The Central Bank of Azerbaijan has announced it will conduct all of its foreign exchange auctions and deposits via the Bloomberg auction platform.
Bloomberg’s platform was designed to assist major financial entities such as finance ministries and central banks with the management of primary market operations. It includes forex tools such as spot and outright. Other instruments include deposits, repo products, and fixed income.
On this platform, traders are able to track and enter bids in central bank auction events. Central banks, on the opposite end of the spectrum, can hold auctions for forex, repos, depositary notes, and their debts.
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Information regarding the auction will be available on Bloomberg’s forex online trading platform FXGO. Bloomberg Professional Services subscribers have full access to the website’s information such as data, analytics, news and communication mediums.
Ali Ahmadov, Director of Market Operations Departments at the Central Bank of Azerbaijan, noted that Bloomberg’s auction platform has enhanced the bank’s experience with handling forex and deposit auctions: “Bloomberg’s auction platform provided us with advanced experience in handling FX and deposit auctions with its flexible, swift and multi-purpose auction techniques, thus becoming a single platform for those monetary operations conducted by the Central Bank.”
Tod Van Name, the Global Head of Forex Electronic Trading at Bloomberg, said the company was pleased both with the collaboration and implementing changes into the management of financial operations. “The platform provides an optimal and cost-effective way to conduct auctions for FX instruments and deposits in the local market — all within a single, comprehensive solution,” he said.