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Reality bites
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
by Alex Chambers and Jethro Wookey
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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