Bloomberg and Traiana have teamed up to develop a straight-through processing infrastructure to streamline the workflow of foreign exchange (FX) options.
The new solution integrates Traiana’s Harmony messaging network with Bloomberg’s trade processing tools.
The messaging service will use existing infrastructure from both companies to include affirmation, allocation and trade lifecycle management for FX options.
“As the FX market reaches greater levels of automation, FX options, with their complex instrument structures and numerous post-execution events, continue to involve manual processes which present operational risks and challenges to market participants,” said Ben Macdonald, Bloomberg’s global head of product.
“We believe that providing a decentralised solution to both buy and sell side participants offers them the flexibility needed for broad market coverage and a greater level of participation.”