Shell’s Foreign Exchange Central Treasury business has implemented a Bloomberg service that connects its subsidiaries globally.
The solution is now available for use by any corporate treasury operation in the world, Bloomberg announced today.
The new technology was built by Bloomberg in collaboration with Shell and connects the company’s central treasury office directly to its 718 operating units in 22 countries, so they can quickly and electronically exchange information. The functionality aims to help Shell manage its group risk with more than 200 distinct bank counterparties via the Bloomberg Terminal.
“Shell worked with Bloomberg to develop a comprehensive process that helps reduce our operating risk and transaction costs. Now, we can more efficiently route market requests from regional centres around the world to our central treasury. The Bloomberg Terminal connects Shell with all our counterparties providing straight through processing (STP) into Shell’s treasury management system,” says Michael Dawson, head of liquidity and FX at Shell.
Tod van Name, global head of FX electronic trading ay Bloomberg, says, “Shell has long been an early adopter of innovative FX technology. They have used Bloomberg’s FXGO electronic execution for many years. Together, we have built a solution that creates a fast and easy end-to-end electronic FX workflow with a reliable order audit trail. Shell has helped us create the tool that multi-national corporate treasury executives have needed for a long time.”
The new corporate treasury service is integrated with the Bloomberg Terminal to connect it with a complex and extensive global network that also provides flexibility, automated execution and risk mitigation. The interface has a simplified internal booking process, addresses corporate governance and is integrated with Bloomberg’s FX electronic trading platform FXGO.