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MTS Bloomberg Bond Trader MTS-BondVision Tradeweb

• Austrian, Belgian, Danish, Dutch, Finnish, French, German, Greek, Hungarian, Irish, Italian, Polish, Portuguese and Spanish government bonds,
• Quasi-government bonds such as EIB EARNS Programme, KfW, Freddie Mac and CADES
• Covered-bonds such as Pfandbriefe, "Obligations Foncières", "Cedulas Hipotecarias"…

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MTS-BondVision

BondVision, part of the MTS Group, is a leading multi-dealer-to-client electronic bond trading market. MTS is the Number 1 inter-dealer trading platform for Europe fixed income with average trading volumes of €25 billion in physical bonds a day. BondVision's Best Page has unrivalled price discovery with real-time, tradable prices from the leading MTS market makers.

Bondvision allows clients to "auction" their business – outright or switch – with up to 4 dealers online. Coupled with its extensive post-trade functionality, such as allocation to sub-accounts and DDE (Dynamic Data Exchange) link to Excel, BondVision allows for further efficiency and cost savings via the use of FIX protocols. FIX protocols enable the system to interface with clients' order management and portfolio management systems.

Participants:
BondVision clients are Institutional End Investors; these include Investment Managers, Hedge Funds, Private Banks and Proprietary Traders.
Calyon is a founding member, ranks amongst the most active dealers and is one of the platform shareholders.

Facts & Figures:

• BondVision is also a regulated market, thus providing a "best execution" environment.
• BondVision is extremely user friendly; using light Internet based technology and the highest standards of security, fulfilling ISO standards.
• No start-up costs, membership fees or transaction costs for investors.
• 31 market-makers among the European and international leading dealers

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Tradeweb

TradeWeb is the world's leading online trading network for fixed-income securities (liquid bonds). TradeWeb multi-dealer to customer platform offers a complete spectrum of services (ranging from Premier Market Data to the Leading Bond Trading Network, to Real Straight-Through Processing).
Today, the network delivers the market-making power of 34 of the world's leading primary dealers to over 1,800 of the largest buy-side institutions. TradeWeb is a fast and reliable execution platform for:

• European Government Bonds,
• U.S. Treasuries,
• Pfandbriefe/Covered Bonds,
• Supranationals,
• Euro Commercial Paper,
• U.S. Commercial Paper,
• Agency Discount Notes,
• Agencies,
• TBA-MBS.

• Over EUR 7 billion worth of bonds are exchanged every day through TradeWeb European network.
• Voted best multibank government bond trading platform by Euromoney magazine in 2003.

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Bloomberg Bond Trader

Bloomberg Bond Trader (BBT) is an electronic multi-dealer bond trading system. BBT is available through the Bloomberg Professional Service. It allows clients of participating dealers to execute orders and request for quotes (clients can select up to 5 dealers).

The system allows customers to access live bid/offer of all contributing dealers and to submit orders, which are subject to acceptance by the dealer. BBT automatically records transactions on personal electronic blotters. BBT interfaces with dealers and clients' systems so as to ensure straight through processing.

Facts and Figures:

• 54 market makers on Government Bonds and 66 on Corporate Bonds,
• more than 14,000 individual users worldwide.

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