Tradeweb Launches Multi-Asset Package Trading on IRS Platform

The package includes interest rate swaps, inflation swaps and government bonds.

Global operator of electronic marketplaces Tradeweb Markets Inc. announced this Wednesday that it has launched a multi-asset package (MAP) trading on its global Interest Rate Swaps (IRS) platform.

Tradeweb, which operates in the rates, credit, equities and money markets, has launched this package to streamline the simultaneous execution of interest rate swaps, inflation swaps, and government bonds, the statement said.

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In addition to announcing the launch of its new package, the marketplace operator also revealed that the first multi-asset package transaction using in-competition request-for-quote (RFQ) has taken place between Legal & General Investment Management (LGIM) and Bank of America Merrill Lynch

Buy-side connection to deep liquidity pools

Lee Olesky, CEO of Tradeweb
Lee Olesky, CEO of Tradeweb
Source: LinkedIn

Commenting on the launch, Lee Olesky, the CEO of Tradeweb Markets said: “Our MAP functionality is a clear demonstration of Tradeweb’s unique ability to enhance the trading experience for our clients, and connect the buy-side with deep liquidity pools across asset classes on a single electronic venue, and in this case a single trade. Tradeweb’s strategic approach continues to be focused on building robust and efficient trading solutions that advance our markets globally.”

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Building upon the net present value (NPV) list trading tool, the Tradeweb MAP enables clients to gain access to competitive pricing, increased execution speed for multi-asset packages. The new functionality can also reduce manual booking errors, the company said in the statement.

For each instrument in the package, the company uses its live market data to present buy-side trading desks with analytics and pricing. Furthermore, Tradeweb automatically sends swaps transactions for clearing and bond transactions for booking.

“The Global Trading team at LGIM is constantly looking for ways to innovate, and ultimately improve client outcomes,” added Phil Hunter, head of rates trading at Legal & General Investment Management. 

“The Tradeweb MAP functionality helps LGIM reduce trading costs and achieve straight-through processing, while also ensuring that enhanced best execution requirements under MiFID II are being met.”

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