Bloomberg Trading Solutions executives announced today that more than 100 sell-side fixed income firms are using Bloomberg's Trade Order Management Solutions (TOMS) to address Trade Reporting and Compliance Engine (TRACE) guidelines for securitized products mandated by the Financial Industry Regulatory Authority (FINRA).
The latest FINRA mandates require broker-dealers to report trades of securitized products such as asset backed securities (ABSs), mortgage-backed securities (MBSs) and collateralized debt obligations (CDOs). Bloomberg TOMS helps them address these requirements by automating all aspects of trade capture, inventory and risk management and straight-through processing. The solution also provides integration with the data, news and analytics on the Bloomberg Professional service.
"Just before the last FINRA mandates were issued, we saw a big surge in interest in our TRACE solution. Now, we have more than 100 fixed income dealers up and running on the system," said Michael Wood, Global Head of Bloomberg TOMS. "The necessary functionality for TRACE reporting is in place today, but with Dodd-Frank and other industry reforms on the horizon, we continually review future requirements while considering the workflow of front, middle and back office professionals."
Patricia Angelone, a Managing Director at Sandler OâNeill + Partners, LP, said, "The expanded guidelines significantly increased the volume of transactions we needed to report to FINRA. We could have engineered our own technical solution, but the cost and time commitment was significant, while the deadline was rapidly approaching. Instead, Bloomberg offered a proven track record and was able to implement a solution on-time with no issues."
Bloomberg TOMS was voted by clients as the "Best Sell-Side OMS provider" for the past two years in a survey by Waters Technology magazine.