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Bloomberg Tradebook Entry Crowds ECN Space Further

Bloomberg has unveiled a new electronic trading marketplace for foreign exchange that will enable institutional traders to deal in FX anonymously. Bloomberg Tradebook which enables users to trade equities, futures and options, now includes an FX marketplace in 16 major currency pairs and will also give traders the ability to transact using algorithms later in the year.

 

AIG International, part of AIG‘s Financial Products division and a member company of American International Group, will provide liquidity to traders through the Bloomberg platform. AIGI will also offer credit through existing contractual and banking relationships. This reflects the role AIG plays in the Currenex platform where it acts as the central clearing counterparty.

Users can choose to sweep the market available on Bloomberg Tradebook FX, or use different trading strategies such as Reserve to seek reduced information leakage and market impact on their orders.


Kim Bang, president of Bloomberg Tradebook says, “Bloomberg Tradebook’s FX marketplace offers price discovery and real-time executable market depth rather than indicative prices and size on proprietary FX portals.”

The FX platform is integrated with the Bloomberg Professional market data and news desktop display product. Advanced analytics, additional trading algorithms and FX forwards will launch during the second quarter of this year, the company says.


Joseph Buthorn, managing director of AIG-FP says, “We believe the product will provide a new level of service and liquidity to its users and will enable a wide range or users globally to have access to a high quality FX product.”

 

Tradebook FX will compete with Reuters, with its flagship FX trading platform Dealing 3000, and soon-to-be-launched FXMarketSpace, a centrally-cleared FX trading platform for the OTC market, as well as EBS, with whom Bloomberg had a partnership in 2004-2005 to deliver a conversational dealing product. It will also, however, find stiff competition from the huge range of anonymous trading platforms which include the long-standing – such as Hotspot FXi and Currenex – and the recently-launched – such as FXall’s Accelor (Squawkbox, February 26).

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