Bloomberg has launched a pre-trade tool that uses natural language processing to pick FX quotes out of a user's Instant Bloomberg chat messages and group them into a single price view, the company said Monday.
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The tool, called MYQ, reads quotes negotiated over Bloomberg's chat network and displays them in a curve-style layout organized by currency pair, tenor, and bid/offer level, according to Bloomberg. The company said the feature is meant to feed into FXGO, its multi-bank FX trading platform, rather than replace it.
A big chunk of FX pricing in the interbank and dealer-to-client markets still moves over chat, and Bloomberg said traders currently have to hop between windows and chat rooms to compare what counterparties are showing them.
Chat as a price-discovery layer
Bloomberg said MYQ includes a history log of recent chat-based quotes, a click-to-navigate function that jumps users to the chat room where a quote originated, and filters for currencies and chat rooms. The company did not disclose how many FX clients it is targeting, what the tool will cost, or whether it is bundled with an existing Bloomberg Terminal subscription.
"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," Ed Loftus, Head of FX Relative Value and Applications at Bloomberg, said in the statement.
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He said the company is "transforming how clients quickly find prices and streamline FX trade negotiation."
The launch extends a series of additions Bloomberg has made around FXGO over the years, which has picked up central bank and corporate adoption in markets including Malaysia and more recently added FX options trading through a request-for-quote workflow. Bloomberg has not published standalone volume figures for FXGO in recent years.
Competition in the chat-to-execution race
MYQ lands in a segment where Bloomberg already has well-established competition on the messaging side. Symphony, the bank-backed communications platform launched in 2015, has spent years positioning itself as a lower-cost alternative to Instant Bloomberg and has built out workflow integrations with the likes of Dow Jones and the former Thomson Reuters Eikon. Bloomberg cut the price of a standalone chat subscription in response to that pressure several years ago.
On the pre-trade data side, the likes of LSEG's Refinitiv, 360T, and FXSpotStream have been investing in order-book transparency and low-latency feeds. Refinitiv, for example, launched an enhanced low-latency FX market data feed aimed at helping Spot Matching clients sharpen price discovery. MYQ tackles a different piece of the workflow, the unstructured quotes that sit inside chat threads, but the end goal is similar: give traders a cleaner view of where executable prices actually are before they hit the market.
. Institutional FX volumes have fluctuated sharply through 2025 across the major platforms, and whether a chat-surfacing layer changes how dealers and buy-side desks source liquidity is likely to depend on how quickly major counterparties opt in.
