Tradeweb Markets has introduced the next phase of its previously announced platform integration with BlackRock’s Aladdin order execution management system (OEMS).
The next phase of this partnership will provide Aladdin users trading US and European credit with access to enhanced liquidity via Tradeweb AllTrade, Tradeweb’s network of anonymous liquidity.
This expanded integration will offer Aladdin users trading via Tradeweb AllTrade with access to new liquidity pools and market sectors including Rematch, which has access to billions of unmatched risk from Tradeweb’s dealer sweep; Tradeweb Direct, the firm’s retail platform; and Tradeweb’s AllTrade network.
Since its launch in 2017, Tradeweb AllTrade’s institutional all-to-all trading now represents 28% of RFQ electronic volume.
“Our goal is to facilitate end-to-end credit workflow and allow clients to tap varied sources of liquidity,” said Elisabeth Kirby, managing director, head of market structure at Tradeweb.
“This next phase of our partnership with Aladdin plays to the strength of our comprehensive all-to-all network, while leveraging the Aladdin platform’s extensive OEMS capabilities and broad institutional client base to create greater liquidity, connectivity and transparency across our markets.”
In December last year, Tradeweb and BlackRock announced their multi-year partnership to integrate Tradeweb’s credit trading solutions and proprietary data onto BlackRock’s Aladdin OEMS.
In the first phase of the partnership, Aladdin users gained access to real-time prices for around 25,000 corporate bonds using the service.
“We are excited to be working with Tradeweb on this next stage of our multi-year partnership,” said Kamya Somasundaram, global head of Aladdin Partnerships.
“Over the past year, we’ve had great success in seizing opportunities that provide common clients with more seamless access to liquidity and improved workflow efficiency as credit markets continue to evolve.”