News and financial data provider Bloomberg announced that foreign exchange traders can now trade FX options through its multi-bank trading platform, FXGO.
The firm says its FX solution is designed to give buy-side firms and corporate treasuries the ability to obtain multiple prices before executing a trade, as well as a seamless transition to the stricter regulatory environment under the new derivatives legislation.
"Regulation is accelerating changes in the FX marketplace and clients want ready-made, sophisticated features to help them meet the latest regulatory requirements," said Tod Van Name, Bloomberg's global head of foreign exchange, economics and commodities.
Through a request-for-quote (RFQ) system, traders can now simultaneously request and consolidate pricing from multiple providers for any currency option, Bloomberg said. The firm added that its subscribers' quote requests can be priced though automated bank pricing engines or manually quoted by more than 230 liquidity providers.
This will enable users to trade with major and local market makers with no additional costs to buy or sell-side firms, Bloomberg noted. Meanwhile, Credit Suisse announced it's now providing automated FX options quotes through the new platform.
"It is clearly going to be important for end-users of these markets to have access to multiple bank trading systems as new regulations designed to achieve best execution are introduced," said Joerg Schmuecker, the global head of FX options e-commerce at Credit Suisse.