Tradeweb all-to-all for Europe after summer

Dan Barnes

Following the announcement of all-to-all trading on its US Credit platform, Tradeweb Europe will also be launching the functionality in H2 2017.

The system, ‘Blast A2A’, is intended to provide investors with an efficient way to request liquidity from a broader set of price makers, and will be integrated with regional liquidity providers.

Market-operator Tradeweb has reported trading activity in European spread products / eurobonds reached €73.8 billion in the first quarter of 2017, beating Q1 2016 by 22.3% and previous record-holder Q1 2015 by 21.5%. Volume executed in European credit surpassed €38.32 billion, up 21.4% from Q1 2016.

March 2017 was also the third consecutive record month for the Tradeweb European Credit platform, with more than €14.17 billion in notional volume, up 10.2% from February 2017 and 51.6% year on year. Tradeweb reported that one-sided axes posted by dealers on its Eurobond platform peaked at more than €100 billion in Q1 2017, up 50% year on year. Over the same time period, the number of axes – which link pre-trade information with trade execution – nearly doubled to reach 18,888.

Tradeweb recently introduced Blast RFQ, a mechanism for trading and sourcing liquidity on multiple smaller transactions in European credit, enabling clients to send enquiries to all of their liquidity providers simultaneously. Blast RFQ can be combined with existing FlexRFQ functionality, a feature which allows users to replace non-quoting dealers without shutting down their initial inquiry, restricting trade information leakage.