Tradeweb Nabs Former BrokerTec Head for CLOB Role

Fixed income platform Tradeweb Markets has named Dan Cleaves as managing director and head of its Dealerweb central limit order book.

He will be based in New York and lead the strategy and development of the CLOB, which was recently acquired by Tradeweb from Nasdaq. The firm says Cleaves will draw on his extensive experience running electronic markets for the most liquid Treasury instruments, interfacing with clients, technologists and regulators to ensure the successful integration and growth of the Dealerweb CLOB. He will report to Chris Amen, managing director and head of on-the-run Treasury trading at Dealerweb.

Cleaves was CEO of BrokerTec Americas with oversight of all global fixed income products. With Icap and the NEX Group, he also served as global head of product for EBS and BrokerTec and well as head of US sales for BrokerTec.

“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,” says Amen. “Dealerweb CLOB will allow us to offer even greater optionality and flexibility to new and existing clients. 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.”

Cleaves adds, “The addition of Dealerweb CLOB makes for an outsized opportunity to expand further the execution choices available to US Treasury market participants.”