Citi Takes Equity Stake in Tradeweb
08 April 2008 - 3:05PM
PR Newswire (US)
Tradeweb's Investor Group Now Includes 10 of the World's Leading
Dealers JERSEY CITY, N.J., April 8, 2008 /PRNewswire/ -- Tradeweb
announced today that Citi is acquiring a minority stake in the
company, and will obtain a seat on its Board. Tradeweb is a leading
over-the-counter multi-asset class online marketplace owned by The
Thomson Corporation (NYSE: TOC; TSX: TOC) and now 10 leading global
dealers. The 10 dealers that are now invested in Tradeweb are:
Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman
Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of
Scotland, and UBS. Citi is an active participant in 12 of
Tradeweb's online marketplaces. As part of this agreement, Citi
will become a liquidity provider in a number of new Tradeweb
markets, including interest rate swaps. Citi is currently a
liquidity provider for U.S. Treasuries, TBA-Mortgage-Backed
Securities, U.S. Agencies, European Government Bonds, U.S. and
Euro-Commercial Paper, Agency Discount Notes, U.S. Corporates,
European Credit, Convertible Bonds, Covered Bonds and
Supranationals, "Tradeweb's reputation as a markets company is
unmatched. As a liquidity provider, we have participated in the
growing success of its online marketplaces. We are pleased to
become even more involved with Tradeweb as an investor," said Paco
Ybarra, Head of Fixed Income Currencies and Commodities Products at
Citi. "We are delighted to welcome Citi as an investor," said Jim
Toffey, CEO of Tradeweb. "Citi's reputation as one of the world's
great trading firms speaks for itself. The liquidity they will
bring to a number of new Tradeweb markets will be extremely
beneficial to our clients." "Citi's global presence -- combined
with that of the other nine investing dealers -- ideally positions
Tradeweb to realize our vision of being the world's leading online
multi-asset class marketplace," said Lee Olesky, President of
Tradeweb. "Citi's investment furthers strengthens the commitment of
the sell-side to Tradeweb. All 10 dealers are resolved to drive the
growth of electronic trading through Tradeweb," said Vic Simone,
Head of Principal Strategic Investments for Goldman Sachs and
Chairman of Tradeweb. About Citi Citi, the leading global financial
services company, has some 200 million customer accounts and does
business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, securities brokerage, and
wealth management. Citi's major brand names include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko.
Additional information may be found at http://www.citigroup.com/ or
http://www.citi.com/ . About Tradeweb Tradeweb is a leading
over-the-counter, multi-asset class online marketplace, and a
pioneer in the development of electronic trading and trade
processing. The company provides services in the fixed income,
derivatives, and equity markets to clients in more than 50
countries. Since 1998, Tradeweb has operated a global trading
network, which harnesses the distribution of 35 major dealers with
over 2,000 institutional clients. With its expansion into the
equity markets, Tradeweb is leveraging AutEx, the industry leader
for 40 years in providing indications of interests, and Tradeweb
Routing Network, a global FIX network with more than 7,000
connections to over 750 firms. Tradeweb is owned by The Thomson
Corporation and 10 leading global dealers. About The Thomson
Corporation The Thomson Corporation (http://www.thomson.com/) is a
global leader in providing essential electronic workflow solutions
to business and professional customers. With operational
headquarters in Stamford, Conn., Thomson provides value-added
information, software tools and applications to professionals in
the fields of law, tax, accounting, financial services, scientific
research and healthcare. The Corporation's common shares are listed
on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
DATASOURCE: Tradeweb CONTACT: Simon Hylson-Smith, +1-201-915 3142,
Cara Kiewel, +44 (0) 20 7776 0943, both of Tradeweb Web site:
http://www.citigroup.com/ http://www.citi.com/
http://www.thomson.com/
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