Bloomberg has expanded its market on close (MOC) list trading offering to include US treasuries, following on from the launch of MOC for European government bonds.
The expansion is set to allow investors to automatically get into or out of a market at closing point, avoiding the need to manually place order immediately as the market closes.
The new offering will address challenges associated with tracking error and will provide certainty of execution by referencing a specific close time, through the use of Bloomberg’s Evaluated Pricing Service (BVAL) as the closing price.
The first trade referencing BVAL as the closing price was executed by BMO Capital Markets and Schwab Asset Management, both of whom also played a key role in developing the new tool, according to Bloomberg.
Christopher Johnson, global head of trading at Schwab Asset Management said: “Now live, we leverage the tool to help lock in benchmark-relative pricing, scale our team, reduce risk and limit tracking error in our index portfolios.”
Nine dealers are currently supporting the new workflow, with further liquidity providers expected to join in 2025.
“The functionality helps to minimise market impact, reduce slippage and increases certainty of execution, which are especially important during volatile markets,” said Trevor Mallinson, global head of rates product at Bloomberg.
“This is an exciting enhancement for clients trading government bonds, as it helps ensure pricing certainty and access to liquidity and highlights our focus on continuing to invest in our electronic trading solutions.”
Bloomberg has also highlighted further enhancements offered by the new solution. Through the offering, clients will be able to negotiate non-comp trades or send in-comp trades to at least five dealers and use Bloomberg’s integrated axe data, analytics and communication tools to identify the optimal liquidity provider.
Additionally, participants will have the option to negotiate and transact electronically using an end of day snapshot, through the functionality of Bloomberg’s Portfolio Trading Basket Builder (PTBB) tool.
The move follows a growth in expansion for the firm in recent months. In May 2025, Bloomberg expanded its Instant Bloomberg (IB) chatbot solution with an add-on service, to allow Bloomberg Anywhere users to interact with multiple firms by bringing in-house proprietary bots to IB chat rooms.
Moreover, earlier in the month the firm also extended its Intraday BVAL (IBVAL) front-office pricing solution to cover emerging market bonds, as part of a push to provide enhanced pricing transparency.