Bloomberg has expanded its High-Quality Liquid Assets (HQLA) solution to cover the Middle East, as a growing number of banks push to increase their presence in the region.
The introduction of the offering is set to allow financial institutions in the region to monitor liquidity requirements which align with the Central Bank of the United Arab Emirates (UAE) rulebook and the Qatar Central Bank’s prudential regulations and local rules.
The expansion will also provide clients in the Middle East with a Basel III regulatory data solution by offering a set of data points to enable compliance with the regulation’s Liquidity Coverage Ratio (LCR) requirements and regulatory reporting.
“As international banks expand into the Middle East, they are looking to Bloomberg as their trusted regulatory data partner to establish strong compliance processes with the local regulatory regime,” said Leila Sadiq, global head of enterprise data content at Bloomberg.
“With this expansion, Bloomberg brings our robust HQLA data set and best in class reference data to Middle East jurisdictions to help all financial institutions including local banks, hedge funds and private banks in addition to international banks meet local liquidity and regulatory requirements.”
The offering will provide clients in the region with access to data points, made up of four main data sets, to calculate standardised credit risk capital requirements. The sets include HQLA classification, 30-day stress period price drop metrics, liquid and readily marketable and central bank eligibility.
Moreover, the move means that 12 jurisdictions are now covered by Bloomberg’s HQLA solution.
The expansion follows significant developments for Bloomberg over the past few weeks, with the inclusion of US treasuries on market on close list trading, as well as the expansion of its Instant Bloomberg (IB) chatbot solution with an add-on service.