Bloomberg is bringing streaming foreign exchange rates to users of its Bloomberg Professional terminals, courtesy of a joint venture with forex vendor Cognotec, the two firms will announce today, reports RiskNews’ sister publication FX Week .More than 190,000 of Bloomberg’s users will be able to access Cognotec-using banks’ forex pricing engines as a result of the deal, which the two firms have been working on since last year.
Phase one of the deployment enables Bloomberg clients to customise requests for streaming forex prices from banks’ e-commerce platforms. Several un-named banks are already live as part of this phase and more are in the pipeline, said Cognotec.
Phase two, planned for later this year, will enable Bloomberg Professional users to deal on real-time streaming executable rates simultaneously from multiple banks they may pre-select. Price requests will be customisable, based on currency pair, instrument, amount and value date. Users can click and deal on the streaming rates, and transactions will be credit checked and displayed in the bank and client’s trade blotter.
John Beckert, president of Cognotec International, said: "Using our considerable investment in bank e-commerce technology, and Bloomberg’s global distribution capabilities, together we can offer the market-place a seamless link between the buy and sell side. By introducing fully executable streaming rates in a multi-bank environment, this initiative will significantly improve the quality and efficiency of the foreign exchange markets for both banks and clients."
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