Bank of America has announced the introduction of BAFX - an electronic foreign exchange dealing system offering clients one-on-one trading over the Bloomberg Professional system.
The bank says BAFX will enable its clients to initiate foreign currency spot, forward and swap transactions directly with its foreign exchange desk, 24 hours a day.
"The BAFX platform will offer our clients the combined strength of Bank of America trading experience and expertise, with Bloomberg's significant programming resources," says Bruce Williams, managing director of FX e-commerce at Bank of America. "This will translate into competitive FX rates, convenient and efficient on-line trading capabilities, as well as a valuable source of continually updated FX analysis and news for traders."
James Mahn, foreign exchange applications manager for Bloomberg says BAFX will provide Bank of America with access to Bloomberg's broad corporate client base.
In addition to deal execution, BAFX also provides traders with direct access to Bank of America FX advisors through a real-time "chat" capability. The BAFX system also acts as a gateway to the bank's global markets Web site and latest currency research.