TradeWeb, a Web
site devoted to bond trading, Thursday announced that Barclays Capital has become the
latest participant in its network.
Barclays Capital joins fellow participants Credit Suisse First Boston,
Goldman Sachs, Lehman Brothers, Salomon Smith Barney and Merrill Lynch as a
primary dealer on TradeWeb's site.
"We are hitting critical mass," said Jim Toffey, TradeWeb's president and
chief executive officer. "With eight primary dealers on our network,
institutional customers now have access to the bulk
of the Treasury market all on one online marketplace."
TradeWeb offers institutional customers real-time price information and
trading for U.S. Treasury bills, notes, bonds, and STRIPs provided by major
primary dealers. Its users can electronically request customized bids or
offers from multiple dealers. They can instantly execute orders,
send e-mail, online messages and get access to historical trading
information.
TradeWeb is one of the few Web sites focusing exclusively on bond trading.
Barclays Capital Chief Executive Thomas L. Kalaris said the company chose
to work with TradeWeb because of its niche in the market.
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"TradeWeb is quickly setting the standard for an efficient, liquid
marketplace for online bond trading," he said. "We are committed to
bringing the benefits of advanced technology to our clients. As an active
participant in TradeWeb, we are doing just that."
TradeWeb currently has more than 500 users and had transaction volume of $170
billion in 1998. Access to the service costs $100 per month.
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