fixed income trading
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Bloomberg’s Fixed Income trading platform and complete execution management solution provides liquidity, trading functionality and straight-through processing for all fixed income securities, derivatives and futures.
Bloomberg’s Fixed Income and Derivatives Execution Management System (TSOX) allows liquidity takers to route and execute orders into Bloomberg’s FIT trading platform as well as other supported venues, and manage incoming orders so you can quickly and efficiently manage your trading activities.
Orders can be staged directly from a client’s OMS, or uploaded from Microsoft Excel, executed and allocated in one click. When orders are filled, the client’s OMS is updated automatically. Voice matching and IB trading allows orders to be staged in TSOX that were not traded electronically (i.e., over the phone or instant message), and recorded for compliance and reporting.
The recent launch and trading of standardized TRS contracts on the Bloomberg Barclays Indices (BTRS) enables investors to gain synthetic exposure to cash bonds, and specifically, the market leading fixed income benchmark.
Total Return Swaps (TRS) provide an alternative vehicle to trading the underlying Index of cash securities, to simplify and avoid the infrastructure and maintenance associated with cash positions. TRS are usually structured with a total return leg (on the underlying index) versus the funding leg (usually Libor or other funding benchmarks).
TRS on Bloomberg’s market leading indices are designed to assist traditional PMs in matching benchmark returns or to hedge risk exposure using derivative trades. Bloomberg dealer pages, advanced analytics in Pricing and in Risk, and electronic trading platforms will help facilitate flow/liquidity in this product.
Key positive features of this BTRS contract include:
- Standardization of the deal structure, quoting convention and pricing.
- Quarterly maturing contracts expire at the end of IMM months (March, June, September, December) to enhance liquidity.
- The ability to collapse trades. e.g., monthly deal cashflows and resets will match due to the standardized nature of the contract.
- End of month resets and payments consistent with portfolio management performance practices on the corresponding cash product portfolio.
- Transparency and pricing of the underlying indices provided by Bloomberg.
- Funding leg based on one-month Libor “flat.”
- Well positioned to become clearing-eligible.
For more information, please contact [email protected]
FIT, Bloomberg’s fixed income trading platform, links all available fixed income electronic trading products into one portal and provides multi-dealer, executable composite pricing, so you can stage, monitor, trade and allocate trades through a single function on the Bloomberg Terminal. You can also trade with FIT from your TSOX blotter.
The FIT market monitor allows you to watch the current bid and ask prices for a type of security within your chosen market, so you can follow market movements and identify the rates at which you want to trade. You can simply click a price or enable a multi-leg deal to submit a trade ticket to your chosen dealers.
In addition to TSOX, BOLT is another list trading platform that allows clients to access a deep pool of liquidity for investment grade, high yield, emerging markets (EM), credit default swaps, (CDS), interest rate swaps (IRS) and municipal bonds.
The Bloomberg Multilateral Trading Facility (BMTF) permits clients to execute derivatives subject to MiFID II guidelines.
Bloomberg’s Swap Execution Facility (BSEF) is the market-leading SEF, with participants actively trading Permitted Transactions in CDS, IRS, FX and commodity derivatives.