Bloomberg launches EUR Swaps vs. Futures workflow

Rick Steves

Plans are in place to broaden this offering to include spreads versus cash instruments and further exchange connections.

Bloomberg has launched an automated electronic workflow for trading and reporting EUR Interest Rate Swap (IRS) versus Bond Future contracts through Eurex.

The system offers sell-side participants, serving as executing brokers, the ability to manage trades through a unified interface, ensuring full straight-through processing (STP) with Bloomberg’s cutting-edge technology.

Bloomberg plans to add spreads versus cash instruments

Such a solution may significantly alleviate the operational challenges traditionally associated with basis trading. By facilitating a smooth, no-touch submission and approval process for Futures Commission Merchants (FCMs), the new workflow aids in meeting the stringent reporting deadlines mandated by the exchange, thereby minimizing operational risk and lightening the manual load.

Currently supporting Euro-denominated IRS spreads to Eurex bond futures contracts, the solution accommodates both matched maturity and spot benchmark tenors for IRS traded on platforms run by Bloomberg’s affiliates.

Plans are in place to broaden this offering to include spreads versus cash instruments and further exchange connections.

Bloomberg’s EUR Swaps vs. Futures reduces operational burden

Will Baillie, product manager for European Electronic Rates at Nomura, said: “We are happy to be the first dealer live on Bloomberg for EUR Swaps vs. Futures with a fully automated electronic solution. This new workflow offers significant benefits that help streamline the booking process. By reducing the operational burden it means we can service our clients in a more efficient manner.”

Kilian Frensch, head of European Interest Rate Swap trading at Nomura said: “The support of EUR Swaps vs. futures on Bloomberg is part of a number of steps we are taking to enhance our electronic capabilities at Nomura. Building on a proven track record of innovation we are committed to growing a strong, consistent and wide ranging offering for our clients.”

Derek Kleinbauer, Global Head of Fixed Income & Equity E-Trading at Bloomberg, commented: “Increased electronification enables workflow optimization and benefits our clients across the buy and sell-side. We are committed to investing in new functionality to support clients’ needs and look forward to continuing to build out this offering as it expands to include a wider range of instruments.”

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