| [January 13, 2010] |
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Bloomberg Launches First-Ever Interface to CDS Clearing Houses
NEW YORK --(Business Wire)--
Bloomberg (News - Alert) has launched the first interface in the US credit derivatives (CDS) market that connects both buy- and sell-side firms to the two central clearing counterparties (CCPs). The Bloomberg VCON solution, a widely accepted confirmation utility for cash and derivative instruments, now allows dealers and their clients to send executed trades to the two US-based providers of central clearing for OTC credit derivatives -- the Chicago Mercantile Exchange (CME) and Intercontinental Exchange's ICE Trust. This connectivity leverages the Bloomberg VCON infrastructure for linking to MarkitServ for credit default swap and interest rate swap trades, bringing greater efficiency to the CDS markets.
"Bloomberg is uniquely positioned to act as an integrated hub for OTC derivative processing, utilizing the network of BLOOMBERG PROFESSIONAL® service to connect trading customers with downstream processing and clearing services like ICE and CME," said Ben MacDonald, Bloomberg's global head of fixed income trading. "With the data, news and analytics on the all-inclusive BLOOMBERG PROFESSIONAL service, we can play a key role in assisting our customers with operational efficiency and risk mitigation, and add value for our users."
Ric Okun, Executive Vice President at PIMCO, noted, "Bloomberg has played an integral role building a robust platform with integrated connectivity that will serve as bridge for PIMCO, the dealer community, and the clearing platforms. We are excited about the launch of clearing connectivity and are also looking forward to expanding our CCP capabilities during the course of 2010 with additional products."
"CME Group and Bloomberg have worked closely together to integrate affirmation and matching capabilities for clearing credit default swaps at CME," said Laurent Paulhac, Managing Director, OTC Products and Services, CME Group. "The VCON - CME ClearPort link allows our buy side and sell side customers to seamlessly monitor their clearing status in real time."
Dirk Pruis, President and COO of ICE Trust, commented, "As part of ICE's role in bringing advanced risk management and clearing solutions to the CDS market, we welcome both dealer and buy-side customer participation via Bloomberg's VCON solution." In addition, Clive de Ruig, Global Head of ICE Processing, noted, "ICELink is happy to be connected to Bloomberg's VCON offering to provide connectivity to ICE Trust and ICE Clear Europe for our common customers."
The new CCP interface further builds out Bloomberg's capabilities as a provider of trading solutions and post-trade services in the global CDS market. A full suite of CDS analytics is available on the BLOOMBERG PROFESSIONAL service at <CDSW> GO, <CDXT> GO and <VCON> GO.
About Bloomberg
Bloomberg is the world's most trusted source of information for businesses and professionals. Bloomberg combines innovative technology with unmatched analytic, data, news, display and distribution capabilities, to deliver critical information via the BLOOMBERG PROFESSIONAL® service and multimedia platforms. Bloomberg's media services cover the world with more than 2,200 news and multimedia professionals at 146 bureaus in 72 countries. The BLOOMBERG TELEVISION® 24-hour network reaches more than 240 million homes. BLOOMBERG RADIO® services broadcast via Sirius XM Radio and 1worldspaceTM satellite radio globally and on WBBR 1130AM in New York. The award-winning monthly BLOOMBERG MARKETS® magazine, Bloomberg BusinessWeek magazine and the BLOOMBERG.COM® financial news and information Web site provide news and insight to businesses and investors. For more information, please visit http://www.bloomberg.com.
The BLOOMBERG PROFESSIONAL service and data products are owned and distributed by Bloomberg Finance L.P. (BFLP) except that Bloomberg L.P. and its subsidiaries (BLP) distribute these products in Argentina, Bermuda, China, India, Japan and Korea. BLOOMBERG and BLOOMBERG NEWS are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. All rights reserved.
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