Bloomberg and Cognotec partner on streaming rates

More than 190,000 of Bloomberg’s users will be able to access Cognotec-using banks’ FX pricing engines as a result of the deal, which the two firms have been working on since last year.

Phase one of the deployment enables Bloomberg clients to customise requests for streaming FX prices from banks’ e-commerce platforms. Several un-named banks are already live as part of this phase and more are in the pipeline, said Cognotec.

Phase two, planned for later this year, will enable Bloomberg Professional users to deal on real-time streaming executable rates simultaneously from multiple banks they may pre-select. Price requests will be customisable, based on currency pair, instrument, amount and value date. Users can click and deal on the streaming rates, and transactions will be credit checked and displayed in the bank and client’s trade blotter.

John Beckert, president of Cognotec International, said: "Using our considerable investment in bank e-commerce technology, and Bloomberg’s global distribution capabilities, together we can offer the market-place a seamless link between the buy and sell side. By introducing fully executable streaming rates in a multi-bank environment, this initiative will significantly improve the quality and efficiency of the foreign exchange markets for both banks and clients."

David Martin, global head of foreign exchange at Bloomberg in New York, said the firm has chosen a number of strategic partners as part of a "corporate initiative" for the FX market. "Cognotec complements our broader partnering strategy well. This alliance brings together the world’s leading banks, giving them the ability to enable their customers to see their FX rates and now execute on them via the Bloomberg Professsional service. Our distribution reach, coupled with Cognotec’s price discovery and execution solutions, makes this a perfect fit."

Executable streaming prices (ESP) are now seen as a must-have for a successful e-commerce strategy, as the growing number of trading-orientated clients – such as hedge funds – prefer this method of price discovery. Banks such as UBS, Deutsche Bank, Barclays Capital and Citigroup have all been quick to capitalise on this demand with new ESP services to attract top-end trading clients. And multi-bank portal Currenex has forged ahead with ESP in a bid to target the retail forex market (FX Week, September 22, 2003.)

Bloomberg and Cognotec’s venture is not the first time a buy-side distributor and an FX trading platform vendor have teamed up to offer forex pricing and execution from the distributor’s desktops. Two years ago State Street announced it would embed its multi-bank FX trading platform, FX Connect into the treasury workstations of treasury software firm SunGard’s 1,400 corporate clients. However, little has been heard of that venture since it was first announced (FX Week, October 28, 2002).

Clients of Cognotec include Standard Chartered, JP Morgan and Bank of Tokyo-Mitsubishi.

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