Bloomberg has executed the first electronic list trade in European government bonds though its multilateral trading facility (MTF), with its evaluated pricing service (BVAL) referenced for the closing price.
The all-or-none trade was executed by J.P. Morgan with a European insurance company and used Bloomberg’s Portfolio Trading basket Builder (PTBB) tool, part of the company’s portfolio trading solution.
The solution enables electronic negotiation and transaction, using an end-of-day snapshot. This helps to minimise tracking error and provides certainty of execution with reference to a specific close time, the company said. Users are able to integrate axe data, analytics and communication tools to direct their lists to the optimal liquidity provider, it continued.
Derek Kleinbauer, global head of fixed income and equity e-trading at Bloomberg, commented: “Bringing together solutions across Bloomberg provides clients with comprehensive trading tools, and we look forward to expanding this workflow across other market segments and asset classes.”
Julian Baker, co-head of Euro linear rates trading at J.P. Morgan, added: “Market participants are always looking for more efficiencies in their trading workflow across all asset classes. We are excited to further enhance our suite of list EGB e-trading capabilities with Bloomberg’s new list product.”
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