Fixed income trading network TradeWeb has signed HSBC Securities USA as a dealer participant on its online US treasuries market.
HSBC already uses TradeWeb's euro sovereign, supranational and pfandbrief trading platforms to trade with European customers. Under the new deal, HSBC will make markets in US treasuries bills, notes, bonds, and strips for its customers on TradeWeb.
The bank is the sixteenth primary dealer to join TradeWeb's US treasuries dealer group, which includes Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank and BNP Paribas.
Jim Toffey, CEO of TradeWeb, says the addition of HSBC "provides a real benefit by further expanding the pool of liquidity that institutional investors can access over our network".
TradeWeb's multi-dealer platform enables institutional investors to transact in ten fixed-income asset classes. Buy-side customers in the US and Europe can use the network to price, trade, allocate and confirm fixed-income transactions with dealers.