Bloomberg, a leading market data and news provider for global financial markets has announced the official launch of its brand-new, focused news service, First Word Foreign Exchange (FX). Forex Magnates’ London correspondent was given a demonstration of the new product at the FX13 Summit at Bloomberg’s London headquarters yesterday.
Through the speciality news product, Bloomberg extends its coverage of news, impacting the world’s most liquid asset class. The product demonstration was conducted by Tod Van Name, Bloomberg’s Global Head of FX and Commodities, and one of the key architects behind the product, Richard Breslow, Editor-at-Large, Bloomberg First Word FX.
The First Word FX product aims to create a simplified yet specialized news service for users of Bloomberg’s market news. Users will be updated in real-time on various news topics. A key feature that is useful for traders, is the ability to take a macro view of any story and add relevant data and follow-up links, e.g. graphs, to provide the user with all the resources needed to assess the story.
Mr. Breslow joined Bloomberg earlier this year, and is supported by a vast number of contributors who have direct industry experience. Mr. Breslow is a former fund manager and has used Bloomberg’s services for over twenty years. Mr. Breslow explained to Forex Magnates during the product briefing,
“Many of our First Word FX reporters have direct market experience, giving them the background and insight to understand and objectively report on the events that are currently or likely to move global markets. In addition, our unparalleled global network of bureaus give us immediate access to market-moving news and the local knowledge to analyze it. Our job is not to simplify the news, but present the most salient points in a quickly digestible and actionable format. We look at the markets as a correlation matrix, recognizing that no one market or asset class operates in a silo.”
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Bloomberg advertised positions for the new solution earlier this year. An extract from a job advert on Linkedin for Asia First Word FX Reporter highlights their key functionality, which is to provide useful information in a simplified manner. The advert states,“Bloomberg News is seeking an experienced reporter for its Asia First Word FX team. The reporter will be responsible for producing fast and intelligent copy on movements of currencies, exclusive interviews and government finances and policy. The reporter should be able to produce clear, concise and accurate copy under deadline pressure.”
The product is available for users of Bloomberg terminals under FIRST<GO>. First Word FX provides Bloomberg subscribers with daily event previews, as well as country-specific insights through exclusive market summaries. In addition, the service is available across asset classes, including equities and fixed income products.
Bloomberg has received positive feedback from users of the product. Luis Martins, Head of Foreign Exchange in Latin America at BBVA said in a statement, “Clearly designed with the trader in mind, Bloomberg’s First Word FX provides precise, unique insights and content to help me understand where the market is moving so I can react accordingly.”
”The FX markets are so dynamic today that traders need an integrated, single platform to understand and capitalize on this volatility. Bloomberg provides that solution.”
The FX13 Summit was attended by industry professionals; one of the major themes dis
cussed was the impact of SEFs. Bloomberg was the first entity to receive approval by the US regulator, the CFTC, to operate as a swap execution facility.