Thomson Reuters rivals Bloomberg with ICAP and Tradeweb data deal

ICAP will provide data on interest rate swaps, as Tradeweb offers its US Treasuries pricing data to Thomson Reuters.

Thomson Reuters has established a new data agreement with ICAP and Tradeweb, taking on rival Bloomberg’s recent data deal with NEX BrokerTec and Tradition.

The deal will see the Reuters Capital Markets 19901 (RCM19901) benchmark add US Treasury data from Tradeweb’s business Dealerweb, alongside continued USD interest rate swap and multi-currency information from ICAP.

Bloomberg recently confirmed plans to use NEX BrokerTec and swap execution facility Tradition for its own Capital Markets Package benchmark service, with NEX having formerly provided its data to Thomson Reuters.

“All US Treasury order books carry the same level of pricing regardless of volumes in US Treasury Actives, however it is the US Treasury pricing combined with the swap spreads that are most critical for the industry to determine fair value in the rates market,” said Jamie Grant, global head of fixed income and enterprise market data at Thomson Reuters.

“We are committed to offering our customers the broadest range of data solutions to drive their business performance. Our clients will continue to have access to the same level of service and high quality data with leading US Dollar swaps data from ICAP and now exclusive Dealerweb US Treasury data.”

RCM19901 provides access to up-to-date pricing, reference, valuation and data for USD interest rate swaps and US Treasuries. Thomson Reuters said that a combined set of data from Tradeweb and ICAP alongside its existing OTC sources offers a more comprehensive source for inter-bank data in the market.

“We are pleased to be renewing and extending our relationship with Thomson Reuters to assist in providing high quality, independent financial information to our collective customer base,” commented Eric Sinclair, CEO of data and analytics at TP ICAP.

“ICAP Information is a major source of data for the global OTC markets. This is an important relationship as it continues the long-standing presence of ICAP’s swap data on 19901, which is a pivotal page in US fixed income markets.”

The RCM19901 product can also be licensed for use in various formats for different functions including real-time desktop use through Thomson Reuters’ Eikon service, as well as intraday snap shots.

“We look forward to providing on-the-run US Treasury data from our Dealerweb US Treasury marketplace to the Thomson Reuters RCM 19901 pricing service, a longstanding source of pricing information to the industry,” Brian McElligott, head of data strategy at Tradeweb Markets, concluded.

“Dealerweb leverages advanced Tradeweb Markets technology to serve as an accurate source for real-time price intelligence for the leading participants in the wholesale US Treasury market.”