Electronic marketplace operator Tradeweb has announced a partnership with on-chain finance operator Chainlink to publish its Tradeweb FTSE US Treasury Benchmark Closing Prices on-chain. The information will be released via DataLink, Chainlink’s institution-grade data publishing service.
Tradeweb states in a press release that the collaboration aims to “bring greater flexibility and transparency across US Treasury markets… by ensuring the reliability and real-time availability of benchmark prices on-chain”.
Datalink uses Chainlink’s proven infrastructure to connect data providers to on-chain protocols. Data owners can thus publish data to blockchains securely and enjoy the benefits of connecting to on-chain markes without building or maintaining new infrastructure.
Data matters
Tradeweb FTSE US Treasury Benchmark Closing prices are distinct from Tradeweb’s composite prices. The former are “derived using a methodology that includes executable pricing levels available on the Tradeweb platform” while the latter “provide indicative market levels from aggregated market quotes”.
Tradeweb further clarifies: “These benchmark prices are registered under EU and UK Benchmark Regulation (BMR) and are the official closing prices for FTSE’s World Government Bond Index (WBGI). The data set offers broad coverage across US Treasuries – including Treasury notes, bonds, bills, strips and Treasury Inflation-Protected Securities (TIPS), with benchmark levels collected at both 3:00 pm and 4:00 pm (New York time).”
In a statement, Chris Bruner, chief product officer at Tradeweb calls tokenisation “one of the fastest growing opportunities in our markets today”. He believes this new collaboration is “a significant step forward in modernising traditional financial markets through blockchain applications”, giving “24/7 access across the global financial ecosystem”.
