Bloomberg, the financial data, analytics and technology provider, has announced the release of its executable streaming for non-deliverable forwards (NDFs) on FXGO, its global foreign exchange trading platform.
With one of the most extensive foreign exchange offerings across the globe, Standard Chartered Bank will be the first liquidity provider to participate, allowing the bank to contribute executable pricing across a wide range of Asian and Latin American non-deliverable currencies to cater to the needs of its corporate and institutional clients.
Standard Chartered is helping to lead the way when the global market is looking for new ways to improve liquidity.
The solution integrates the power of Bloomberg’s FX execution and straight through processing (STP) tools with Standard Chartered’s robust provision of liquidity. It offers a seamless end-to-end workflow for NDF trading to the global community of Standard Chartered clients who wish to enjoy seamless execution using the Bloomberg Terminal.
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According to a recent survey by the Bank for International Settlements (BIS), foreign exchange is the largest and most liquid market in the world, averaging US$5.1 trillion a day. NDFs function as an important trading, hedging and investment vehicle and are a growing part of the FX ecosystem, currently representing 19 percent of the FX forwards market.
Standard Chartered currently provides access to over 130 emerging market and G10 currencies across a wide array of products and delivery platforms.
Tod Van Name, Bloomberg’s Global Head of FX Electronic Trading, said: “Expanding Bloomberg’s Foreign Exchange trading platform, FXGO, to support streaming of NDFs enables us to give the FX community more access to emerging markets, while bringing new levels of automation, trading efficiency and market transparency to our clients. Standard Chartered is helping to lead the way at a time when the global market is looking for new ways to improve liquidity, and via one of the world’s largest and fastest-growing FX platforms.”
Executable NDF prices are available on FXGO’s trading grid, a Bloomberg Launchpad component that offers streaming prices from leading liquidity providers, all in one place. FXGO also provides subscribers with seamless tools for end-to-end execution of spot, forwards, options, precious metals and deposits.
Mark Webster, Global Head of FX Sales at Standard Chartered, added: “Being the first to offer streaming rates for NDFs on Bloomberg, we are increasing market transparency, making the NDF market more efficient, and giving our clients the latest technology to find better pricing – faster.”