Bloomberg Expands Market-On-Close List Trading to Include US Treasuries
Expanded list trading tool from Bloomberg Electronic Trading optimizes US Treasury trading workflow
New York, NY – Bloomberg today announced the expansion of its Market-On-Close list trading offering to include US Treasuries (UST). This follows the launch of Market-On-Close for European Government Bonds. BMO Capital Markets and Schwab Asset Management, who were instrumental in the development of the new tool, executed the first trade referencing Bloomberg's Evaluated Pricing Service (BVAL) as the closing price. The new workflow is currently supported by nine dealers, with additional liquidity providers expected to join the offering in 2025.
Market on Close orders enable investors to automatically get into or out of a market at the closing price without having to manually place an order immediately when the market closes. Bloomberg Electronic Trading's UST Market on Close trading tool further helps to minimize tracking error and provides certainty of execution, referencing a specific close time, using Bloomberg's Evaluated Pricing Service (BVAL) as the closing price.
The new solution provides clients the optionality of negotiating non-comp trades or sending in-comp trades to at least five dealers. Clients can identify the optimal liquidity provider using integrated axe data, powerful analytics and communication tools on Bloomberg. The expanded offering also utilizes Bloomberg's Portfolio Trading Basket Builder (PTBB) tool, part of Bloomberg's Portfolio Trading Solution, which allows participants to negotiate and transact electronically using an end of day snapshot.
'We're proud to have partnered with Bloomberg on the development of Market-on-Close list trading for UST, which will benefit the industry broadly,' said Christopher Johnson, Global Head of Trading, Schwab Asset Management. 'Now live, we leverage the tool to help lock in benchmark-relative pricing, scale our team, reduce risk and limit tracking error in our index portfolios.'
'Market on Close trading offers predictability and a range of advantages, supporting better risk transfer and facilitating end-of-day trading strategies,' said Joseph Leary, Head, Digital and Liquid Trading, BMO Capital Markets.
'We've expanded our Market on Close offering to include US Treasuries, which delivers seamless alignment with benchmark pricing using BVAL. The functionality helps to minimize market impact, reduce slippage and increases certainty of execution, which are especially important during volatile markets,' said Trevor Mallinson, Global Head of Rates Product at Bloomberg. 'This is an exciting enhancement for clients trading government bonds, as it helps ensure pricing certainty and access to liquidity and highlights our focus on continuing to invest in our electronic trading solutions.'
Bloomberg's Electronic Trading solutions are used by leading financial institutions to trade efficiently in over 175 markets around the world. More than 9,000 client firms use Bloomberg Electronic Trading to access industry-leading depth and breadth of liquidity across asset classes from over 1,500 dealers globally. Bloomberg Electronic Trading provides market participants with comprehensive solutions across the trading lifecycle, including robust price transparency, analytics, automation and execution, powered by Bloomberg's high-quality, multi-asset class data and tools.
About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.
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Gauri Andriks gandriks@bloomberg.net, +1 212 617 6361
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