The truth about Asian investment banking
China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

November 2007

e-trading: Dealers hedge themselves

by Alex Chambers and Jethro Wookey

TradeWeb sells minority stake to nine banks, as LiquidityHub gets going.


In October, Thomson Financial finally revealed that nine dealer banks had bought a minority stake in its TradeWeb debt trading platform. The move, one of the worst-kept secrets in the trading technology sector (see The coming revolution in fixed income e-trading Euromoney, August 2007), gives strong signals about future likely distribution channels of fixed-income product. Furthermore, it bolsters TradeWeb’s position just as another dealer consortium – LiquidityHub – gets up and running. LiquidityHub started trading interest rate swaps late last month. Strictly speaking, it is not a trading platform; its purpose is to pool dealer liquidity in various fixed-income sectors. LiquidityHub has struck distribution deals with Bloomberg and Reuters.

Lee Olesky, president of Thomson TradeWeb, says: "For...


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