FX traders using Bloomberg’s trading solutions can take advantage of the chat service the firm offers to provide a complete foreign exchange trade execution service. Bloomberg unveiled, Instant Bloomberg (IB) Dealing, a new chat service where traders can engage in various trading related services including the; ability to negotiate and confirm spot, outright, non-deliverable forwards (NDFs), deposits and option transactions.
The chat service is currently being used by 100 global banks across 46 countries. Bloomberg is one of most widely used data and information services, on the firm’s website they state they have 315,000 subscribers on their Bloomberg Professional set up, exchanging 200 million messages a day.
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“IB Dealing – which has been developed in collaboration with FX traders – provides the global FX community with the capabilities it needs to negotiate transactions, electronically execute and report trades using one, integrated platform,” said Tod Van Name, Bloomberg’s Global Head of FX, Economics and Commodities in a statement to the press.
Among the 100 global banks is Citi, a US based international financial services firm. David O’Shea, Director of Emerging Market FX and EMFX E-commerce at Citi in New York spoke about the service in a statement to the media: “Bloomberg’s IB Dealing capabilities have significantly reduced the costs of our foreign exchange trading operations and improved our internal communication, by developing a single integrated platform, Bloomberg has produced a solution that Citi will be able to rely on for years to come.”
Bloomberg’s new chat service complements its existing research, analytics and trade execution service. Reuters, one of the largest dealer to dealer FX venues launched its signature messaging system, Reuters Messaging, in 2002.