The first trade using the offering was completed between Morgan Stanley and “a leading buy-side firm”.  

Bloomberg’s new UST dealer algos have also received support from Citi, JP Morgan and RBC Capital Markets, with additional dealers expected to join the solution this year.  

“Expanding our client offering through UST dealer algos aligns with the natural evolution of the markets, enabling us to meet client needs by delivering greater efficiency in executing US Treasuries,” said Adam Peralta, head of US rates e-trading at Morgan Stanley.  

“We are committed to meeting our clients’ needs while staying at the forefront of technological developments in the US Treasury markets.” 

The solution allows clients to access the algo strategies of dealers on Bloomberg’s Fixed Income Trading (FIT) offering.  

According to the firm, dealer algos offer clients the opportunity to execute larger size trades, at tighter pricing, with a reduced market impact.  

Bloomberg’s interfaces, BLOT <GO> and TSOX <GO> allow clients to monitor execution slices in real time and adjust algo parameters, which it claims to enable enhanced trader control. 

Bloomberg FIT is integrated with Bloomberg AIM and Bloomberg TOMS, allowing existing users of these solutions to benefit from the new offering. 

“Being first to offer the buy-side with access to dealer algos is part of our ongoing commitment to provide clients with innovative and market leading solutions. Traders need to move quickly to capitalise on opportunities and maintain their competitive edge,” said Derek Kleinbauer, global head of fixed income and equity e-trading at Bloomberg.  

“Our new UST dealer algos offering provides clients with an efficient way to access a deeper set of liquidity sources to get trades done quickly with confidence in the price levels, while minimising information leakage.” 

The post Bloomberg goes live with new US Treasury dealer algos appeared first on The TRADE.

The development builds on BayernLB’s existing use of Bloomberg Terminal, allowing for access to data across the firm’s front-, middle- and back-offices.  

In addition, the move follows Bloomberg’s recent collaboration with BayernInvest, the asset management arm of BayernLB, wherein the firm adopted Bloomberg buy-side solutions, including AIM, PORT Enterprise, and MARS Collateral Management’s integrated offerings.  

Read more: Bloomberg buy-side solutions adopted by BayernInvest to support workflows 

“As a leading specialised bank, it’s essential that we have access to a broad universe of high-quality market data for a diverse landscape of systems,” said Markus Langenbach, head of asset and liability management (ALM) and analytics at BayernLB.  

“Bloomberg’s solutions provide us with such access across our front-to-back systems. That allows us to use market data at the highest quality in a cost-efficient way throughout our processes.” 

The use of B-PIPE and BVAL will enable BayernLB to access data in an efficient and scalable way across the enterprise.  

B-PIPE will also offer BayernLB consolidated and normalised real-time streaming market data, pricing, event data and analytics for front-office use cases.  

Meanwhile BVAL offers the bank access to evaluated pricing across the liquidity spectrum to inform middle- and back-office workflows, alongside helping comply with regulation and reporting requirements.  

“The value of data that aligns across a firm’s operations cannot be overstated given the time it saves, risks it helps to avoid, and insights it can help uncover. For this reason, we’re pleased to support BayernLB on their journey to maximising efficiency and streamlining workflows with consistent data they can trust,” said Cory Albert, global head of real-time data and technology at Bloomberg.  

“This collaboration also furthers Bloomberg’s growing presence and commitment to clients in Germany. We look forward to working with BayernLB and continuing to expand the use of both B-PIPE and BVAL in the region.” 

The post BayernLB selects Bloomberg’s data solutions to bolster front-to-back workflows appeared first on The TRADE.

MIAX Bloomberg 500 Index futures will be listed on MIAX Futures, pending certain filings with the Commodity Futures Trading Commission (CFTC).  

Elsewhere, MIAX Bloomberg 500 Index options will be listed on MIAX Options, subject to certain filings with and subject to approval from the Securities and Exchange Commission (SEC). 

The new MIAX Bloomberg 500 futures and options products aim to provide competitive fees, increased product choice and more granular contract sizes, offering retail and institutional investors an alternative way to manage US equity market exposure. 

“Our collaboration with MIH to list Bloomberg 500 Index futures and options on its MIAX exchanges reinforces our strategy of expanding the use of Bloomberg equity indices across the financial investment community,” said Umesh Gajria, global head of index-linked product at Bloomberg Index Services Limited.  

“The introduction of these products answers significant pent-up demand for access to an alternative way of managing long and short exposure in the world’s most liquid equity market.” 

Read more: MIAX receives $100 million capital injection from Warburg Pincus  

MIAX Bloomberg 500 Index futures and options are being developed to reach both retail and institutional investor preferences, with a H2 2025 target for trading.  

