Bloomberg, a market data, analytics and trading tools vendor, has introduced new functionality for sending foreign exchange (FX) orders to brokers.
It allows buy-side traders to electronically send order types with stops, triggers or limits to the sell-side institution of their choice.
The offering also includes a new order type that allows traders to electronically submit ‘work orders’– those that need special handling – with multiple instructions. These orders were traditionally executed manually or over the phone.
The work orders function also allows traders to see the progress and status of the order in real time and creates an electronic audit trail for the orders.
Bloomberg’s new FX order capability closely follows the launch in January this year of FX Dashboard, a pre-trade facility granting FX traders access to analytics, data and news. FX Dashboard is available through Bloomberg Professional, the company’s platform for electronic trading, news and analytics products.