SoftSolutions! has signed an agreement with TradeWeb to enable TradeWeb’s Fixed Income dealer platform to integrate into SoftSolutions! XTrade!Square connectivity platform. This agreement, which is effective from May 2004 and is a worldwide agreement, permits XTrade!Square users to efficiently be members of the liquidity pool which is represented by TradeWeb’s dealer-to-customer platform.
SoftSolutions! has already integrated TradeWeb platform since 2003 for a specific key customer, and this agreement permits SoftSolutions! to offer the XTrade!Square platform to other TradeWeb dealers.
SoftSolutions! adds TradeWeb platform to an already available pool of 10 different ECN’s and ATS’s, covering fixed income cash, forex and FI derivatives asset classes. Sell side institutions participate into TradeWeb’s online trading network as it gives them access to more than 1,500 of the largest buyside institutions.
Victor Rybacki, Director of Technology at TradeWeb, Europe commented: ‘We are happy to support connectivity with XTrade!Square and look forward to working with SoftSolutions. TradeWeb is an open platform and we continue to establish wider connectivity with our client base through the vendors that they want to use’. Timely and accurate response to clients is of paramount importance; so is integration with internal pricing and risk management procedures.
The XTrade!Square solution enables dealers to offer realtime buy-side RFQ (Request For Quote) automatic reply across all FI markets instruments over the multi-bank platform. Tailoring of replies is already multidimensional, and is tiered by customer, size of RFQ and instrument. Customizations permit to evaluate RFQ reply with supplementary functions, such as risk management and sales departments.
In addition to automatic reply, usual manual trader intervention is supported; in this case, all RFQ details are displayed, and additional supporting information gives the trader a complete scenario to decide at best on big sized or unsual trades.
All other functions, such as price dissemination, deal capture and composite feed are also supported.
TradeWeb is the leading online fixed-income trading network with over 5 million trades executed and total volume surpassing $47 trillion since its inception in 1998. TradeWeb’s multi-dealer auction model links 27 of the world’s leading dealers of fixed-income securities with more than 1,500 buy-side institutions in North America and Europe.
The company is also the leading electronic “straight-through processing” network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpressSM network. TradeWeb’s STP network also includes AccountNet, the leading standard settlement instructions database.