In addition, Bloomberg 500 Index futures are expected to be the first financial future to be traded on the new MIAX Futures Onyx trading platform, pending filing with the CFTC. 

“We are pleased to provide the industry with a suite of new futures and options products offering a competitive alternative to manage exposure to the 500 largest publicly traded US corporations,” said Thomas Gallagher, chair and chief executive at MIH.  

“I believe our technology, support from strategic exchange members and Bloomberg’s distribution capabilities create a powerful combination to help answer industry demand for alternative ways to hedge and manage risk in US equities and options markets.” 

The post Miami International Holdings and Bloomberg collaborate to list futures and options on MIAX exchanges appeared first on The TRADE.

The development follows the launch of AI-Powered Earnings Call Summaries, which came as part of Bloomberg’s goal to “reimagine the Bloomberg Terminal for the age of AI.”

Users of AI-Powered News Summaries will be provided with three bullet points at the top of Bloomberg News content on the Terminal, which are generated through generative AI technology.  

Bloomberg added that these bullet points are evaluated by the company’s subject matter experts to continuously refine the large language model’s performance.

The offering aims to help financial professionals save time through the efficient discovery of relevant and timely information, better decide which stories to read in depth, as well as allowing them to explore and share more news.

“The new AI-Powered News Summaries for Bloomberg News articles has been a game-changer for me,” said George Karas, senior executive trader at Trillium Trading.  

“They provide clear, concise insights that allow me to quickly grasp the essence of complex stories. As an event-driven proprietary trader, I find this to be an incredibly valuable tool for staying informed in a constantly evolving market.”

Bloomberg Terminal customers can access AI-Powered News Summaries for various purposes, as it’s built to adapt to their specific needs and workflow.

“The fast-paced information landscape is increasingly challenging for financial professionals and news audiences to navigate,” added Chris Collins, chief product officer of news at Bloomberg.

“AI-Powered News Summaries helps users stay on top of the news they need to make informed business decisions.”

The post Bloomberg launches gen AI summarisation tool for news appeared first on The TRADE.

Next year will see further market structure changes in fixed income. In dealer to client (D2C) markets for both rates and credits, the number of in-bound RFQs is rising exponentially, driven by all to all trading and the use of algo tools. While many of these tickets are small in size, they provide important data, are useful for dealers with positions and assist with execution statistics. We have already seen some dealers automate these lower value RFQs, but 2025 will see this accelerate to the point where the majority of dealers will need to look at solutions which support auto quoting and/or auto execution.  

The velocity of dealer to dealer (D2D) rates markets is increasing and in 2025, we expect more dealers to invest in co-location and access to alternative liquidity sources to place and adjust orders at micro second levels. Ultra-low latency is not simply a nice to have but is needed for dealers to remain competitive. 

Next year will also be the year when consolidated tape providers will be selected for the EU and the UK. We expect to hear a great deal about this throughout the year as the market moves towards a more transparent structure.

Liz Kirby, managing director, head of market structure, Tradeweb 

One of the key regulatory trends to watch in 2025 will be the SEC’s central clearing mandate for US Treasury transactions, particularly as it extends to repurchase agreement (repo) trades by 2026. While the initial phase of the mandate, slated for December 2025, focuses on US Treasury cash clearing, the most significant changes will come in the final phase, set for 30 June 2026, when repo transactions are brought into scope.

This mandate represents a major shift aimed at enhancing efficiency and transparency in the $4.5 trillion repo market, which has traditionally been relationship-driven, low-margin, and largely uncleared. Given the size, complexity, and short-term nature of this market, implementing central clearing poses some unique challenges. In 2025, our focus will be on collaborating closely with clients and market participants to craft tailored solutions that address these issues.

Derek Kleinbauer, global head of fixed income and equity e-trading, Bloomberg

In 2025, the upcoming US Treasury/repo clearing mandate will introduce some changes to the existing trading workflow and will have an impact whether trades are done via voice or electronically. Bloomberg is working closely with clients to ensure they have access to the necessary workflows in place and are well positioned to meet the mandate requirements.
  
Algorithmic trading will continue to gain traction across fixed income, as market participants are looking to leverage algos to execute trades, manage their risk, and optimise execution costs. We expect usage to grow in US Treasuries and will eventually be followed by adoption in other asset classes including corporate bonds.
  
In emerging markets, particularly Asia, we also see real opportunity for growth. In 2024, we’ve observed record electronic trading and a significant growth in trade volumes, average trade size and the number of clients who are active in these markets. This growth may represent an inflection point having been reached in the adoption of electronic execution. With India and Korea being added to major indices, this will further boost the year-over-year growth in electronic trading in emerging markets and the region remains a top focus for us.

