Financial services group Bloomberg is providing its more than 250,000 users with connectivity to T-Zero’s post-trade services for credit derivatives trades. Integrating T-Zero’s services on the Bloomberg Professional platform will provide CDS straight through processing, enhancing users’ ability to accurately capture and communicate trade data.
Bloomberg says its platform is used to analyze credit, communicate trade ideas and calculate upfront payment and market values. The integration with T-Zero’s workflow and connectivity will provide a structured format for capturing trade data as well as a robust audit trail to ensure data integrity.
Commenting on the new synthesis, Mark Beeston, president of T-Zero said, this allows T-Zero to leverage Bloomberg’s unparalleled distribution platform to create a scalable solution for the widest possible audience, making a reality of Greenspan’s desire to utilize today’s technology to eradicate scraps of paper.
The announcement comes amid calls from regulators to improve operational efficiencies in credit derivatives. The New York Federal Reserve convened a group of the 14 largest banks in September 2005 to discuss credit derivative market practices. More recently, former US Federal Reserve Board Chairman Alan Greenspan reiterated those concerns calling the backlog of unconfirmed trades unconscionable, stating that many trades could be confirmed instantaneously using available technology.