Bloomberg adds Sri Lankan government bonds to e-trading platform
24 July 2006 | 1266 views | 0
Bloomberg, the global data, analytics and news provider, announced that the Bloomberg E-Bond platform for Sri Lanka Government Bonds is active on the BLOOMBERG PROFESSIONAL service.
With Bloomberg E-Bond, Sri Lanka Primary Dealers now benefit from a flexible, commission-free dealing, trade capture and reporting mechanism, while seamlessly offering global investors and market oversight entities a real-time view of price quotations and market activity for Sri Lanka Government Securities. Bloomberg E-Bond for Sri Lanka Government Securities is available to qualified users of the BLOOMBERG PROFESSIONAL service via the functions LPBT and LPSM.
The 12 participating Sri Lanka Primary Dealer firms on Bloomberg E-Bond include Bank of Ceylon, Capital Alliance Limited, Ceylinco Shriram Securities Limited, Commercial Bank of Ceylon Limited, Employee Provident Fund, First Capital Treasuries Limited, HNB Securities Limited, NSB Fund Management Company, National Wealth Corporation Limited, People's Bank, Sampath Bank and Seylan Bank Asset Management Limited.
Pubudu Champike of People's Bank commented, "With Bloomberg E-Bond, in addition to the ability to enter my own orders, I can also ask for quotes from other dealers. The best bids/offers in the market are displayed prominently as well as the market depth. This price transparency and immediate trade reporting greatly enhances the efficiency of the Sri Lanka Government Securities."
"The price discovery mechanism will help improve liquidity in the secondary market," said Vasantha Kumar, Chairman of the Association of Primary Dealers (APD). "By using a world class platform with world class technology, Bloomberg E-Bond immediately puts Sri Lanka in the forefront of electronic bond trading, and the fact that Bloomberg E-bond does not charge commission for trades makes it all the more attractive."
The APD will consider any secondary player's application to join the E- Bond favorably in a bid to improve market efficiency. "Ultimately, what is good for everyone can only be great for the market," said Ajith Fernando, CEO of Capital Alliance Limited.