The Board of FMDQ OTC Plc has approved Bloomberg technology for trading fixed income securities, known as E-Bond, as the third technology operators can use on the newly-launched fixed income securities platform.
Before the formal launch of the FMDQ last week, technologies from Thompson Reuters and ICAP were used by securities dealers to trade on the platform, operated by the Financial Market Dealers Association (FMDA).
The Managing Director of FMDQ, Mr. Bola Onadele Koko, had told THISDAY in an exclusive interview that as the platform was being inherited from FMDA, the existing rules and technology would be maintained until others could be included.
“We are inheriting the market and it is therefore imperative to be careful about how we distort the market dynamics. So the rules we are starting with are the existing rules, the technology we are starting with will be the existing technology. However, any technology complementary to the existing one, we will throw in. The technology we have in the market are the Thompson Reuters and ICAP. But there are complementary technology within the space of OTC market,” Onadele said.
However, in an apparent move to make trading more robust and flexible, the board of FMDQ has approved that the Bloomberg E-Bond can also be used on the platform.
“I am happy to announce that the board of FMDQ has graciously approved that Bloomberg trading technology for fixed income securities can now be used on the platform,” Onadele said.
It was gathered that the Bloomberg E-Bond empowers local traders with comprehensive tools to maximise execution in a robust electronic trading venue. It can evolve as market grows by reducing risk and improving liquidity.
Some of the features of the E-Bond include: all in one platform, streamlined workflow, cost effective and high level of integration.
With respect to workflow, the E-Bond can handle both analysis and trading in one screen, just as it is flexible to handle both quote driven and order driven markets with two-way request for quote and anonymous orders.
