Tradeweb Markets Inc, an international entity that runs digital marketplaces, made an exciting announcement on Wednesday that will stand to benefit its broad customer base: it launched a multi-asset package (MAP) trading on its IRS (Interest Rat Swaps) ecosystem.
Tradeweb wants to achieve higher efficiency in its operations by streamlining interest rate swaps, government bonds, and inflation swaps, all at the same time, according to the announcement. The firm is a known entity in several markets, including equities, money, rates, and credit.
Not only Tradeweb announced its newest offering, but it also unveiled the fact that Legal General Investment Management (LGIM) and Bank of America Merrill Lynch recently completed the initial multi-asset package transaction while making use of in-competition request-for-quote (RFQ.)
Improving the Trading Experience
Lee Olesky, the Chief Executive Officer of Tradeweb Markets, explained that the MAP feature goes to show that the company wants to focus on improving the trading experience of its customers, while also connecting potential buyers with deep liquidity pools in several asset classes, all in one digital platform and in just one trade.
The executive also detailed that the firm’s strategy continues to evolve but has one clear north: developing efficient, robust, and useful solutions for traders without distinction of location.
Tradeweb’s MAP resource has a strong foundation in the net present value (NPV) list trading feature. The latter will let customers have access to highly competitive pricing structures as well as enhanced speed when it comes to multi-asset bundles.
Another crucial improvement that the new offering will bring is the capability of decreasing the number of manual booking errors, according to the firm’s announcement.
Each of the new offerings come with live market data, with the intention of offering customers buy-side trading desks with analytics and pricing. Additionally, the company sends swaps pacts for clearing and bond transactions for booking.
Looking for Innovation Paths
Phil Hunter, the person in charge of rates trading at Legal General Investment Management, one of the parties that performed the first multi-asset package transaction while using in-competition request-for-quote (RFQ) detailed that the firm is continually looking for innovation paths. He said that the objective is to improve the outcomes for the customers.
He added that the MAP functionality at Tradeweb will help his company decrease the cost of trading services and achieve further efficiency. He also said that the new features offered by Tradeweb will help all parties involved ensure that they meet all the best execution requirements of MiFID II.