Bloomberg has added a suite of FX pricing quality analytics tools for FXGO clients available via its multi-asset reporting tool for electronic trading (MISX).
The additions mean FXGO users can analyse and dissect pricing quality and performance for any request for quote (RFQ) pricing requests, including batch trades, sent over FXGO. The multi-bank FX trading platform provides access to deep liquidity through real-time pricing, workflow solutions and analytics for price takers across the globe to negotiate FX transactions with their bank relationships.
Tod Van Name, global head of foreign exchange electronic trading at Bloomberg, said: “These new Pricing Quality Analytics in MISX provide both buy and sell-side market participants with unparalleled breadth and depth of analysis and output that can help them make more informed trading decisions and achieve better outcomes.
“Transparency and the availability of real-time information is a vital part of successful trading operations for our clients, and we are always working to enhance FXGO capabilities to meet this need.”
Using MISX Pricing Quality Analytics, price makers can identify where opportunities to price are being missed and why, such as due to internal counterparty setup, enablement issues or internal credit rejects.
Price takers can use MISX Pricing Quality Analytics to learn how often a counterparty priced and won the trade, were runner up with the “Best Alternative” price or placed somewhere in the pack. Price takers can also measure how often a counterparty declined to price, failed to pick up the request or rejected a request to deal.
Crédit Agricole CIB’s global head of electronic client connectivity, Guillaume Carreno, said: “The additional information, especially the “Best Alternative” data, has enabled us to identify areas where we can further improve the pricing quality for our clients. The productivity efficiency we gain with this new feature is an important added value.”
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