Bloomberg unveils new pricing functionality on FXGO
Bloomberg has launched today a new functionality on its multi-bank trading platform, FXGO, which enables clients to simultaneously request and consolidate pricing from multiple providers for any currency option through the request-for-quote (RFQ) system.
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.
Credit Suisse will be one of the first banks to provide automated FX options quotes through Bloomberg’s new service.
“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.
He added: “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 bank 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 currency pair.
The FX option technology is integrated with Bloomberg FXGO, which connects 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.