NEW YORK — Bloomberg executives today announced the industry’s
first integration between a foreign exchange (FX) trading
platform and a clearinghouse for clearing of non-deliverable
forwards (NDFs). The connectivity was established to prepare for
the mandatory clearing of over-the-counter (OTC) derivatives
traded on swap execution facilities (SEFs).

The NDF trades were electronically executed via Bloomberg’s
Foreign Exchange platform FXGO, available on the Bloomberg
Professional service. Bloomberg clients traded over FXGO and the
transactions were cleared through clearing brokers at CME Group.
Bloomberg intends to register with the U.S. Commodity Futures
Trading Commission (CFTC) as a SEF.

“These trades are a clear signal to our customers, especially
buy-side firms, that we are ready, willing and able to help them
comply with any upcoming regulations,” said Tod Van Name, global
head of Bloomberg’s FX business. “Our strong base of NDF
liquidity providers on FXGO and our voice confirmation system
(VCON) means clients will have a single, seamless system for OTC
derivatives trading ready whenever they need it.”

Michael O’Connell, CME Clearing’s Managing Director, said, “As
the leading clearinghouse for straight through processing (STP)
of OTC derivatives, CME’s open standard API has helped platforms
such as Bloomberg send trades directly to a CCP, thereby
facilitating scalable OTC-cleared trading. We look forward to
developing standard trade processes and enhancing our OTC
offering, especially since FX is a growing market.”

Bloomberg FXGO provides a commission-free electronic trading
platform for counterparties to execute spot, outright, swap,
NDF, deposit and option transactions. Subscribers to the
Bloomberg Professional service, the leading platform for
business and financial professionals, can access Bloomberg FXGO
by typing {FXGO GO}.

Prospects can get more information by visiting
www.bloomberg.com/fx or by contacting the heads of sales in the
following regions: Americas – Matthew Rees,
mrees1@bloomberg.net, +1-212-617-2339; Asia Pacific – Grant Coombe, gcoombe@bloomberg.net, +65-6212-1809; and Europe – Mark Flatman, mflatman@bloomberg.net, +44-20-7330-7882.

About Bloomberg

Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge
by connecting them to a dynamic network of information, people
and ideas. The company’s strength – delivering data, news and
analytics through innovative technology, quickly and accurately
- is at the core of the Bloomberg Professional service, which
provides real time financial information to more than
310,000 subscribers globally.

Media Contacts

Global, Sabrina Briefel, sbriefel@bloomberg.net, +1-212-617-1993

EMEA, Natalie Harland, nharland1@bloomberg.net, +44-20-3525-8820

APAC, Belina Tan, nharland1@bloomberg.net, +65-6231-3637

– Bloomberg Press Room

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