Citigroup announced last week that it is taking a minority stake in Tradeweb. Citi joins a consortium of banks--Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase & Co., Lehman Brothers, Merrill Lynch & Co., Morgan Stanley, Royal Bank of Scotland and UBS--that in November invested $280 million in the multi-asset-class trading platform owned by Thomson Corp.
Citigroup, which is currently a Tradeweb participant in U.S. Treasuries, to-be-announced mortgage-backed securities, U.S. agencies, European government bonds, U.S. and euro-commercial paper, agency discount notes, U.S. corporates, European credit, convertible bonds, covered bonds and supranationals, will now trade interest rate swaps on the platfrom. Tradeweb said last month that Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS had joined its U.S. dollar swaps market, which at the time brought the total number of participants to 15.
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