Citi Takes Equity Stake in Tradeweb
Tradeweb's Investor Group Now Includes 10 of the World's Leading Dealers
JERSEY CITY, NJ (April 8, 2008) -Tradeweb announced today that Citi is acquiring a minority stake in the company, and will obtain a seat on its Board. Tradeweb is a leading over-the-counter multi-asset class online marketplace owned by The Thomson Corporation (NYSE: TOC; TSX: TOC) and now 10 leading global dealers.
The 10 dealers that are now invested in Tradeweb are: Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, and UBS.
Citi is an active participant in 12 of Tradeweb's online marketplaces. As part of this agreement, Citi will become a liquidity provider in a number of new Tradeweb markets, including interest rate swaps.
Citi is currently a liquidity provider for U.S. Treasuries, TBA-Mortgage-Backed Securities, U.S. Agencies, European Government Bonds, U.S. and Euro-Commercial Paper, Agency Discount Notes, U.S. Corporates, European Credit, Convertible Bonds, Covered Bonds and Supranationals.
"Tradeweb's reputation as a markets company is unmatched. As a liquidity provider, we have participated in the growing success of its online marketplaces. We are pleased to become even more involved with Tradeweb as an investor," said Paco Ybarra, Head of Fixed Income Currencies and Commodities Products at Citi.
"We are delighted to welcome Citi as an investor," said Jim Toffey, CEO of Tradeweb. "Citi's reputation as one of the world's great trading firms speaks for itself. The liquidity they will bring to a number of new Tradeweb markets will be extremely beneficial to our clients."
"Citi's global presence - combined with that of the other nine investing dealers - ideally positions Tradeweb to realize our vision of being the world's leading online multi-asset class marketplace," said Lee Olesky, President of Tradeweb.
"Citi's investment furthers strengthens the commitment of the sell-side to Tradeweb. All 10 dealers are resolved to drive the growth of electronic trading through Tradeweb," said Vic Simone, Head of Principal Strategic Investments for Goldman Sachs and Chairman of Tradeweb.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
About Tradeweb
Tradeweb is a leading over-the-counter, multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivatives, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of 35 major dealers with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by The Thomson Corporation and 10 leading global dealers.
About The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).