Bloomberg’s OTC electronic trading connects to Eurex Clearing

Connectivity means traders on Bloomberg’s electronic trading platform can submit OTC trades on Eurex Clearing’s OTC CCP.

Deutsche Boerse’s Eurex Clearing announced it has connected with Bloomberg’s OTC electronic trading platform as a trade source.

The move means traders using Bloomberg’s electronic trading or post-trade confirmation systems can now use Eurex Clearing’s OTC CCP to submit their OTC trades for clearing.

Eurex Clearing said the direct connectivity “enables Bloomberg’s large sell- and buy-side community to benefit from straight through processing (STP) of their OTC transactions, reducing time to market…”

Bloomberg’s global head of fixed income electronic trading product, Nicholas Bean, said Bloomberg’s offering in its interest rate swaps electronic trading market would be “further strengthened” by connecting to Eurex Clearing.

Bean said the partnership “creates significant workflow and execution efficiencies to the shared clients of Bloomberg and EurexOTC Clear.”

Philip Simons, Deutsche Boerse’s global head fixed income and FX derivatives trading and clearing sales, explained the addition of Bloomberg “further increases Eurex Clearing’s value proposition.”

Simons claimed the connection will offer clients “a broader choice of electronic trading platforms” and add “liquidity from a diversified pool of buy- and sell-side firms connected to Bloomberg.”