Bloomberg, MarketAxess and Tradeweb jointly announced today that they will not form an independent company to participate in the public procurement process to become the fixed income (CTP) film provider in the European Union or the United Kingdom.
The companies explain that various developments in recent months have added further clarity to the risk and complexity of implementing this project as part of a joint venture by the three companies.
Companies report:
“For example, uncertain results regarding product definitions and structural complexities would significantly increase the schedule and costs associated with this approach.
Therefore, after careful consideration, we have jointly agreed to terminate our engagement in this venture.”
Bloomberg, MarketAxess and Tradeweb note that they remain independently committed to working with regulators and the industry to contribute and drive further progress towards this very important initiative.