NEW YORK–(BUSINESS WIRE)–Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equity and money markets, today announced that it has completed the first-ever fully electronic institutional secure overnight rate (SOFR) trading exchange. Goldman Sachs and Caisse de depot et de placement du Quebec (CDPQ) were counterparties to the transaction, which was recently executed on the Tradeweb Swap Execution Facility (TW SEF). Since the completion of the inaugural transaction, 15 dealers now offer swaption prices on TW SEF.

Following the acceleration of the global transition from the London Interbank Offered Rate (LIBOR) to SOFR at the end of 2021, Tradeweb has introduced SOFR swaption trading on the TW SEF platform to enable market participants to more efficiently access liquidity from market rate in SOFR. Swaptions traders now have the ability to leverage the full power of the Tradeweb platform, including Tradeweb’s Request for Quotation (RFQ) tool to compete against multiple liquidity providers, and Request for Quotations functionality. market (RFM) to access two-way markets. In the first quarter of 2022, 52% of the entire SEF SOFR notional and 71% of the SOFR dealer-customer notional traded on TW SEF¹, making TW SEF the largest SEF for SOFR swaps. Since its launch in 2013, over $195 trillion in notional volume via over 1.8 million trades have been executed on TW SEF.

Anshul Sehgal, Co-Head of US Interest Rate Products Trading at Goldman Sachs, said, “We are delighted to have completed the first street-wide electronic SOFR swaption trade. We are focused on meeting our customers’ needs while being at the forefront of technological developments in the US fare market, including supporting the market’s transition to SOFR.

Colm Murtagh, Head of US Institutional Rates at Tradeweb, said: “Making it easier to trade SOFR swaptions is another significant step forward in the electronicization of markets, demonstrating how nonlinear swaps can also benefit from electronic execution and access to deeper liquidity pools. ”

A swaption transaction (also known as a swap option) allows participants to enter into an interest rate swap contract. Swaptions offer traders option and control when transacting and hedging in the OTC market. Swaption transactions represent a large and growing segment of the interest rate derivatives market.

In the past 10 years alone, Tradeweb has helped advance derivatives trading through a series of firsts in swaps and swaptions, including: the first fully electronic swap compression trade; first fully electronic two-way market exchange; first fully electronic swaption exchange; first fully electronically cleared inflation swap; first fully electronic multi-asset parcel trade; first fully electronic currency swap; first fully electronic European bill spread trade; and the first fully electronic SOFR swap spread exchange.

About Tradeweb Markets

Tradeweb Markets Inc. (Nasdaq: TW) is one of the world’s leading operators of electronic markets for rates, credit, stocks and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, e-commerce, straight through processing and reporting for over 40 commodities to clients in institutional, wholesale and retail markets. The advanced technologies developed by Tradeweb improve price discovery, order execution and trading workflows while enabling greater scale and helping to reduce risk in clients’ trading operations. Tradeweb serves approximately 2,500 customers in over 65 countries. On average, Tradeweb has facilitated over $1 trillion in notional value traded per day over the past four quarters. For more information, visit www.tradeweb.com.

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