Tradeweb Markets, a global operator of electronic marketplaces for rates, credit, equities and money markets, and Intercontinental Exchange (ICE), an operator of global exchanges and clearing houses and provider of data and listings services, have launched Tradeweb ICE US Treasury Closing Prices by Tradeweb and ICE Benchmark Administration Limited (IBA).
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 Tradeweb ICE US Treasury Closing Prices are designed to represent the daily market mid-price for US Treasury securities. They are the first in a suite of reference price solutions that Tradeweb and IBA plan to launch.
The Tradeweb ICE US Treasury Closing Prices are calculated and published daily by Tradeweb on more than 900 US Treasury securities using prices available on Tradeweb’s institutional global platform. Every day, Tradeweb facilitates trading in an average notional value of USD80 billion of US Treasury products, and is also the exclusive provider of Gilt closing prices in the UK.
IBA will provide administration and oversight to the closing prices. As one of the world’s most experienced benchmark administrators, regulated by the FCA and authorised under the EU Benchmarks Regulation (BMR), IBA administers ICE LIBOR, ICE Swap Rate, and the LBMA Gold and Silver Prices, as well as operating the ISDA SIMM crowdsourcing facility. IBA has published a statement of compliance with the IOSCO Principles for Financial Benchmarks with respect to the Tradeweb ICE US 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 US Treasury trading platform, market participants look to Tradeweb for the provision of high-quality data that informs their execution strategies and optimises their performance,” says Lee Olesky, Chief Executive Officer at Tradeweb. “Building on the success of our UK Gilts closing prices, the new closing prices for USTreasury 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.”
“Benchmarks are essential to the integrity and everyday functioning of global markets and the real economies they support,” says Tim Bowler, President of ICE Benchmark Administration. “As an authorised and regulated administrator of key global benchmarks, IBA is pleased to be working with Tradeweb to administer and provide US Treasury securities closing prices in a transparent and robust manner to domestic and global investors, and other users.”
The Tradeweb ICE US Treasury Closing Prices can be easily accessed directly from Insite, Tradeweb’s customer portal.
