Bloomberg Tradebook LLC today announced a new collaboration with European derivatives exchange Eurex.
Bloomberg Tradebook will offer the ability to directly access Eurex member Banks and Market Makers within the existing CCP environment via the Bloomberg Tradebook front-end.
Firms can use their existing clearing broker relationship, negating the need for complex tri-party give-up agreements with Eurex Market Makers. It will be available for all equity options and futures traded on Eurex as well as for all FX derivatives.
It will further electronify the European off-book business, whilst allowing firms to directly control and manage their own flow. Eurex Market Makers can respond directly to this flow without any additional costs, affording them the possibility of offering tighter spreads and greater participation.
Participants of both Eurex and Bloomberg Tradebook will benefit from seamless integration with existing workflows and clearing setups allowing for easy utilization, while customizable RFQs offer clients complete control over trade visibility and anonymity. The connectivity will provide market participants with access to off-book trading, thereby enabling them to complete large orders while minimizing information leakage. Off-book trades refer to over-the-counter transactions made directly between two parties, away from or off the order books.
André Eue, Head of Market Development & Pricing at Eurex said:
“Direct access to Enlight through Bloomberg Tradebook represents a major step forward in providing market participants with greater efficiency, cost savings, and control in off-book trading. We’re pleased to be working with Bloomberg and look forward to continuing to provide clients with tools that enable them to efficiently and effectively identify new trading opportunities.”
Brian Coffaro, Global Head of Futures and Options Trading at Bloomberg, added:
“The connectivity between Eurex and the Bloomberg Tradebook front end enables us to deliver a more streamlined trading workflow to our mutual clients. As market participants explore different ways to trade, Bloomberg is focused on providing them with access to robust trading tools alongside our leading data and analytics to help them efficiently find the other side of their trades at the best available price.”
Bloomberg Tradebook is part of Bloomberg Electronic Trading, which are used by leading financial institutions to trade efficiently in over 175 markets around the world. More than 9000 client firms use Bloomberg Electronic Trading to access industry-leading depth and breadth of liquidity across asset classes from over 1,500 dealers globally. Bloomberg Electronic Trading provides market participants with comprehensive solutions across the trading lifecycle, including robust price transparency, analytics, automation and execution, powered by Bloomberg’s high-quality, multi-asset class data and tools.
