New Bloomberg Tradebook Electronic Fx Marketplace Goes Live with Bank of America As Central Counterparty
19 November 2008
Bloomberg Tradebook Services LLC ("Bloomberg Tradebook") has launched its new electronic foreign exchange trading platform on the BLOOMBERG PROFESSIONAL(R) service. The new BLOOMBERG TRADEBOOK(R) FX platform utilizes Bank of America (NYSE: BAC), one of the world's largest financial institutions, as clearing and settlement counterparty.
The BLOOMBERG TRADEBOOK FX service provides a marketplace for spot dealing in more than 40 currencies and enables clients to roll their trades in 28 currencies electronically. The platform offers advanced trading strategies including event-driven orders and sweeping, time-queued and stop loss orders.
The BLOOMBERG TRADEBOOK FX platform aggregates liquidity from a diverse set of providers and BLOOMBERG TRADEBOOK participants, creating a deep natural liquidity pool for institutional investors. This platform aggregates all partial executions within an order into one single trade ticket with one average price for settlement, with the client's choice of credit counterparty.
"The BLOOMBERG TRADEBOOK FX service gives traders the ability to place limit orders, drive quotes and execute block size to seek superior execution," said Kim Bang, President of Bloomberg Tradebook. "We are delighted to be working with Bank of America and look forward to them assuming the global execution and settlement counterparty role."
"Working closely with our clients, we continually enhance BLOOMBERG TRADEBOOK FX functionality and ease of use. By integrating with third-party execution management and order management systems, we accommodate the risk and workflow needs of our users. Our new post-trade allocation application enables clients to allocate trades on either percentage or notional breakdown based on a net average price, which is then seamlessly communicated across multiple accounts or Prime Brokers. We look forward to adding even greater value to FX market participants," Bang added.
Frederic Allatt, Vice President at Bank of America FX Prime Brokerage, said, "We are very pleased to be working with Bloomberg Tradebook as central counterparty for the BLOOMBERG TRADEBOOK FX service. The synergies between our organizations enable us to offer Prime Brokerage services to a broader range of select customers via Bloomberg Tradebook as we continue to run our core business, which services world-class managers in the FX Community."