A real innovator in the trading protocol space, Tradeweb is constantly vying for the top spot with Bloomberg and MarketAxess.
Its pioneering of portfolio trading in the corporate bond space has supported passive funds well, and active managers are also seeing value in this approach. It has also successfully introduced an automated trading protocol via its AiEX tool and all-to-all live streamed pricing, while the firm has leveraged auto-hedging for corporate bond trades via rates as another efficiency for buy-side traders.
Its new protocols are beginning to pull traders towards more diversified execution methodologies – although 88% still primarily use RFQ, 6% are now using its all-to-all trading and 3% are using streamed prices.
The firm has also seen great success with its portal into the Chinese market via BondConnect. Nearly a quarter of traders (24%) are using it, making it the most successful BondConnect access point and they profess confidence in future use.
©The DESK 2020