Tradeweb Markets Inc. (NASDAQ:TW), a global operator of online markets for interest rates, credit, equities and money markets, today unveiled the next phase of its previously announced platform integration with BlackRock’s order execution management system (OEMS).
Tradeweb and Aladdin began developing the next phase of the partnership, allowing Aladdin users to trade US and European Credit for enhanced liquidity through Tradeweb AllTrade, Tradeweb’s anonymous liquidity network that brings together thousands of participants in institutional, wholesale and retail markets .
This expanded integration gives Aladdin users who trade through Tradeweb AllTrade access to new liquidity pools and market sectors, including: Rematch, which provides access to billions of unmatched risks from Tradeweb’s Dealer Sweep; Tradeweb Direct, the company’s retail platform offering live executable credit flows on 26,000 securities daily and Tradeweb’s network of over 350 institutional clients participating in the AllTrade network. Tradeweb AllTrade accounted for 32% of RFQ for High Grade credit and 44% for High Yield credit year-on-year to November. Since launching in 2017, institutional all-to-all transactions have grown to account for nearly 28% of electronic RFQ volume.
Elisabeth Kirby, Managing Director, Head of Market Structure at Tradeweb said:
“Our goal is to facilitate the end-to-end credit workflow and enable customers to tap into a variety of liquidity sources. This next phase of our partnership with Aladdin plays to the strength of our integrated all-to-all network, while leveraging the Aladdin platform’s extensive OEMS capabilities and broad institutional customer base to create greater liquidity, connectivity and transparency in our markets . Since we announced our partnership last year, we have made tremendous progress in improving access to credit liquidity and we look forward to making this offering available to Aladdin customers.”
Kamya Somasundaram, Global Head of Aladdin Partnerships said:
“We are excited to be working with Tradeweb on this next stage of our multi-year partnership. Over the past year, we have been very successful in capitalizing on opportunities that provide mutual customers with more seamless access to liquidity and improved workflow efficiency as credit markets continue to evolve.”
Tradeweb and BlackRock announced this multi-year partnership in December 2022 to integrate Tradeweb’s credit trading solutions and proprietary data into BlackRock’s Aladdin OEMS. The first phase allowed common customers to view Tradeweb’s Ai-Price, which provides real-time prices for nearly 25,000 corporate bonds, Liquidity Score and selected dealer ax flows on the Aladdin platform. Tradeweb and BlackRock plan to expand the partnership by introducing additional phases with new capabilities, such as direct access to Tradeweb’s RFQ and Automated Intelligent Execution (AiEX) protocols.