Bloomberg Enhances Offering with New FX Pricing Quality Tools

Bloomberg has added a new suite of FX pricing quality tools in a bid to enhance RFQ pricing requests according to a story in The Trade news. The tools are available to clients of its premier multi-bank FX trading platform, FXGO, through MISX – Bloomberg’s multi-asset reporting tool for electronic trading. With this enhancement, users are able to analyse pricing quality and performance for any RFQ pricing requests sent over FXGO, including batch trades. Bloomberg describes the tools as allowing users to have a “complete picture as to where counterparty pricing quality is consistently superior as well as where and with whom pricing quality needs to improve,” effectively identifying where and why opportunities to price are being missed. Specifically, price takers can use MISX Price Quality Analytics to understand how often a counterparty either priced and won trades, were runner up (“best alternative” price), or placed somewhere in the pack. In addition, price takers can use the tools to measure when and how often counterparties declined to price, when requests were not picked up, or when requests to deal were rejected. Through these enhancements “price makers can better understand how and where to improve their setup and pricing quality to win more business over FXGO”. Reasons for opportunities being missed can include internal counterparty setup, enablement issues, or internal credit rejects.