Bloomberg today announced the addition of a new suite of FX Pricing Quality tools, available to FXGO clients through Bloomberg’s multi-asset reporting tool for electronic trading (MISX).
Users can now quickly analyze and dissect pricing quality and performance for any RFQ pricing requests, including batch trades, sent over FXGO, Bloomberg’s premier multi-bank FX trading solution.
Price makers can now utilize MISX Pricing Quality Analytics to more quickly identify where opportunities to price are being missed and why, such as due to internal counterparty setup, enablement issues, or internal credit rejects. By identifying instruments and currency pairs where they are missing flow because of pricing quality issues, price makers can better understand how and where to improve their setup and pricing quality to win more business over FXGO.
“The additional information, especially the “Best Alternative” data, has enabled us to identify areas where we can further improve the pricing quality for our clients. The productivity efficiency we gain with this new feature is an important added value,” said Guillaume Carreno, Global Head of Electronic Client Connectivity, Crédit Agricole CIB.
Price takers can use MISX Pricing Quality Analytics to investigate how often a counterparty priced and won the trade, were runner up with the “Best Alternative” price or placed somewhere in the pack. Price takers can also measure how often a counterparty declined to price, failed to pick up the request, or rejected a request to deal. These tools help to build a more complete picture as to where counterparty pricing quality is consistently superior as well as where and with whom pricing quality needs to improve.
“Transparency and the availability of real-time information is a vital part of successful trading operations for our clients, and we are always working to enhance FXGO capabilities to meet this need,” said Tod Van Name, Global Head of Foreign Exchange Electronic Trading at Bloomberg. “These new Pricing Quality Analytics in MISX provide both buy and sell-side market participants with unparalleled breadth and depth of analysis and output, that can help them make more informed trading decisions and achieve better outcomes.”
Bloomberg’s FXGO is a premier multi-bank FX trading platform providing access to deep liquidity through real-time pricing, powerful workflow solutions and sophisticated analytics for price takers across the globe to negotiate FX transactions with their bank relationships. FXGO provides streaming or RFQ for spot, outrights, swaps, NDFs, deposits and options in any currency pair and tenor, along with access to algorithmic order solutions offered by more than 30 top providers. FXGO also integrates with multiple third-party order management, treasury management and accounting systems and facilitates straight-through processing (STP) in a variety of flexible formats, creating a seamless and efficient investment workflow.
Bloomberg Electronic Trading Solutions (ETS) are used by leading financial institutions to trade efficiently in over 175 markets around the world. More than 9000 client firms use Bloomberg ETS to access industry-leading depth and breadth of liquidity across asset classes from over 700 dealers globally. Bloomberg ETS provides market participants with comprehensive solutions across the trading lifecycle, including robust price transparency, analytics, automation, and execution, powered by Bloomberg’s high-quality, multi-asset class data and tools.