- Expansion of strategic partnership between Tradeweb and FTSE
Russell to produce benchmark closing prices for the U.S. Treasury
markets
- Tradeweb FTSE U.S. Treasury Closing Prices utilize an
enhanced methodology that provides additional transparency into bid
and offer price information
Tradeweb and FTSE Russell today announced that they have
launched Tradeweb FTSE U.S. Treasury Closing Prices, extending
their combined offering of next generation fixed income pricing,
which can be used in index trading products.
Similar to the existing Tradeweb FTSE closing prices for UK
Gilts and European Government Bonds, these U.S. Treasury closing
prices incorporate trading activity from Tradeweb’s electronic
platform, which results in more robust benchmark pricing.
Tradeweb FTSE U.S. Treasury Closing Prices utilize an enhanced
methodology, which facilitates the calculation of bid and offer
prices, capturing transaction costs based on executable pricing
quotes collected through the Tradeweb platform. This is in addition
to mid prices, which are produced for all asset classes. The
pricing data set features comprehensive coverage for a range of
security types including U.S. Treasury notes and bonds, bills,
strips and Treasury Inflation-Protected Securities (TIPS), with
both a 3:00 and 4:00 p.m. (New York) snap time.
The extension of closing pricing to the U.S. Treasury markets is
an important step in further expanding benchmark pricing
capabilities across a comprehensive range of fixed income
securities, importantly including USD-denominated credit
securities, for which prices are largely underpinned by U.S.
Treasury valuations.
The enhanced methodology used for Tradeweb FTSE U.S. Treasury
Closing Prices has been thoroughly tested to arrive at an optimal
approach to delivering robust, algorithmic and reliable pricing. In
the near term we plan to incorporate this methodology into our UK
Gilt and Euro Government closing prices, including the addition of
bid and offer prices.
Trusted reference price data is critical for financial firms to
manage investment portfolios, evaluate the fair value of
securities, perform compliance, and satisfy general accounting
standards. Tradeweb and FTSE Russell are committed to the continued
expansion of their benchmark pricing coverage, and the
incorporation of these prices throughout the investment
process.
Lisa Schirf, Global Head of Data & Analytics at Tradeweb,
said: “As we continue to expand Tradeweb’s collaboration with
FTSE Russell, our clients gain access to a broader set of
benchmarks for use as reliable closing prices in their investment
process and end-of-day trading strategies and other purposes. We
believe the Tradeweb FTSE U.S. Treasury Closing Prices will serve
as a unique foundation for the global fixed income markets and
their launch further demonstrates our commitment to the
electronification of the markets.”
Scott Harman, Head of Fixed Income, Currencies and
Commodities Indices at FTSE Russell, said: “The launch of
Tradeweb FTSE benchmark pricing for the U.S. Treasury markets,
represents significant progress in realizing our ambition to offer
the financial markets a better, more representative solution for
valuing fixed income securities. We recognize the criticality of
the U.S. Treasury markets to the investment ecosystem, and the need
to continue to offer innovative benchmark solutions to our clients
for this important asset class.”
These benchmark prices are administered in accordance with the
EU and UK Benchmark Regulation and the IOSCO Principles for
Financial Benchmarks and can be used in index construction, as well
as reference rates for a broad range of use cases, including
trade-at-close transactions and derivatives contracts.
About Tradeweb Markets:
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets. Founded in 1996, Tradeweb provides access to markets, data
and analytics, electronic trading, straight-through-processing and
reporting for more than 50 products to clients in the
institutional, wholesale and retail markets. Advanced technologies
developed by Tradeweb enhance price discovery, order execution and
trade workflows while allowing for greater scale and helping to
reduce risks in client trading operations. Tradeweb serves more
than 2,500 clients in more than 70 countries. On average, Tradeweb
facilitated more than $1.5 trillion in notional value traded per
day over the past four fiscal quarters. For more information,
please go to www.tradeweb.com.
Forward-Looking Statements:
This release contains forward-looking statements within the
meaning of the federal securities laws. Statements related to,
among other things, our outlook and future performance, the
industry and markets in which we operate, our expectations,
beliefs, plans, strategies, objectives, prospects and assumptions
and future events are forward-looking statements.
We have based these forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond our control. These and other important
factors, including those discussed under the heading “Risk Factors”
in documents of Tradeweb Markets Inc. on file with or furnished to
the SEC, may cause our actual results, performance or achievements
to differ materially from those expressed or implied by these
forward-looking statements. In particular, preliminary average
variable fees per million dollars of volume traded are subject to
the completion of management’s final review and our other financial
closing procedures and therefore are subject to change. Given these
risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements contained in this release are not guarantees of future
performance and our actual results of operations, financial
condition or liquidity, and the development of the industry and
markets in which we operate, may differ materially from the
forward-looking statements contained in this release. In addition,
even if our results of operations, financial condition or
liquidity, and events in the industry and markets in which we
operate, are consistent with the forward-looking statements
contained in this release, they may not be predictive of results or
developments in future periods.
Any forward-looking statement that we make in this release
speaks only as of the date of such statement. Except as required by
law, we do not undertake any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this release.
About FTSE Russell, an LSEG business:
FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide.
FTSE Russell calculates thousands of indexes that measure and
benchmark markets and asset classes in more than 70 countries,
covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $15.9
trillion is benchmarked to FTSE Russell indexes. Leading asset
owners, asset managers, ETF providers and investment banks choose
FTSE Russell indexes to benchmark their investment performance and
create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit FTSE Russell.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240609717691/en/
Media: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Simon Henrick, LSEG +44 (0) 20 7797 1222 newsroom@lseg.com
Gexler Diaz, LSEG +506 8513-3280 gexler.diaz@lseg.com
Investors: Ashley Serrao, Tradeweb +1 646 430 6027
Ashley.Serrao@Tradeweb.com
Sameer Murukutla, Tradeweb +1 646 767 4864
Sameer.Murukutla@Tradeweb.com
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