Bloomberg Tradebook, an agency broker, has launched an electronic foreign exchange (FX) trading platform on the Bloomberg Professional service. The new platform uses Bank of America as its clearing and settlement counterparty.
Bloomberg Professional is a single platform for accessing Bloomberg’s electronic trading, news and research analytics products.
Bloomberg Tradebook FX will provide a marketplace for spot dealing in more than 40 currencies and enable clients to roll their trades in 28 currencies electronically. It will offer trading strategies such as event-driven orders and sweeping, time-queued and stop loss orders.
The platform will aggregate liquidity from participants and other liquidity providers in one pool. It will also have the ability to merge partial executions within an order into a single trade ticket with one average price for settlement. The client can choose its credit counterparty.
“The Bloomberg Tradebook FX service gives traders the ability to place limit orders, drive quotes and execute block size to seek superior execution,” said Kim Bang, president of Bloomberg Tradebook, in a statement. “By integrating with third-party execution management and order management systems, we accommodate the risk and workflow needs of our users.”
He added that the company’s new post-trade allocation application allows clients to allocate trades on either percentage or notional breakdown based on a net average price, which is then communicated to multiple accounts or prime brokers.