NEW YORK, Nov. 28 /PRNewswire/ -- Bloomberg, the leading global provider of data, news and analytics, today announced the launch of Europe's first customer-to-dealer, multi-bank request-for-quote (RFQ) electronic trading system for repurchase agreements ("repos"). Initial availability is in the specials market for governments and credit, a market that grew to 5.3 trillion euro in the first 6 months of 2005.
With this development, trading of repurchase agreements will now be fully ticketed with trade history blotters and seamless with Straight-Through Processing (STP). With the introduction of this system on the Bloomberg Professional(R) service, Bloomberg is positioned to increase the speed and efficiency of the electronic repo market. The new Bloomberg electronic repo trading system is a critical part of the straight-through processing chain that links front- and back-office systems.
The first to deliver a trading system for electronic specials repurchase agreements, Bloomberg is making it easy for dealers and their customers to connect and make safe and secure transactions. With fifty dealers already signed on to deploy the new Bloomberg service, Bloomberg is ready to support the rapidly expanding repo market.
Many leading U.S. and European financial institutions have agreed to respond to customer inquiries using the new electronic trading repo service from Bloomberg, which is integrated into the analytic functionality of the Bloomberg Professional service, providing customers and dealers the ability to send electronically requests for quotes and enter them directly on their Bloomberg screens.