Market operator Tradeweb is partnering with Boerse Stuttgart to offer the German exchange’s users direct access to liquidity in US bond trading. The exchange is integrating Tradeweb’s live streaming prices for US corporate bonds onto its bond order book.
“Tradeweb`s internationally established offering for professional clients, as well as its core competence in the US dollar bond market fits perfectly with Boerse Stuttgart’s orientation towards retail investors and smaller sized liquidity of semi-professional clients. Both partners can link their bond expertise and liquidity pools via this liquidity bridge and generate new added value for their customers”, says Michael Görgens, managing director fixed income and eSales at Boerse Stuttgart.
“The integration of Tradeweb’s live streaming prices within the Boerse Stuttgart offering is an important step in connecting investors with the technology and tools they need to efficiently transact bonds,” said John Cahalane, managing director at Tradeweb. “In today’s markets, there continues to be growing investor interest in the search for deep liquidity and a robust platform that gives clients the flexibility and choice they need to conduct their business.”
The news follows a strong Q2 for Tradeweb, which has reported revenues of US$134 million in the second quarter of 2021, which increased 18.8% year-on-year (YoY). The firm noted that increased client activity in streams and session-based trading drove higher volumes in US Treasuries, while volumes in higher fee long-tenor swaps/swaptions were driven by a mix of: strong engagement from international clients; faster growth in the request-for-market (RFM) protocol; and record trading across emerging market currencies.
In the corporate bond space it saw revenues of $72.2 million in the second quarter of 2021 increased 47.1% YoY. This was the firm’s second-best quarter ever for credit trading, which it noted was driven by record US electronic high yield and strong US investment grade trading, as well as robust European credit trading. Clients utilised a wider range of protocols and services, with continued solid growth in RFQ and electronic portfolio trading.
Equity revenues grew 12.9% YoY to US$17.4 million in the second quarter of 2021 as client growth and adoption, particularly among institutional clients, continued to drive overall volumes.
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