Bloomberg's Electronic Trading Platform Hits Japan Alongside New Rules
by
Andy Traveller
The launch supports new rules, which came into force today, mandating the electronic trading of JPY Interest Rate Swaps.
As new Regulation comes into force in Japan requiring certain over-the-counter (OTC) trades to be executed via electronic trading platforms, Boomberg Tradebook Japan Limited today announced the launch of its electronic Trading Platform in the country.
Specifically, the launch supports new rules, which came into force today, based on the Japan Financial Instruments and Exchange Act (FIEA). The new rules stipulate the mandatory electronic trading of Japanese Yen Interest Rate Swaps (IRS), affecting banks and other financial institutions with outstanding OTC derivatives transaction amount of no less than JPY 6 trillion.
The new regulation reflects a push by G20 countries to require all standardized OTC derivative contracts to be traded on exchanges or electronic trading platforms, where appropriate, and to be cleared through central counterparties (CCP).
Tradebook Japan’s electronic trading platform, which will be delivered through the Bloomberg Professional service, will facilitate these conditions. Indeed, it will send all trades that are executed via the platform to the Japan Securities Clearing Corporation for clearing.
In line with the Bloomberg Professional terminal, users will also have access to Bloomberg’s 24/7 customer service and global news, data and information platform.
Bloomberg is no doubt eager to gain a share of the Japanese market, as it is increasingly under competitive pressure from rival terminal business, Symphony.
The announcement did not confirm which financial institutions have already expressed an interest to adopt Tradebook Japan’s platform.
In an accompanying statement, Shintaro Sasaki, Representative Director of Tradebook Japan, said: “Bloomberg is committed to support the trading of relevant instruments and provide required solutions for compliance.
With our experience working with both the buy-side and sell-side firms in Japan and delivering electronic trading solutions globally, we are uniquely positioned to help our clients who expect best-in-class execution services in an evolving regulatory landscape.”
As new Regulation comes into force in Japan requiring certain over-the-counter (OTC) trades to be executed via electronic trading platforms, Boomberg Tradebook Japan Limited today announced the launch of its electronic Trading Platform in the country.
Specifically, the launch supports new rules, which came into force today, based on the Japan Financial Instruments and Exchange Act (FIEA). The new rules stipulate the mandatory electronic trading of Japanese Yen Interest Rate Swaps (IRS), affecting banks and other financial institutions with outstanding OTC derivatives transaction amount of no less than JPY 6 trillion.
The new regulation reflects a push by G20 countries to require all standardized OTC derivative contracts to be traded on exchanges or electronic trading platforms, where appropriate, and to be cleared through central counterparties (CCP).
Tradebook Japan’s electronic trading platform, which will be delivered through the Bloomberg Professional service, will facilitate these conditions. Indeed, it will send all trades that are executed via the platform to the Japan Securities Clearing Corporation for clearing.
In line with the Bloomberg Professional terminal, users will also have access to Bloomberg’s 24/7 customer service and global news, data and information platform.
Bloomberg is no doubt eager to gain a share of the Japanese market, as it is increasingly under competitive pressure from rival terminal business, Symphony.
The announcement did not confirm which financial institutions have already expressed an interest to adopt Tradebook Japan’s platform.
In an accompanying statement, Shintaro Sasaki, Representative Director of Tradebook Japan, said: “Bloomberg is committed to support the trading of relevant instruments and provide required solutions for compliance.
With our experience working with both the buy-side and sell-side firms in Japan and delivering electronic trading solutions globally, we are uniquely positioned to help our clients who expect best-in-class execution services in an evolving regulatory landscape.”
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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