{"id":7467,"date":"2019-10-08T03:33:54","date_gmt":"2019-10-08T07:33:54","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/first-fully-electronic-estr-swap-trade-executed-via-bloombergs-uk-mtf\/"},"modified":"2023-04-12T15:53:22","modified_gmt":"2023-04-12T19:53:22","slug":"first-fully-electronic-estr-swap-trade-executed-via-bloombergs-uk-mtf","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/first-fully-electronic-estr-swap-trade-executed-via-bloombergs-uk-mtf\/","title":{"rendered":"First Fully Electronic \u20acSTR Swap Trade Executed Via Bloomberg\u2019s UK MTF"},"content":{"rendered":"
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Bloomberg today announced that the first electronically negotiated euro short-term rate (\u20acSTR) swap transaction was executed on its UK Multilateral Trading Facility (BMTF), operated by Bloomberg Trading Facility Limited. LBBW and JP Morgan successfully executed a 5-year swap trade using the request-for-quote protocol.<\/p>\n

Beginning Monday 7th October 2019, BMTF, and Bloomberg\u2019s Netherlands MTF (BTFE) each support trading in outright fixed versus \u20acSTR overnight index swaps in all tenors out to 70 years including ECB dates in the short-end. Floating rate basis trading is also available through Bloomberg\u2019s MTFs, allowing participants to manage their \u20acSTR versus 3-month EURIBOR and \u20acSTR versus EONIA risk.<\/p>\n

In line with clearing eligibility go-live dates from major clearinghouses, participants trading on Bloomberg\u2019s MTFs will be able to send \u20acSTR trades to LCH on 21st October 2019 and Eurex on 18th November 2019 for new risk and risk traded on NPV and portfolio compression via its BOLT list trading tool. Additionally, the multi-line item list functionality will enable clients to close out and replace EONIA and EURIBOR trades with \u20acSTR trades at the portfolio level, and manage their new \u20acSTR cleared risk. In order to assist with pre-trade decision making, Bloomberg Terminal users can utilize core portfolio analytics to calculate margin costs and evaluate what-if scenarios, all with seamless integration to the BOLT trading tool.<\/p>\n

Tom Prickett, co-Head of EMEA Rates, J.P. Morgan said, \u201cJ.P. Morgan is committed to the success of \u20acSTR as the new euro risk free rate.\u00a0Executing the first electronic trade using the new benchmark is an important moment for the rates asset class and highlights our intention to provide and encourage pricing in interest rate derivatives directly referencing \u20acSTR, effective immediately.\u201d
\n<\/em>
\n“This trade shows once again that LBBW is committed as a market-maker and liquidity provider, as well as being a driver in innovation,” said Dr Thilo Rossberg, Head of FICC, LBBW.<\/p>\n

\u201cBeing the first to market with \u20acSTR swap electronic trading functionality is a clear demonstration of Bloomberg\u2019s commitment to providing access to new Risk Free Rate (RFR) benchmarks for market participants looking to manage their IBOR exposure,” said Nicholas Bean, Head of Electronic Trading Solutions at Bloomberg. \u201cClients who use Bloomberg will \u00a0gain access to broad liquidity, while benefiting from the efficiency that comes with electronic execution.\u201d<\/p>\n

The introduction of \u20acSTR swap trading follows the launch of SOFR swaps on the Bloomberg SEF (BSEF), BMTF and BTFE in 2018. In addition, clients will soon be able to trade \u20acSTR swaps on BSEF on 21st October 2019.<\/p>\n

BMTF and BTFE provide eligible participants with request for quote and request for trade functionality for cash bonds, repos, CDS, IRS, ETFs, equity derivatives and FX derivatives. They are built on the core technology behind Bloomberg\u2019s trading platforms, which are used by more than 1,000 global institutions today.<\/p>\n

About Bloomberg
\n<\/strong>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\u2019s strength \u2013 delivering data, news and analytics through innovative technology, quickly and accurately \u2013 is at the core of the Bloomberg Terminal. Bloomberg\u2019s enterprise solutions build on the company\u2019s core strength: utilizing technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit\u00a0Bloomberg.com\/company<\/a>\u00a0or\u00a0request a demo<\/a>.<\/p>\n

Media Contacts:<\/strong>
\nEMEA, Anna Schoeffler, Bloomberg, +44 20 3525 0776, aschoeffler1@bloomberg.net<\/a>
\nU.S., Gauri Andriks, Bloomberg, +1 212 617 6361, gandriks@bloomberg.net<\/a>
\nAPAC, Grace Ngoh, Bloomberg, +65 6231 3690, gngoh2@bloomberg.net<\/a>
\nLATAM, Pam Snook, Bloomberg, +1 212 617 7653, pamsnook@bloomberg.net<\/a><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"Bloomberg today announced that the first electronically negotiated euro short-term rate (\u20acSTR) swap transaction was executed on its UK Multilateral Trading Facility (BMTF), operated by Bloomberg Trading Facility Limited. LBBW and JP Morgan successfully executed a 5-year swap trade using the request-for-quote protocol. Beginning Monday 7th October 2019, BMTF, and Bloomberg\u2019s Netherlands MTF (BTFE) each [...]","protected":false},"featured_media":0,"template":"","format":"standard","categories":[86],"press_tag":[443,79],"class_list":["post-7467","press","type-press","status-publish","format-standard","hentry","category-bloomberg-professional-services","press_tag-etf","press_tag-press-announcements"],"yoast_head":"\nFirst Fully Electronic \u20acSTR Swap Trade Executed Via Bloomberg\u2019s UK MTF | Press | Bloomberg LP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/company\/press\/first-fully-electronic-estr-swap-trade-executed-via-bloombergs-uk-mtf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Fully Electronic \u20acSTR Swap Trade Executed Via 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