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Tradeweb and FTSE Russell Extend Benchmark Closing Prices To US Treasury Markets

Tradeweb Markets ftse russell


Tradeweb Markets Inc. (Tradeweb), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, and FTSE Russell, a leading global provider of benchmarks, analytics, and data solutions with multi-asset capabilities, announced on Monday (June 10) that they have launched Tradeweb FTSE U.S. Treasury Closing Prices, extending their combined offering of next generation fixed income pricing, which can be used in index trading products.

According to the announcement, similar to the existing Tradeweb FTSE closing prices for UK Gilts and European Government Bonds, these U.S. Treasury closing prices incorporate trading activity from Tradeweb’s electronic platform, which results in more robust benchmark pricing.

Tradeweb FTSE U.S. Treasury Closing Prices utilize an enhanced methodology, which facilitates the calculation of bid and offer prices, capturing transaction costs based on executable pricing quotes collected through the Tradeweb platform. This is in addition to mid prices, which are produced for all asset classes. The pricing data set features comprehensive coverage for a range of security types including U.S. Treasury notes and bonds, bills, strips and Treasury Inflation-Protected Securities (TIPS), with both a 3:00 and 4:00 p.m. (New York) snap time.

The extension of closing pricing to the U.S. Treasury markets is an important step in further expanding benchmark pricing capabilities across a comprehensive range of fixed income securities, importantly including USD-denominated credit securities, for which prices are largely underpinned by U.S. Treasury valuations.

Lisa Schirf, Global Head Of Data & Analytics At Tradeweb, said:

“As we continue to expand Tradeweb’s collaboration with FTSE Russell, our clients gain access to a broader set of benchmarks for use as reliable closing prices in their investment process and end-of-day trading strategies and other purposes. We believe the Tradeweb FTSE U.S. Treasury Closing Prices will serve as a unique foundation for the global fixed income markets and their launch further demonstrates our commitment to the electronification of the markets.”

Scott Harman, Head Of Fixed Income, Currencies And Commodities Indices At FTSE Russell, said:

“The launch of Tradeweb FTSE benchmark pricing for the U.S. Treasury markets, represents significant progress in realizing our ambition to offer the financial markets a better, more representative solution for valuing fixed income securities. We recognize the criticality of the U.S. Treasury markets to the investment ecosystem, and the need to continue to offer innovative benchmark solutions to our clients for this important asset class.”

These benchmark prices are administered in accordance with the EU and UK Benchmark Regulation and the IOSCO Principles for Financial Benchmarks and can be used in index construction, as well as reference rates for a broad range of use cases, including trade-at-close transactions and derivatives contracts.

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