Tradeweb and Bloomberg have been tapped by the European Central Bank (ECB) to provide electronic trading platforms for the central bank and other Eurosystem National Central Banks (NCBs)
Tradeweb has been awarded two framework agreements covering the provision of ETPs for trading: EUR-denominated bonds, including European government bonds, covered bonds, corporate bonds, repo, deposits and certificates of deposits; US Treasuries; Japanese government bonds; USD- and EUR-denominated SSA (supranationals, sovereign and agency) bonds; and USD- and JPY-denominated interest rate swaps. The term of the contracts is four years with the option to extend twice for an additional two years.
Tradeweb Markets CEO Billy Hult said, “We are grateful for the opportunity to provide trading services and solutions to the European Central Bank for another term. We remain focused on continuing to collaborate with the ECB, while enhancing the trading experience for central bank and sovereign wealth fund clients across our platform.”
Tradeweb also won the tender to supply ETPs to the ECB in 2015, when the central bank last conducted a similar bid process.
Bloomberg has been awarded three contracts to provide ETPs for trading in Euro, US dollar (USD) and Japanese Yen (JPY) denominated government bonds and USD and JPY IRS, as well as USD and JPY denominated futures contracts.
Nicholas Bean, global head of electronic trading at Bloomberg, said, “We are committed to providing the ECB and NCBs with access to our deep pools of liquidity, innovative trade execution protocols and robust trading infrastructure.”
Any trades will take place on BTFE, Bloomberg’s Netherlands-based MTF, and futures trading will be supported by Bloomberg Tradebook ISV and EMSX, Bloomberg’s multi-asset execution management system.
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