Vodafone Hutchison Australia (VHA), a joint venture between telecommunications groups Vodafone and Hutchison 3G, has selected Bloomberg’s foreign exchange trading platform (FXGO) to manage its exchange rate risk trading and procedures.
According to Bloomberg VHA is among a growing number of corporations using FXGO to manage foreign exchange (FX) risk, execute FX trades and get requests for quotes. The module is part of the Bloomberg Professional service platform, which is also used by VHA’s corporate relations, marketing, product development, risk and compliance units for market data, counterparty risk information, economic data and pricing information.
VHA’s external treasury manager, Robert Parts, said that the company had chosen FXGO after “rigorous comparison” and found that it provided a better service in providing a number of different quotes from the main banks. “Auditing trades is also much easier with the enhanced transparency of being able to assess all bank prices before we trade,” he added.
Amanda Dobbie, Bloomberg’s head of sales for Australia and New Zealand, said: “With FXGO, Vodafone and other companies can get prices from a range of preferred banks, execute trades and integrate their trading activities with their risk, order management and back office systems - all on one platform.”
By Neil Ainger