Tradeweb, the electronic marketplace operator, has collaborated with S&P Global Market Intelligence, the financial information services provider, to introduce electronic connectivity between primary and secondary markets for European credit, covered, sovereign, supranational and agency (SSA) bonds. With the integration of InvestorAccess, S&P Global Market Intelligence’s digital primary market platform, Tradeweb clients will now be able to electronically access new deals and manage orders in the primary market directly via the Tradeweb platform.
“We’ve spent a lot of time thinking about where and how Tradeweb could help in the primary markets, because many of our clients across secondary also trade in primary, and we took a conscious decision not to compete, but to partner,” says Serene Murphy, Head of International Corporate Development at Tradeweb. “And through our collaboration with S&P, clients now benefit by being able to access much of what we’ve built for the secondary markets – connectivity, the different tools in our electronic system and so on – and take advantage of that innovation across primary.”
The integration with InvestorAccess allows buy-side traders using Tradeweb to leverage a full suite of electronic trading tools – both during and immediately after issuance. Workflow efficiencies can be gained by sending orders electronically into syndicate banks’ order books and receiving allocations electronically back into Tradeweb for onward processing in clients’ OMSs.
“We’ve been working very closely with the InvestorAccess team and with mutual clients to understand their very specific setups to make sure that the integration is tailored for their specific use cases,” says Murphy. “Everyone has their own setup, they use different OMSs, they have different processes, so it’s really important to make sure that we optimise for that. We’ve been testing it with a number of different clients, and it’s just gone live.”
She adds: “We are very strong supporters of open collaboration in all markets. Tradeweb is a multi-asset platform, we operate across three different levels – institutional, wholesale, retail – and we are strong supporters of the network effect. So we take an open, agnostic approach to connecting different parts of the trading ecosystem, and we’re very open to working with others that also share that open and collaborative approach”.
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