|[November 15, 2012]
Bloomberg Unveils FX Option Trading Technology
NEW YORK --(Business Wire)--
Bloomberg (News - Alert) executives today unveiled a new feature that enables clients
to trade foreign exchange (FX) options through Bloomberg's multi-bank
trading platform, FXGO. Through the request-for-quote (RFQ) system,
market participants can simultaneously request and consolidate pricing
from multiple providers for any currency option.
Bloomberg's FX option solution provides buy-side firms, corporate
treasuries and other institutions tools to obtain multiple prices before
executing a trade, facilitating a seamless transition to the regulated
environment anticipated under new derivatives legislation.
"Regulation is accelerating changes in the FX marketplace and clients
want ready-made, sophisticated features to help them meet the latest
requirements," said Tod Van Name, Bloomberg's Global Head of Foreign
Exchange, Economics and Commodities. "We make it a priority to provide
our clients transparency, deep liquidity and trading efficiencies in
today's increasingly complex marketplace."
Bloomberg subscribers' quote requests can be priced via automated bnk
pricing engines or manually quoted by more than 230 liquidity providers,
enabling market participants to trade with major and local market makers
with no additional costs to buy or sell-side firms. Bloomberg's options
RFQ system supports all common and many exotic strategies in any
"Credit Suisse is pleased to be one of the first banks to provide
competitive automated FX options quotes through Bloomberg's new
service," said Joerg Schmuecker, global head of FX options e-commerce at
Credit Suisse. "It is clearly going to be important for end-users of
these markets to have access to multiple-bank trading systems as new
regulations designed to achieve best execution are introduced."
The FX option technology is integrated with Bloomberg FXGO, connecting
more than 5,400 market participants across 100 countries to liquidity
providers on the system. Average daily volume on FXGO, which includes
spot, outright, non-deliverable forwards (NDFs), swaps and deposit
trades, has increased 79% year-to-date.
Bloomberg's FX suite provides pre-trade analytics, price discovery,
execution and risk management tools, straight-through processing and
integration with Bloomberg's derivative and portfolio management tools.
For more information about Bloomberg FX, please visit www.bloomberg.com/fx.
Bloomberg, the global business and financial information and news
leader, gives influential decision makers a critical edge by connecting
them to a dynamic network of information, people and ideas. The
company's strength - delivering data, news and analytics through
innovative technology, quickly and accurately - is at the core of the
Bloomberg Professional service, which provides real time financial
information to more than 310,000 subscribers globally.
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