Trading platform Tradeweb in talks about US default contingency plans

NEW YORK (Reuters) – Bond trading platform Tradeweb is in talks with clients, industry groups and other market participants about contingency plans in case of a U.S. debt default, a spokesperson said.

Financial markets are jittery around potential missed debt payments by the U.S. Treasury as President Joe Biden and top lawmakers remained deadlocked in talks this week over raising the $31.4 trillion federal borrowing limit.

“As the leading electronic trading platform for U.S. Treasuries, we will be ready with any necessary technical changes to the impacted securities,” the Tradeweb spokesperson told Reuters in a statement.