Bloomberg Tradebook is to offer direct electronic access to more than 2300 stocks traded at the Philadelphia Stock Exchange (PHLX) over a customised link to the exchange's order system.
Kim Bang, president of Bloomberg Tradebook, says: "For the first time, Bloomberg Tradebook's clients have the ability to drive the quote by electronically entering their bids and offers into the PHLX's order book...Clients can enter their orders into the Consolidated Quote System (CQS) that electronically displays prices posted by exchanges that trade listed stocks."
PHLX chairman and CEO Meyer "Sandy" Frucher says the partnership rewrites the script that exchanges and Electronic Communication Networks (ECN's) have followed in the past. "By letting Bloomberg Tradebook wire itself into the PHLX's infrastructure, we have created a win-win situation for the PHLX and the institutional money managers and traders who rely on Bloomberg Tradebook," says Frucher.
All orders processed over the Bloomberg system will be routed to specialists at the PHLX who will execute trades directly.