The post The TRADE predictions series 2025: What to expect in fixed income – part two appeared first on The TRADE.

The evolution taking place in fixed income markets has laid the foundation for the recent growth in credit index futures, positioning 2025 as a pivotal year for further proliferation of the product and broad adoption by the market. Advancements we’ve seen in market infrastructure, such as the electronification of trading, real-time bond and ‘liquid’ index pricing, as well as enhanced analytics on Terminal to compute fair value and identify relative value opportunities, have transformed how buy-side firms are managing and trading credit risk. These trends will continue, enabling greater price transparency and standardisation of this market which, historically, aids in the development of exchange traded products like credit index futures. 

The existing contracts provide broad-based exposure to the European, US and emerging market corporate bond markets utilising Bloomberg’s fixed income benchmarks. In 2025, we envision an expansion of this global credit futures complex, allowing investors to target regional credit markets and specific risks such as duration, sectors, or credit quality, providing a more diverse range of tools for those seeking local exposure and precision. This will lead to increased cross-margining opportunities with correlated products, amplifying the utility and cost-effectiveness of the product. 

For global credit, we enter a year of uncertainty in 2025, with resilient corporate fundamentals and potential easing of monetary policy offset by ongoing geopolitical tensions. Investors will continue to find value in a flexible credit vehicle that can be used to deploy capital quickly, express a tactical view or hedge corporate credit exposures. The product will continue to attract a diverse range of market participants, from asset managers to insurers, looking for narrow bid-ask spreads and tight tracking to the benchmark. We expect further normalisation of credit index futures as a core instrument in credit markets.

Charlie Campbell-Johnston, head of automation, international, Tradeweb 

The last few years have thrown fixed income traders one curveball after the other, and automation has proven itself as an effective tool to deliver scalability and time efficiency across different products and through a range of trading protocols. On the other hand, systematic and cross-asset funds have used automation to create new trading activity and realise new strategies. 

The game, however, could change in 2025. A combination of technological innovation and high-quality data would enable traders to adapt their automation parameters to actual real-time market scenarios, giving them even more control over the trade execution process. After all, automation has already transcended its operational efficiency origins and this evolution would cement its hard-earned place at the core of a dynamic and innovative execution desk. 

Tucker Dona, head of business development, Baton Systems 

We are one-year away from the mandatory central clearing of US Treasuries, which is going to have a material impact on the way that firms post margin for this product. Firms wanting to offset the impact of higher margins need to spend 2025 making operational changes and upgrades to optimise their systems for trading and clearing US Treasuries. However, there is still more clarity needed on which CCPs market participants will choose to clear these products, and which model participants will use, such as sponsored or done-away. Thankfully, much of the operational preparation and workload can be done efficiently with support from vendors providing direct connectivity into the CCPs.

If firms are not able to efficiently optimise and mobilise available assets across the range of CCPs they will use for clearing US Treasuries, they are going to face operational and cost challenges. By using data-driven insights to select the most eligible and opportunistic collateral for the different clearing venues and then being able to execute all movement instructions, firms can manage the higher margin levels more effectively. They will also be able to reduce associated costs, and more efficiently manage better their collateral usage and its impact on available liquidity. 

The post The TRADE predictions series 2025: What to expect in fixed income appeared first on The TRADE.

Bloomberg’s foreign exchange electronic trading platform (FXGO) BMatch solution will provide spot matching functionality to the local interbank community for US dollar against the Nigerian naira.

The solution allows anonymous orders to be placed into a central limit order book, which are displayed and then matched with counterparty orders based on mutual trading limits and other specificities from each bank.

Banks can integrate the offering with their middle- and back-office systems.

Bloomberg added that consolidated trade statistics can also be calculated and made available to the market.

“We are pleased to partner with Bloomberg at this critical phase of the FX market reforms being undertaken by the CBN to enhance the price discovery process with the adoption of the Bloomberg BMatch, a more efficient FX pricing system in the market”, said Omolara Omotunde Duke, director of financial markets at CBN.

“The BMatch will provide a robust oversight function for the central bank’s market surveillance activities and deliver better transparency on the prevailing market determined exchange rate. This will be supported by the adoption of the Nigeria FX code by market participants to promote ethical FX market activities.”

FXGO is Bloomberg’s multi-bank FX trading solution providing access to liquidity through real-time pricing, workflow solutions and analytics for price takers worldwide to negotiate FX transactions with their bank relationships.

FXGO offers streaming or RFQ for spot, outrights, swaps, NDFs, deposits, precious metals and options in any currency pair and tenor, alongside providing access to algorithmic order solutions from over 30 providers.

