Financial information provider MoneyLine Telerate has announced plans to enhance its benchmark service, MoneyLine Capital Markets (19900 series). The service will carry more market depth for currency derivatives and additional maturities for volatilities, as well as a new basis swaps page versus three-month Euribor.
As part of the move, MoneyLine has dropped Tullett & Tokyo Liberty (TTL) as a contributor to the benchmark Usd interest rate swaps information page, 19901, and replaced it with Icap. MoneyLine declines to reveal why TTL was dropped, but stresses that Icap’s pricing has been available over the service for several years.
Jon Robson, CEO of MoneyLine Telerate, says, “In making these enhancements, we consulted closely with leading market makers whose insight helps us deliver the best market driven products and services. The addition of pricing data from market leader Icap complements the data provided by BrokerTec and provides our users with the prime benchmark view of the markets.”
John Barber, global head of Icap Information Systems, says, “We are delighted to be selected to provide pricing data for the enhanced version of page 19901. More comprehensive data broadens the appeal to this key capital markets service.”
The move to replace TTL with Icap triggered an angry response from the former, which claims that it was given very short notice of the move. David Mukerji, director and global head of sales for Tullett Financial Information, said in a statement,, “MoneyLine only informed me of their intent to remove our information from 19901 [in early September] and refused to give me a precise date of when they planned to implement it. We have been providing rates on page 19901 since 1987 and we are disappointed that MoneyLine Telerate has acted in this manner.”
Mukerji added that he learnt from customers that they had received letters from MoneyLine informing them the change would take place on September 20, as it indeed did. He says that TTL has since received calls from many of those customers asking for access to TTL’s information over alternative distribution channels.
For their part, TTL responded by announcing it would provide its Usd service on Bloomberg as SwapsMarkerNorthAmerica, and also launched SwapsMarkerEurope, also on Bloomberg. Mukerji expressed regret that MoneyLine’s decision gave the company such little time to inform clients of the change, but adds that TTL is committed to increasing the accessibility of its information through other channels.
SwapsMarker was launched on Reuters earlier this year “due to unprecedented demand from customers”, says Mukerji, who adds that take-up has been “excellent”. As well as the launch on Bloomberg, TTL also expects to be providing information on Thomson’s ILX and CQG services “very shortly”.
Russel Levi, head of sales for Bloomberg, EMEA and Latin America, says, “We are delighted to be offering SwapsMarkerEurope on Bloomberg, having seen strong demand from our customers.”
Mukerji says the launch of SwapsMarkerEurope brings together all of the information driving European swaps prices into one service. “This launch builds on our determination to provide customers with well conceived market information products incorporating the best quality financial information and providing a high level of utility,” he adds.