Bloomberg has completed the first fully automated Japanese government bond (JGB) market-on-close trade on its recently launched workflow.
The workflow forms part of Bloomberg’s electronic markets offering and is aligned with the JGB market-on-close reference rate, BB3P.
Specifically, the solution aims to reduce tracking error and provide certainty of execution at a specific close time, while also combining the bid-offer list trading functionality with Bloomberg’s trade automation tool, Rule Builder.
“We continue to enhance our global market-on-close capabilities, bringing greater automation and efficiency to fixed income trading for our global clients,” said Norman Tweeboom, Japan enterprise sales head at Bloomberg.
“The powerful combination of Bloomberg electronic markets capabilities enables clients to more efficiently negotiate pricing while reducing operational complexity in a critical market.”
In addition, clients can utilise the offering to define execution criteria and automate order routing, based on predefined conditions within an integrated order and execution management workflow.
Moreover, the addition of the JGB workflow expands Bloomberg’s current market-on-close capabilities for global fixed income, which also includes US Treasuries, Canadian government bonds, UK gilts and European government bonds.
Yudhveer Chaudhry, head of emerging markets, FX, commodities and digital assets at BlackRock, added: “The ability to combine market-on-close execution with rule-based automation is a significant step forward for the JGB markets.
“By accelerating time to market and enabling more systematic execution at the BB3P market reference, this workflow will help minimise transaction costs, reduce manual intervention, and deliver more consistent, optimised outcomes for investors, particularly during high-volume periods.”
In September, Bloomberglaunched its FX options RFQ APIon its FX trading solution FXGO – a move specifically tailored to the buy-side options market.
The new offering allows buy-side traders to run the entire RFQ workflow programmatically, spanning the whole trading lifecycle from submitting a trade request and completing dealer quotes, to completing the deal.
