Bloomberg Tradebook has confirmed it will discontinue its foreign exchange business, to concentrate on providing agency brokerage services.
In a statement, Bloomberg explained it “remains focused on FX” and will “continue to have a strong presence in FX execution and analytics on the Terminal.”
Global head of FX at Bloomberg Tradebook, Paul Beatty, departed the firm in January as part of the closure.
The Tradebook platform suffered a drop in FX trading volumes over recent years, amid growing competition in the FX platform space.
Bloomberg LP added it will continue to offer its FX platform with pre-and post-trade analysis. The FXGO platform currently has over 500 liquidity providers globally and provides coverage from 120 countries.
In December last year, Standard Chartered became the first liquidity provider to sign up to FXGO’s streaming for non-deliverable forwards.
Tod Van Name, Bloomberg’s global head of FX electronic trading, said at the time the expansion of the firm’s FX trading platform should provide the FX community with more access to emerging markets.
FXGO saw its usage increase 17% in 2016 compared to 2015, according to statistics from Bloomberg.