News provider Bloomberg and a consortium of leading banks are to form a new company that will operate a multibank electronic trading platform for bank-to-client transactions in interest rate derivatives products.
The platform will build on Bloomberg’s existing SwapTrader system and will be developed together with ABN AMRO, Barclays Capital, Calyon, HSBC and JP Morgan. The consortium has said that in time other banks will be invited to join the initiative.
This new company will allow Bloomberg and its partner banks to share long term in the benefits of developing electronic trading. This will serve to combine Bloomberg’s technology and distribution with the strong governance and liquidity provision that committed banks can bring, stated Russel Levi of Bloomberg.