Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that its Tradeweb Direct broker-dealer has been added as a counterparty for the Federal Reserve Bank of New York’s Secondary Market Corporate Credit Facility (SMCCF). Tradeweb’s credit trading platform is already utilized as a trade execution venue for the SMCCF for trading with counterparties on a fully-disclosed basis. As an Eligible Seller for the SCCF, Tradeweb can now enable anonymous “all to all” trading, sourcing liquidity from additional counterparties across its institutional and retail trading platforms.
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“We are very pleased to help the New York Fed access additional liquidity for bonds purchased through their secondary credit facility,” said Tradeweb CEO Lee Olesky. “Tradeweb is well positioned to provide access to a broad range of liquidity sources, and we believe that expanded reach is beneficial for SMCCF participants and credit markets more broadly.”
The Secondary Market Corporate Credit Facility was established by Federal Reserve Bank of New York to support credit to large employers by providing liquidity for outstanding corporate bonds. The SMCCF may purchase in the secondary market eligible corporate bonds as well as U.S.-listed ETFs whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. Such corporate bonds and ETFs must meet the eligibility criteria specified in the SMCCF term sheet. BlackRock Financial Markets Advisory is investment manager for the SMCCF.
