Fixed income platform provider Tradeweb has appointed the former chief of BrokerTec Americas as a managing director in its Dealerweb wholesale unit.
In his new role, Dan Cleaves will be responsible for leading the strategy and development of the Dealerweb central limit order book (CLOB) which was acquired from Nasdaq last month.
Cleaves joins Tradeweb after most recently serving at BrokerTec as chief executive officer of the Americas business for two years, responsible for oversight of all global fixed income products. He originally joined the firm in 2000 when it was owned by NEX Group, formerly ICAP.
He began his career at Liberty Brokerage, where he spent 13 years managing accounts and executing trades for sell-side firms.
Following the acquisition of Nasdaq’s fixed income electronic trading platform, Nasdaq’s CLOB for electronic trading in on-the-run (OTR) US treasuries now serves wholesale clients via Dealerweb, meaning clients trading OTR US treasuries have the option to use either the CLOB or direct streams protocol, with both entities leveraging the same API.
“In recent years we’ve built a leading marketplace for streaming Treasuries liquidity, enabling clients to glean the benefits of bilateral relationships in an efficient, electronic format. Dealerweb CLOB will allow us to offer even greater optionality and flexibility to new and existing clients,” said Chris Amen, managing director and head of OTR treasury trading at Dealerweb, who Cleaves will report to.
“Dan’s extensive experience will be vital to our customers, and burgeoning team, as we realise more of our strategy to be the central destination for price discovery, risk transfer and hedging for wholesale market participants.”
As of June 2021, Tradeweb reported average daily volumes in US Treasury trading amounted to $119.4 billion across institutional, wholesale and retail markets.