single input data source of such pricing for the UK market. As the leading dealer-to-client trading platform for UK Gilts, we are confident that we are able to offer the market a compelling and high quality data set.”

As part of the proposal, Tradeweb and FTSE Russell will produce end-of-day gilt reference prices in a manner consistent with IOSCO principles.

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Tradeweb will calculate the reference prices based on input data from the Tradeweb dealer-to-client UK Gilt trading platform.

We will work closely with the DMO and market participants to deliver enhanced end-of-day reference pricing for Gilts and Treasury bills.

FTSE Russell, meanwhile, will operate as the administrator of the reference prices and will use these prices in the calculation of the FTSE Actuaries UK Gilts Index Series. It is expected that the transition to the Tradeweb FTSE Gilt Closing Prices will take place in Q1 2017.

Christopher Woods, Managing Director Governance, Risk and Compliance at FTSE Russell said, “FTSE Russell is firmly committed to promoting the highest possible governance standards and has a strong track record in delivering transparent benchmarks and reference data. We are delighted to be partnering with Tradeweb and will work closely with the DMO and market participants to deliver enhanced end-of-day reference pricing for Gilts and Treasury bills.”

 

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