“We are proud to support CBN with our tailored BMatch solution and deliver with it increased transparency, liquidity and efficiency for the Nigeria FX markets,” said Tod Van Name, global head of FX electronic trading at Bloomberg.

The post Central Bank of Nigeria taps Bloomberg BMatch solution for interbank FX trading appeared first on The TRADE.

Thomas Gallagher

The offering is based on Bloomberg Indices’ portfolio of benchmarks and combines MIH’s expertise in operating the relevant exchanges with Bloomberg’s advanced technological capabilities to “bring much-needed competition to the equity index derivatives industry,” said Thomas Gallagher, chair and chief executive of MIH. 

In the first instance, MIH will offer several equity index products to be exclusively listed and traded on MIH’s exchanges, subject to regulatory approval.

Read more: Miami International Holdings completes acquisition of Dorman Trading

“Bloomberg Indices has invested considerable resources in developing a suite of innovative equity benchmarks covering a broad range of geographies, sectors and industries using our rules-based and transparent methodology,” said Dave Gedeon, chief executive of Bloomberg Indices.

“Our collaboration with MIH to offer financial derivative products based on Bloomberg equity indices will provide the global investment community with a new range of innovative tools to help manage its equity risk exposure.” 

Bloomberg’s suite includes a complete set of global equity index families which cover more than 99% of the eligible free float market cap – specifically across 48 developed and emerging markets.

Its equity indices are available in global, regional, country, and sector exposures and across various currencies and returns for clients. 

Gallagher said: “Our collaboration with Bloomberg Indices will provide the financial industry with access to a broad range of futures and options products designed to meet the needs of both retail and institutional equity investors. 

“We are very encouraged with the long-term potential for our collaboration, particularly given the depth and breadth of Bloomberg’s global distribution capabilities and the growing trend of asset managers, funds, and other investors benchmarking to Bloomberg indices.”

The post Miami International Holdings and Bloomberg unveil index licensing agreement appeared first on The TRADE.

The development will be used to support the commercial bank’s RMB cash bond market-making under Bond Connect and its USD interest rate swap (IRS) market-making in Hong Kong.

Read more: Bloomberg and HKEX enhance Swap Connect solutions to facilitate global investments for IRS market

Bloomberg’s sell-side solutions – which include TOMS and ETOMS – will allow the bank to optimise its trading services for international investors; automate the workflows of bond pricing, sales and trade execution; and electronify USD IRS market-making.

“As China’s financial markets continue to open up, China Minsheng Bank is committed to strengthening ties and communications with foreign investors and enhancing our market-making capabilities,” said Qingyu Wang, head of financial markets department at China Minsheng Bank.

“Our collaboration with Bloomberg provides automated workflows for better operational efficiency, a transparent price display channel to facilitate informed decision-making and a means to reach out to global investors.”

TOMS was previously adopted by China Minsheng Bank to book multiple asset class exposures, enabling real-time profit and loss and risk analysis, as well as integration with back-office settlement systems.

The addition of ETOMS will enable the commercial bank to send customised quotes to clients, provide pre-trade quotes and axes into aggregation tools, and display real-time quotes on a designated page of the bank on the Bloomberg Terminal, bolstering communication and trading efficiency among investors overseas.

“We are pleased to strengthen our partnership with China Minsheng Bank and support its international business development with our industry-leading sell-side solutions,” said Dahai Wang, head of Greater China at Bloomberg.

“Electronic trading and automated workflows are important trends in global finance, enhancing competitiveness through more accurate pricing, smoother trade execution, and efficient risk management.”

The post China Minsheng Bank enhances market-making capabilities through adoption of Bloomberg sell-side solutions appeared first on The TRADE.

Bloomberg AIM was selected by APS to increase the firm’s operational efficiencies, particularly around its volume of transactions.

The solution and its post-trade straight through processing (STP) package will also provide APS with real-time transparency on trade matching. 

“APS Asset Management has undergone substantial growth over the past few years and was in search of a technology partner to help us uncover operational efficiencies,” said Lu Lan Fang, chief operating officer at APS Asset Management.

“Bloomberg is our partner of choice and their end-to-end trading and automation solutions have allowed us to enhance our investment capabilities in an agile way.”

Separate to providing more focus on exception management, Bloomberg AIM will also help APS manage regulatory updates such as the North American shift to T+1 settlement introduced in May.

Read more: Bloomberg unveils enhancement to FX execution offering in wake of T+1

“Financial markets are constantly evolving and we’ve seen first-hand that buy-side firms which embed the right tools and technology are gaining a competitive edge,” said Manju Sakhrani, APAC head of buy-side product sales at Bloomberg.

“We are proud that our partnership with APS Asset Management will help them scale and automate workflows.”

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