TradeWeb Commercial Paper Platform Builds Considerable Momentum in Online Trading Race

--TradeWeb Pulls Away From Competition By Commingling 80% of Dealer-Placed Offerings on One Screen-- 

--November is Third Consecutive Month of Record Setting Trading Volume for CP Platform-- 

--Money Market Professionals Praise System's Flexibility and Ease of Use-- 

New York, NY (December 4, 2001) TradeWeb LLC, the leader in online fixed-income markets, today reported that customer response to its commercial paper market (TradeWeb CP) has been overwhelmingly positive, resulting in record average daily volume in November of approximately $14 billion. TradeWeb CP is the only online commercial paper market that enables customers to view on one screen the commingled offerings of seven top commercial paper dealers, representing more than 80% of the dealer-placed CP market, while also giving customers the ability to trade with these dealers. These competitive advantages have propelled TradeWeb CP, which is only in its third full month of operation, into a leading position as the fastest and easiest electronic platform for trading commercial paper. As a result, TradeWeb CP has set trading volume records in each of the three months of operation since its August launch.

All of TradeWeb's five online fixed-income markets are experiencing huge customer demand. In the month of November, the five TradeWeb markets, which link major dealers to their institutional clients on an integrated global electronic trading network, achieved total volume and average daily volume records of approximately $686 billion and $34 billion, respectively. TradeWeb recently eclipsed $7.5 trillion in total trading volume since trading began in 1998, with more than 50% of that volume occurring within the past eight months.

Jim Toffey, President and CEO of TradeWeb, said: "TradeWeb CP is by far the fastest and easiest way for CP dealers and institutional investors to negotiate and execute commercial paper transactions. The balance is now shifting more rapidly than ever from telephone trading to electronic trading. Money market professionals are finding the benefits too compelling to ignore."

Robert Wall, Head of Money Market Trading at Goldman Sachs, said: "The momentum that TradeWeb CP has built exceeds our expectations. The flexibility and ease of use of the platform are very attractive to our customers. In fact, many are using it for the majority of their CP transactions with us."

Mina Nixon, Trader, Evergreen Institutional Asset Management, Charlotte, NC, said: "TradeWeb CP beats the other systems hands down. This is an incredibly powerful CP trading tool that is essential for any serious money market trader. TradeWeb has really raised the bar."

About TradeWeb

Headquartered in the United States, TradeWeb LLC is the leader in online fixed-income markets with more than 1.4 million trades executed and total volume exceeding $7 trillion since its inception in 1998. TradeWeb's multi-dealer model links eighteen of the world's leading dealers of fixed-income securities with more than 900 buy-side institutions in North America and Europe. The company's technological platform is utilized by clients to trade U.S. Treasury and agency debt securities, euro-sovereign debt securities, TBA agency mortgage-backed securities, commercial paper, and Pfandbriefes. For more information about TradeWeb, please visit the company's website at www.tradeweb.com or contact John Demitroff at 201/499-4076.