Bloomberg’s FXGO Gets Bank Negara’s Nod to Operate in Malaysia

Bloomberg, the global business and financial information provider, today announced that Bank Negara Malaysia has approved its FX Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term (FXGO) under Malaysia’s new Framework for Electronic Trading Platforms.

Bloomberg’s FXGO allows market participants to trade from a pool of liquidity available through their Bloomberg Terminal, which allows local corporations to find transparent pricing, execute currency trades and hedge foreign exchange risk.

FXGO system is fully integrated with Bloomberg’s data, news, analytics and communications tools. The commission-free trading platform is part of the Bloomberg Professional service, which will be also used by Malaysia’s corporations to monitor global news and financial market data, communicate with global counterparties and evaluate economic outlooks.

The news comes barely one week after Refinitiv’s Matching and FXall platforms secured similar approvals as electronic trading platforms.

Malaysian central bank’s framework, which came into effect in November 2019, applies to participants in the wholesale financial markets, including money brokers operating electronic broking platforms, and operators of electronic trading terminals.

The framework sets out approval requirements for platform operators to be eligible to provide their services in Malaysia. The term “electronic trading platform” when used in the Framework includes an electronic broking platform.

Bloomberg’s FX solutions help market participants track prices, news, data and analytics in real time whilst analysing market trends and generating trade ideas. It is part of an extensive suite of functions that allow both corporations and banks to access Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term from over 300 providers worldwide.

“Bloomberg has been a long-standing and dedicated partner for the Malaysian financial markets, and this approval further cements Bloomberg’s long-term commitment to the Malaysian market. We look forward to supporting the central bank in building a more transparent and efficient FX market. Market participants in Malaysia can access the largest community of FX professionals and users within other asset classes, enabling them to trade multiple currencies from a rich pool of liquidity,” said Tod Van Name, Bloomberg’s Global Head of FX Electronic Trading.