A press release entitled, "Tradeweb Launches Electronic Market for U.S. Certificates of Deposit" announces, "Tradeweb, a leading global provider of fixed income and derivatives markets, today announced the launch of a new electronic market for U.S. Certificates of Deposit (CDs) on the Tradeweb Money Markets platform. The Tradeweb Money Markets platform is the only electronic marketplace that provides executable commingled, real-time pricing of CDs delivered directly from leading dealers on a single screen."
The release explains, "The Tradeweb CD market offers a host of key advantages to institutional clients, including access to commingled indicative pricing for CDs, ranging in maturity from overnight to 13 months and the ability to request live, executable bids from up to five dealers at a time. Customized trade tickets provide quick and convenient access to primary and secondary offerings across a broad range of maturities through a flexible trade ticket screen designed to improve workflow. Trades are processed efficiently, reducing cost and operational risk, by incorporating pre- and post-trade processing during systems integration."
Jon Williams, Managing Director and Head of U.S. Markets at Tradeweb, comments, "We are pleased to step forward in broadening the Tradeweb Money Market offering with the launch of our new electronic platform for U.S. CDs. As the fixed income markets continue evolving to improve transparency, execution speed and risk management, Tradeweb remains committed to providing flexible solutions to help increase transparency, liquidity and trade efficiency for our customers."
The press release adds, "The comprehensive trading solution also supplies traders with several new tools and data, including: Improved Issuer Lists and Filters to sort offerings and specific names; A Maturity Monitor to track all money market positions on a given date or range of dates; Real-Time CD Rates with accurate CD composite prices, listed by rating and maturity; Quick Ticketing to enter trades by security details and CUSIP; and, Enhanced CD Charting of the yield curve to gauge the market and specific offerings."
Finally, the release says, "The Tradeweb Money Markets platform was launched in 2001 as an electronic marketplace for U.S. commercial paper, followed by trading for agency discount notes in 2002. Since then, more than USD $59 trillion in commercial paper and $17.5 trillion in agency discount notes have been executed on Tradeweb and the money markets platform has grown to offer a comprehensive trading solution for short agency coupons, treasury bills, tri-party repos, commercial paper, agency discount notes and U.S. certificates of deposit."
Certificates of Deposit represent the largest holding of Prime Institutional and Prime Retail money market funds at 27 and 25 percent, respectively, as of Nov. 30, according to the most recent Money Fund Intelligence XLS. (This is followed by Repo, with 20 and 16 percent, respectively, and CP, with 19 and 21 percent.)
