London, 2nd August 2004; Bloomberg L.P., the global news and data provider to the professional financial services community, and Cognotec, the world's leading provider of foreign exchange dealing solutions, today announced a strategic alliance aimed at bringing the next generation of FX price discovery and execution to the global FX marketplace.
Buy side clients looking for FX pricing and execution will now use the BLOOMBERG PROFESSIONAL platform to connect to many of the world’s top market making banks’ e-commerce pricing engines provided by Cognotec.
Bloomberg and Cognotec have been working together since last year and have already introduced a phase one service deployment. This phase allows Bloomberg clients to customize requests for streaming bank name attributed FX prices delivered from banks’ e-commerce platforms. Currently, several banks are live on the phase one service as part of a controlled introduction, with a number of banks in the deployment pipeline.
"As part of Bloomberg’s initiative to provide a premier service to the global FX marketplace, we have selected certain industry leaders in FX automation," according to David Martin, Global Head of Foreign Exchange for Bloomberg. “Cognotec complements our broader strategy well. This alliance brings together the world's leading banks, giving them the ability to enable their customers to see their FX rates and now execute on them via the BLOOMBERG PROFESSIONALÒ service. With Bloomberg's more than 190,000 users worldwide, our distribution reach is a perfect fit with Cognotec's price discovery and execution solutions. We look forward to taking this alliance forward into the future and building on our current achievements."
Commenting on the partnership, John Beckert, President of Cognotec International, said: "Using our considerable investment in bank e-commerce technology, and Bloomberg’s vast global distribution capabilities, together we can offer the marketplace a seamless link between the buy and sell side. By introducing fully executable streaming rates capability in a multi-bank environment, this initiative will significantly improve the quality and efficiency of the foreign exchange markets for both banks and clients."
In phase two, Bloomberg clients will access real-time, streaming executable rates simultaneously from multiple banks of their choosing. In addition, clients will be able to customise their price requests dynamically based on currency pair, instrument, amount and value date. Users will have the ability to click and deal on the streaming rates, with executed transactions being credit checked and automatically displayed in both the banks’ and clients’ trade blotters. This new service will be available later in the year.
"We are very excited to be working closely with Bloomberg to introduce the next generation of buy/sell side automation in the FX industry. The level of client access, control and automation inherent in this solution is a major step forward in the ongoing evolution of banks’ e-commerce services to the FX marketplace," continued John Beckert.
For more information, please contact:
Tel: +1 212 893 4273
Sylvia Mead, Cognotec
Tel: +44 (0)20 7448 5916