Foreign exchange and fixed income electronic trading services provider NEX Markets has added the Bloomberg FX benchmark to its eFix Matching service.
The move means users of the matching service will be able to execute fixing interest electronically via the EBS Market platform.
The Bloomberg FX (BFIX) rates benchmark, used by market participants as a fix for portfolio benchmarking, derivatives valuation, index construction and trade execution, will be launched on the eFix Matching service in stages.
The first BFIX rates, including the 13.00 and 16.00 BFIX rates, were launched on the service on 21 May, with additional rates expected to be launched on the service in response to client demand.
“eFix Matching was launched as a direct response to the Financial Stability Board recommending a solution to ensure robust fix execution, and from that time we have operated in answer to market needs, whether through the addition of new fixings or development of new features within the service,” Seth Johnson, CEO of NEX Markets, commented.
“We’ve seen significant demand for BFIX and are thrilled to bring the rates onto our service, continuing our aim to provide benchmarks wherever our client base has a requirement to reduce fixing risk.”