NEW YORK TradeWeb LLC announced on Wednesday its intention to create a commercial paper marketplace on the Internet.
Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley, and Salomon Smith Barney initially will provide liquidity to the marketplace.
TradeWeb commercial paper users will be able to view live pricing from all participating dealers and send an inquiry to any of them. The firm will start a beta test in the next few months, and add more dealers upon completion of the test.
A multidealer platform offering online negotiation and instantaneous execution will benefit all market participants, said Vaughn Smith, a managing director of Credit Suisse First Boston.
TradeWeb already offers marketplaces for U.S. treasuries and agencies, euro sovereigns, and TBA mortgage pass-through securities.