Bloomberg, the global business and financial information provider, today announced that three Indian state-owned companies have selected its FX trading platform (FXGO) to manage global currency risks.
Gas Authority of India Ltd (GAIL), Rural Electrification Corporation Limited (REC) and ONGC Videsh Ltd (OVL) are among a growing number of corporations using FXGO 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 India’s public-sector corporations to monitor global news and financial market data, communicate with global counterparties and evaluate economic outlooks.
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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 from over 300 providers worldwide.
Sunny Chhabria, Head of Sales for Bloomberg South Asia, commented: “It is encouraging to see a growing number of public sector companies adopting electronic platforms and setting a new benchmark for corporate treasury in India. GAIL, REC and OVL represent leading public sector enterprises in India that are adopting best-in-class technology and global best practices in corporate treasury, and we look forward to partnering with more Indian corporations to support their business transformation.”
An REC spokesperson added: “As we expand and transform our operations, the move towards an electronic FX platform was important for us to achieve greater efficiencies and streamline our workflow,” said a. “With Bloomberg FXGO, we can access real-time executable pricing from multiple banks, click and trade various FX instruments on the best price provided, and achieve best execution.”