Bloomberg has launched executable streaming non-deliverable forwards (NDFs) on FXGO, its global foreign exchange trading platform.
Standard Chartered Bank (StanChart) will be the first liquidity provider to participate. Bloomberg says that the new offering will allow the bank to contribute executable pricing across a wide range of Asian and Latin American non-deliverable currencies to meet the needs of its corporate and institutional clients.
The solution integrates Bloomberg’s FX execution and straight-through processing (STP) tools with StanChart’s liquidity. It’s designed to offer end-to-end workflow for NDF trading to the bank’s clients that wish to execute via the Bloomberg Terminal.
According to the latest Bank for International Settlements survey, NDFs represent 19% of the FX forwards market.
“Being the first to offer streaming rates for NDFs on Bloomberg, we are increasing market transparency, making the NDF market more efficient, and giving our clients the latest technology to find better pricing – faster,” says Mark Webster, global head of FX sales at StanChart.
“Expanding Bloomberg’s foreign exchange trading platform, FXGO, to support streaming of NDFs enables us to give the FX community more access to emerging markets, while bringing new levels of automation, trading efficiency and market transparency to our clients,” comments Tod Van Name, Bloomberg’s global head of FX electronic trading. “Standard Chartered is helping to lead the way at a time when the global market is looking for new ways to improve liquidity, and via one of the world’s largest and fastest-growing FX platforms.”
Executable NDF prices are available on FXGO’s trading grid, a Bloomberg Launchpad component that offers streaming prices from leading liquidity providers, all in one place. FXGO also provides subscribers with tools for end-to-end execution of spot, forwards, options, precious metals and deposits.