Bloomberg today announced that the Malaysia Money Brokers Association, which comprises six licensed money brokers in Malaysia, has chosen Bloomberg as its primary platform for the dissemination of foreign exchange (FX) rates.
Under this arrangement, live Malaysian ringgit (MYR) FX spot and forward prices quoted by the brokers will be made available on the Bloomberg Professional service starting today.
“This decision was initiated by the money brokers to take the industry to the next level and Bloomberg was a fitting partner due to its recent product innovations and success in the foreign exchange space.”
Traders, analysts and institutional investors will now have more comprehensive and informed ability to make timely trading and investment decisions, with insight into the Malaysian ringgit traded onshore.
"The provision of quality FX rates from the broker community represents another step in the evolution of the Malaysian currency market, offering enhanced price transparency to the industry," said Mr. Ewe Tien Teoh, Chairman of the Malaysia Money Brokers Association (Persatuan Broker-Broker Wang Malaysia). "This decision was initiated by the money brokers to take the industry to the next level and Bloomberg was a fitting partner due to its recent product innovations and success in the foreign exchange space."
The money broker community in Malaysia includes Affin Moneybrokers Sdn Bhd, Amanah Butler Malaysia Sdn Bhd, First TAZ Tradition Sdn Bhd, Forex Enterprise Sdn Bhd, Harlow's & MGI Sdn Bhd and KAF-Astley & Pearce Sdn Bhd.
"We are pleased to be selected by Malaysia's broker community as a partner to advance the transparency of the currency market," said Nitin Jaiswal, Head of Sales for ASEAN and South Asia, Bloomberg LP. "Malaysia is one of the fastest growing economies in ASEAN and we are committed to working closely with the financial community, offering technology solutions to support greater growth and development of its financial sector."
Bloomberg's foreign exchange rates include real-time and historical FX prices for more than 180 currenci
Bloomberg's foreign exchange rates include real-time and historical FX prices for more than 180 currencies and currency instruments ranging from spot, fixings, forwards, volatility, interest rates, FX derivatives and swaps. Year to date, Bloomberg has recorded a 77% increase in average daily volumes traded over its foreign exchange electronic trading platform in Asia.