Financial data and information giant Bloomberg has announced that the company is introducing MYQ, a price monitoring tool that displays FX quotes detected by Bloomberg’s NLP within a user’s Instant Bloomberg (IB) chats. The solution provides each user with insights into the FX liquidity available to them and improves price discovery through an overview of quotes from a user’s chats with counterparties.
The solution is designed to help an FX market participant maximize efficiency in their pre-trade workflow, by taking their fragmented pricing communications across their multiple IB chats and, at the user’s configuration, displaying them in a centralized, FX curve-style format that quickly groups quotes by currency pairs, tenors, and bid/offer levels. MYQ helps traders simplify price discovery and streamline the decision-making process ahead of execution on separate trading solutions such as FXGO, Bloomberg’s award-winning multi-bank FX trading platform.
Minimizing Friction in FX Price Discovery
In the FX markets, many prices originate in chats where participants negotiate trades. Traders currently face the “swivel chair” challenge, constantly moving between multiple applications, communications systems, and chat rooms to assess pricing, determine which counterparties’ quotes are most relevant, and validate market interest. This manual process results in:
- operational inefficiency with friction and delays that can lead to missed opportunities in fast-moving FX markets,
- lack of liquidity as workflow obstacles can impede access to pricing data and deteriorate in market depth,
- missed opportunities with potential failures to identify or respond to chat-based quotes and consistently secure the best available price.
Bloomberg NLP-Enhanced Efficiency and Customization
MYQ displays FX quotes detected by Bloomberg’s NLP within a user’s Instant Bloomberg (IB) chats so that users can streamline discoverability, tailor their user experience and improve communication efficiency. With this Bloomberg NLP-enhanced workflow, each user gains insights into the FX liquidity available to them so they can increase their price discovery with an overview of the quotes from their chats with counterparties.
Key Features of the MYQ solution:
- History tab provides a log of recent price quotes from their chats so that users can view FX quotes in chronological order.
- Click-to-Navigate enables traders to click on a quote to jump directly to the IB chat room where it originated, and highlights the specific quote line item in the chat so the user can quickly reconnect with their counterparty.
- Post History, Chat Room Filters, and Default Currencies are advanced customization options that give users an enhanced perspective of price depth per currency and tenor, and helps users hone in on the most relevant communications.
Ed Loftus, Head of FX Relative Value and Applications at Bloomberg, said,
“FX market participants often need to sift through massive quantities of fragmented pricing data across dozens of applications just to source the right liquidity to meet their objectives. By harnessing Bloomberg’s NLP to structure chat-based quotes within the MYQ solution, we are transforming how clients quickly find prices and streamline FX trade negotiation.”
About Instant Bloomberg (IB)
IB helps Bloomberg Terminal users connect with the financial markets and each other to exchange ideas, share actionable information and optimize communication workflows in a secure environment. Bloomberg offers additional services that enable clients to seamlessly integrate data from their firm’s proprietary in-house applications with their IB workflows, helping streamline collaboration with colleagues and counterparties.
About Bloomberg Terminal
For more than four decades, the Bloomberg Terminal has revolutionized the financial services industry by bringing transparency and innovation to the capital markets. Trusted by the world’s most influential decision-makers, the Terminal provides real-time access to news, data, insights and trading tools that help our customers turn knowledge into action.
About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration.
