Multi-asset market operator, Tradeweb Markets, has entered the next phase of its previously announced platform integration with BlackRock’s Aladdin order execution management system (OEMS).
Tradeweb and Aladdin are enabling Aladdin users trading US and European Credit access to liquidity via Tradeweb AllTrade, Tradeweb’s network of anonymous liquidity which reportedly has thousands of participants across institutional, wholesale and retail markets.
The expanded integration offers Aladdin users trading via Tradeweb AllTrade access to Rematch, which provides access to unmatched risk from Tradeweb’s Dealer Sweep; Tradeweb Direct, the firm’s retail platform offering live executable credit streams in 26,000 securities daily, and Tradeweb’s network of 350 institutional clients participating in the AllTrade network.
Elisabeth Kirby, head of market structure at Tradeweb said, “Our goal is to facilitate end-to-end credit workflow and allow clients to tap varied sources of liquidity. This next phase of our partnership with Aladdin plays to the strength of our comprehensive all-to-all network, while leveraging the Aladdin platform’s extensive OEMS capabilities and broad institutional client base to create greater liquidity, connectivity and transparency across our markets. Since announcing our partnership last year, we’ve made tremendous progress in improving access to credit liquidity and look forward to rolling out this offering to Aladdin clients.”
Tradeweb reported average daily volume in credit trading globally of more than US$27 billion year-to-date through November. In the third quarter of 2023, Tradeweb reported US$137 billion in AllTrade volumes, an increase of over 50% year-over-year.
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’ve had great success in seizing opportunities that provide common clients 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 onto BlackRock’s Aladdin OEMS. The first phase allowed common clients to view Tradeweb’s Ai-Price, which provides real-time prices for nearly 25,000 corporate bonds, Liquidity Score, and select dealer axe streams in the Aladdin platform.
Tradeweb and BlackRock plan to expand on the partnership by introducing additional phases with new features such as direct access to Tradeweb’s RFQ and Automated Intelligent Execution (AiEX) protocols.
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