Bloomberg said today that VCON, the firm’s voice trade confirmation system for cash and derivative instruments, is the first to connect buy side and sell-side firms to multiple central clearing counterparties (CCPs) for interest rate swaps (IRS) central clearing.
Bloomberg’s VCON has signed up Citadel LLC, Freddie Mac and PIMCO as clients among the firms using its industry workflow and post-trade communications and affirmations solution to connect to CME Clearing, the company said today.
Other clearinghouses already connected via the Bloomberg tool are the Intercontinental Exchange (ICE) and CME Clearing for credit derivatives, and the International Derivatives Clearing Group (IDCG) for IRS. Clients also have access to LCH. Clearnet’s Swapclear service which is reached through Bloomberg VCON’s integration with MarkitServ.
Bloomberg’s VCON is a multi-asset system that allows for post-trade communications and affirmations to be completed o the platform. Bloomberg clients are able to match trades, integrate them with Bloomberg analytics, and send those trades directly to all major CCPs for IRS and credit default swaps (CDS).