Tradeweb Markets, a NASDAQ-listed operator of electronic marketplaces for rates, credit, equities and money markets, on Thursday launched the Spotlight Dealer Diversity Programme.
The programme, which seeks to promote the diverse dealers on Tradeweb’s platform , was inaugurated at the 2022 Fixed Income Leaders Summit held in Tennessee, the United States.
Already, 14 dealers have joined the Spotlight Dealer Diversity Programme, Tradeweb disclosed.
These include Bancroft Capital LLC, CastleOak Securities, Great Pacific Securities, Multi-Bank Securities Inc., and Samuel A. Ramirez & Co, among others.
Tradeweb in a statement explained that it developed the programme in the past year with feedbacks from the buy-side and dealer communities.
Companies owned by women, veterans, individuals living with disabilities and minority racial and ethnic groups make up Tradeweb’s diverse dealers community.
Enhanced RFQ Trading Flow
Tradeweb said the programme will support its diverse dealers group through individual dealer profiles and direct consultation, among other promotional measures.
It noted that these will help to put the spotlight on diverse dealers operating in electronic markets.
“In addition, Tradeweb enhanced its request-for-quote (RFQ) trading workflow to more prominently expose diverse dealer liquidity to Tradeweb’s participating buy-side clients, further strengthening engagement between diverse dealers and buy-side users on the platform,” the electronic marketplaces operator further explained.
Tradeweb, whose first quarterly revenue for this year climbed by 13.9%, noted that the first RFQ trading workflow enhancement will be to its US credit platform.
This measure will provide an increased level of choice and control in the way buy-side users trade, Chris Bruner, Managing Director and Head of U.S. Institutional Fixed Income at Tradeweb, pointed out.
“Buy-side users can access competitive pricing through Tradeweb’s RFQ process while strengthening their long-term relationships with diverse dealers,” Bruner added.
Furthermore, Tradeweb noted that the plan will also be extended over time to asset classes, protocols, and promotional initiatives.
Samuel A. Ramirez Jr., Senior Managing Director at Samuel A. Ramirez & Co., noted that the programmes “captures both the human and technical sides of the equation to level the playing field in a practical, meaningful way.”
Meanwhile, Tradeweb posted $25 trillion in total trading volume in May. It also set new average daily volume records in the said month.
The electronic market operator said it currently serves approximately 2,500 clients in over 65 countries.
Additionally, it has facilitated more than $1 trillion in notional value traded per day in the last one year.
