To meet the growing needs of foreign exchange (FX) clients around the world, Bloomberg today unveiled Instant Bloomberg (IB) Dealing, a cost-effective, chat-based platform for FX traders.
IB Dealing is already being used by more than 100 global banks across 46 countries for trade negotiation, execution and straight-through processing (STP).
Citi collaborated with Bloomberg to enhance IB Dealing and its adoption of the platform generated department-wide cost savings by reducing the number of other trade communication systems used by their FX and emerging markets trading desks.
"Bloomberg's IB Dealing capabilities have significantly reduced the costs of our foreign exchange trading operations and improved our internal communication," said David O'Shea, Director of Emerging Market FX and EMFX E-commerce at Citi New York. "By developing a single integrated platform, Bloomberg has produced a solution that Citi will be able to rely on for years to come."
IB Dealing meets Citi's monitoring and compliance guidelines and is now used by their FX and emerging markets traders worldwide to securely send and receive trade and pricing information, internally and externally. The platform is available as part of the Bloomberg Professional service, which is also used across Citigroup's organization for data, news and analytics.
"IB Dealing - which has been developed in collaboration with FX traders - provides the global FX community with the capabilities it needs to negotiate transactions, electronically execute and report trades using one, integrated platform," said Tod Van Name, Bloomberg's Global Head of FX, Economics and Commodities. "Customer service is Bloomberg's utmost priority and our clients are increasingly looking to Bloomberg for innovative and efficient end-to-end solutions that provide exceptional value in today's challenging environment."
IB Dealing, used to negotiate and confirm spot, outright, non-deliverable forwards (NDFs), deposits and option transactions, is integrated with Bloomberg's instant message capabilities and multi-bank trading platform, FXGO. Bloomberg's communication tools, including instant message and group chat functionality, connect more than 315,000 business and financial subscribers in a secure environment.