Tradeweb ICE Treasury Closing Prices unveiled


Tradeweb Markets Inc. and Intercontinental Exchange Inc. are introducing Tradeweb ICE U.S. Treasury Closing Prices.

Tradeweb ICE U.S. Treasury Closing Prices is designed to represent the daily market mid-price for Treasury securities, the firms announced this week. Tradeweb and ICE Benchmark Administration (IBA) are also planning to launch other pricing data. Tradeweb is operates electronic marketplaces for rates, credit, equities and money markets and ICE is operates exchanges and clearing houses and is a provider of data and listings services.

“Trusted reference price data is critical for financial firms to manage investment portfolios, evaluate the fair value of securities, perform compliance monitoring, and satisfy general accounting standards,” the firms said in a release.

The Tradeweb ICE U.S. Treasury Closing Prices will be calculated and published daily by Tradeweb for more than 900 Treasury securities using prices available on Tradeweb’s institutional global platform. Tradeweb said it facilitates daily trading in an average notional value of $80 billion of Treasury products.

IBA will provide administration and oversight to the closing prices. It is one of the world’s most experienced benchmark administrators, regulated by the FCA and authorized under the EU Benchmarks Regulation. IBA has published a statement of compliance with the IOSCO Principles for Financial Benchmarks with respect to the Tradeweb ICE U.S. Treasury Closing Prices and Ernst & Young LLP has externally reviewed and provided assurance with respect to the statement of compliance.

“Given the long history and strength of our U.S. Treasury trading platform, market participants look to Tradeweb for the provision of high-quality data that informs their execution strategies and optimizes their performance,” said Tradeweb’s CEO Lee Olesky. “Building on the success of our U.K. Gilts closing prices, the new closing prices for U.S Treasury securities, produced in collaboration with IBA, address the industry’s ever-increasing demand for accurate, independently validated market data, based on a strict and transparent methodology.”

The Tradeweb ICE U.S. Treasury Closing Prices can be easily accessed directly from Insite, Tradeweb’s customer portal.

“Benchmarks are essential to the integrity and everyday functioning of global markets and the real economies they support,” said IBA president Tim Bowler. “As an authorized and regulated administrator of key global benchmarks, IBA is pleased to be working with Tradeweb to administer and provide U.S. Treasury securities closing prices in a transparent and robust manner to domestic and global investors, and other users.”

ICE is a Fortune 500 company founded in 2000 and operates financial exchanges, clearing houses and information services. It is the parent company of the New York Stock Exchange and has total assets of about $93 billion as of 2018. It recently launched the ICE US Broad Municipal Index, which expands its coverage of investment-grade municipal securities.

Tradeweb, founded in 1996, 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. On average, Tradeweb facilitated more than $630 billion in notional value traded per day over the past four fiscal quarters.

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