Tradeweb Partners with CFETS to Launch Southbound Bond Connect Extending China Footprint
September 15 2021 - 7:28AM
Business Wire
New trading channel provides mainland Chinese
investors with streamlined access to offshore fixed income
markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of
electronic marketplaces for rates, credit, equities and money
markets, today announced it will expand its trading link with CFETS
under the Bond Connect channel on September 24 to allow mainland
China onshore institutions to invest in Hong Kong’s fixed income
markets. Tradeweb was the first platform to enable offshore
investors to buy and sell Chinese onshore bonds via its fully
electronic request-for-quote (RFQ) trading link to Northbound Bond
Connect. More than $900 billion in CNY cash bonds trades has been
done via Tradeweb since the launch of Bond Connect in July 2017.
Last year, Tradeweb once again partnered with the China Foreign
Exchange Trade System (CFETS) to deliver the first fully electronic
RFQ access to China Interbank Bond Market (CIBM) Direct, another
popular route for overseas investors connecting to and trading in
the Chinese onshore bond market.
Lee Olesky, CEO of Tradeweb Markets, said: “After being selected
as the first platform to link to Bond Connect and China’s $15
trillion onshore bond market, we are honored to be chosen again as
a launch partner for Southbound trading. This latest milestone is
the result of Tradeweb’s close collaboration with CFETS to create
access channels that help open up China’s financial markets.
Tradeweb is at the forefront of digitizing and modernizing fixed
income trading, so we look forward to working collaboratively with
local participants to improve their access to liquidity and
workflow efficiency in these markets.”
Yi Zhang, President of CFETS, commented: “We are pleased to be
partnering again with Tradeweb to achieve Bond Connect’s
fundamental objective to serve as a mutual access pathway for fixed
income investors in mainland China and overseas. The success of
Northbound trading is proof that electronic execution is the way
forward for bond market participants, and we are excited to see how
it can further enhance onshore investors’ Southbound trading
experience.”
Through the new Southbound Bond Connect solution between CFETS
and Tradeweb, onshore institutional investors can conduct price
discovery, trade negotiation and trade execution with Tradeweb’s
network of regional and international liquidity providers in the
offshore bond markets, via fully-electronic RFQ. The expansion of
Bond Connect provides onshore institutions with more ways to
diversify their fixed income investment portfolios.
James Sun, Tradeweb’s Head of Asia, added: “The launch of
Southbound trading is a significant development for Bond Connect
and the result of many years of meticulous planning and hard work
from CFETS and Tradeweb in China. Our teams in Shanghai and Hong
Kong continue to work closely with investors and liquidity
providers to ensure the success of the new trading channel, and we
look forward to collaborating with them further to streamline
onshore investors’ access to the international fixed income
markets.”
Tradeweb has been regulated in Hong Kong and Singapore since
2004. Its first Asia local currency products - Japanese Government
Bonds and Yen Interest Rate Swaps – went live in 2008. Three years
later, Tradeweb expanded institutional Credit trading into Asia. In
2014, Tradeweb hosted the first electronic JSCC-cleared yen swap
transaction by a Japanese bank, followed by the first regulated Yen
swap trade on its Electronic Trading Platform (ETP) a year later.
In 2018, Tradeweb became the first Bond Connect platform to launch
portfolio allocation. The firm also operates an Asia-listed ETF
marketplace and an EFP (Exchange for Physical) platform in the
Australian market. In line with its ongoing commitment and
investment to its growing presence in the region, Tradeweb hired
James Sun earlier this year to head the Asia business from its
Shanghai office. Other Tradeweb office locations in Asia include
Tokyo, Hong Kong and Singapore.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets. Founded in 1996, Tradeweb provides access to markets, data
and analytics, electronic trading, straight-through-processing and
reporting for more than 40 products to clients in the
institutional, wholesale and retail markets. Advanced technologies
developed by Tradeweb enhance price discovery, order execution and
trade workflows while allowing for greater scale and helping to
reduce risks in client trading operations. Tradeweb serves
approximately 2,500 clients in more than 65 countries. On average,
Tradeweb facilitated more than $920 billion in notional value
traded per day over the past four quarters. For more information,
please visit www.tradeweb.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005611/en/
Susan Bennett +44 7787 666432 Susan.Bennett@tradeweb.com
Angeliki Kallipoliti +44 7824 327073
Angeliki.Kallipoliti@tradeweb.com
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