We look forward to being able to offer this and more pre-trade analytics into our suite of electronic trading products in the future."īloomberg subscribers can access more information via TCA on the Bloomberg Terminal.īloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. "The inclusion of pre-trade cost and probability estimates as part of the BTCA offering promotes market transparency and helps bond traders to make decisions that comply with their firms' best execution requirements. "While trade cost models have become the norm in equities, developing a native model in fixed income markets is an exciting step forward to providing bond traders and portfolio managers with greater pre-trade intelligence." said Ravi Sawhney, Global Head of Trade Automation & Analytics, Bloomberg. Featuring exception-based workflow and customizable reporting, BTCA delivers information users need on demand, along with wide-ranging insight into trading-cost impact and decision support for comprehensive transaction surveillance. BTCA is integrated into the core Bloomberg offering to harness the company's breadth of market data, analytical tools, and trading workflows.
This new model is integrated with BTCA, Bloomberg's multi-asset transaction cost analysis tool, significantly enhancing the solution to deliver pre- and post-trade intelligence. "The product provides us with trusted pre-trade price discovery and an automatic connection to post-trade analysis that ensures a valuable feedback loop for our traders to inform their trading decisions." "Reliable pre-trade data for fixed-income is scarce, which makes price discovery and proving best execution a challenge," explained Jan-Theo Varkevisser, Global Head of Fixed Income Trading, PGGM. PGGM, a Bloomberg Transaction Cost Analysis (BTCA) solution customer, partnered with Bloomberg's trading quant research team to beta test Bloomberg's new pre-trade TCA function. These include: side and size of the order, the real-time Composite Bloomberg Bond Trader (CBBT) bid-ask spread, the amount outstanding, the rating and currency of the bond, and an additional overlay with the bond's age, term, and time to maturity. The model has been calibrated based on five years of historical trade information, proprietary to Bloomberg taking a variety of factors into account.
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