TradeWeb, the bank-owned electronic bond dealing network, captured a substantial share of total fixed-income trading activity last year with its volume surging higher for the fifth year running. Total volume reached $18.3 trillion (€14.6 trillion), up 70% on 2002, with TradeWeb seeing volume growth across all its markets.

Fixed-income portals continue to prove that they can steal market share from telephone-based traders and revolutionise the way bonds are traded. TradeWeb's results will come as welcome news to the eight sellside banks that founded the network in 1998 when competing electronic platforms were flooding the market.