THETRADETECHFX DAILY news update
TECHNOLOGY
Bloomberg unveils new FX price monitoring tool to bolster user insights
THE NEW OFFERING – MYQ – IS EXPECTED TO SUPPORT FX MARKET PARTICIPANTS IN MAXIMISING PRE-TRADE WORKFLOW EFFICIENCY, BY COLLATING FRAGMENTED PRICING QUOTES ACROSS IB CHATS INTO A CENTRALISED FORMAT.
Bloomberg has launched a new price monitoring tool specifically for FX quotes, designed to support investors with discovering insights from their Instant Bloomberg( IB) chats.
The new solution – MYQ – displays FX quotes detected by Bloomberg’ s natural language processing( NLP) within a user’ s IB chats, to then allow users to monitor their FX pricing by organising scattered chat-based quotes into clear actionable data, ultimately enhancing price discovery.
Specifically, the launch aims to support participants in the FX market in maximising their pre-trade workflow efficiency by streamlining fragmented pricing communications into a centralised, FX curvestyle format that groups quotes by currency pairs, tenors and bid / offer levels.
Through the new offering, Bloomberg will address ongoing challenges which arise from manual processes, namely the‘ swivel chair’ challenge, which sees traders constantly moving
between applications, communications systems and chat rooms to assess pricing, determine counterparty quote relevance and validate market interest.
By using this manual stream, traders have historically faced obstacles such as operational inefficiency, which cause missed opportunities in the markets, lack of liquidity from workflow challenges and competitive disadvantages from failures to identify or respond to chat-based quotes.
Speaking on the new solution, Ed Loftus, head of FX relative value and applications at Bloomberg, said:“ FX market participants often need to sift through massive quantities of fragmented pricing data across dozens of applications just to source the right liquidity to meet their objectives.
“ By harnessing Bloomberg’ s NLP to structure chat-based quotes within the MYQ solution, we are transforming how clients quickly find prices and streamline FX trade negotiation.”
The firm has also highlighted key features of the MYQ solution, spanning a history tab to log price quotes, click-to-navigate functionality to jump directly to the chat room where a quote originated, and post history, chat room filters and default currencies as advanced customisation options.
TRADING VENUES
SGX FX to bring its market data on-chain
THE INITIAL PHASE OF THE CHAINLINK INTEGRATION WILL SPAN SPOT AND ONE-MONTH FORWARD RATES ACROSS MAJOR G10, ASIAN AND EMERGING MARKET CURRENCY PAIRS.
SGX FX has integrated decentralised blockchain network, Chainlink, as part of an effort to expand its institutional OTC FX data to blockchain markets.
The new offering makes use of Chainlink’ s data publishing service, DataLink, to allow SGX FX to expand distribution of its data on-chain to more than 2,600 applications spanning in excess of 75 blockchains.
As part of the initial rollout, clients will be able to access spot and one-month forward rates spanning key G10, Asian and emerging market currency pairs.
“ As markets continue to evolve, users are looking for greater flexibility in how and where they access trusted data,” said Hugh Whelan, head of liquidity management and data at SGX FX.
“ Working with Chainlink allows us to support new workflows and use cases while staying aligned with the robust standards our participants expect.”
In addition, the integration of SGX FX’ s data on-chain is expected to streamline and boost institutional access to decentralised finance, and input established FX market data into tokenised assets, structured products and hedging workflows.
Fernando Vazquez, president of capital markets at Chainlink Labs, said:“ We’ re excited to see SGX FX adopt Chainlink to bring its institutional FX data on chain as it is a clear milestone in the convergence of on chain finance and the world’ s largest markets. This is how our industry advances to the next level and powers the future of finance.”
Hugh Whelan
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