The Royal Bank of Scotland is to offer electronic trading on the Bloomberg platform, including US dollar treasury swap spreads, swap curve trades and butterflies. As per the existing US Dollars IRD service, the new offerings will be global and available during European, US and Asia-Pacific trading hours.
For US dollar curve spreads and flies, four new pages for benchmark, short, medium and long instruments have been added to the RBSW page. These are all vanilla (i.e. standard maturities, spot starting) and quote real-time indicative mid prices on around 60 combinations of maturities.
Both semi-bond and annual-money products are offered. In US dollar treasury spreads (option 14 on the RBSW page), maturities offered are 2y, 3y, 5y, 10y, 30y swaps against a single on the run treasury.
Similar to the EUR offering on Bloomberg, clients can click on a price and raise an inquiry for a tradable price and direct execution. Exact notionals and outright rates will be provided by RBS at the conclusion of the transaction.
RSB says that e-trading is the backbone of its market making infrastructure and is increasingly a primary channel of flow products to clients across the debt markets cash and derivatives.