ELECTRONIC TRADING NEWSFLASHES
Bloomberg Chooses Cognotec to Deliver Streaming Rates to FX Market
Bloomberg L.P., a global news and information network servicing the professional financial community, has joined forces with Cognotec, a provider of foreign exchange dealing solutions, to "bring the next generation of FX price discovery and execution to the global FX marketplace," according to a press release. The Bloomberg Professional platform will now be used by buy-side clients to connect with "many top market making banks' e-commerce pricing engines provided by Cognotec," the press release continued.
The two companies have been working together for the past year and Bloomberg clients are already able to customize requests for streaming bank-name-attributed FX prices delivered from banks' e-commerce platforms. The two companies are attempting to achieve a seamless link between the buy and sell sides, which will "significantly improve the quality and efficiency of the foreign exchange markets for both banks and clients," according to John Beckert, president of Cognotec International. Bloomberg's David Martin, global head of foreign exchange, states in the press release that "This alliance brings together the world's leading banks, giving them the ability to enable their customers to see their FX rates and now execute on them via the Bloomberg Professional service."
A new phase of the joint project, to be implemented later this year, will allow Bloomberg clients to "access real-time, streaming executable rates simultaneously from multiple banks of their choosing," and will "have the ability to click and deal on the streaming rates, with executed transactions being credit checked and automatically displayed in both the banks' and clients' trade blotters," according to the press release.
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