{"id":47257,"date":"2020-12-17T06:31:29","date_gmt":"2020-12-17T11:31:29","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/how-trade-history-can-elevate-your-pre-trade-transparency\/"},"modified":"2024-04-24T15:20:02","modified_gmt":"2024-04-24T19:20:02","slug":"how-trade-history-can-elevate-your-pre-trade-transparency","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/how-trade-history-can-elevate-your-pre-trade-transparency\/","title":{"rendered":"How trade history can elevate your pre-trade transparency"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fcd370c48ba]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fcd370c48ba'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How trade history can elevate your pre-trade transparency<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fcd370cb755'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">December 17, 2020<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fcd370ccf2d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Louise Carter, Product Manager for Electronic Trading Shared Services and Sarah Brown, Product Manager for Fixed Income Price Transparency at Bloomberg.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>At a time when digitization is transforming most industries, trading fixed income securities can seem like a throwback. The global bond market is larger and more complex than its equity counterpart, and yet most bonds are still traded over-the-counter (OTC), with investors and dealers negotiating directly, in many cases over the phone or chat systems.<\/p>\n<p>Consequently, sourcing liquidity in the secondary bond markets can be a delicate dance between finding the right bond, at the right price and from the right counterparty, all the while minimizing the market impact.<\/p>\n<p>Access to information that proves a holistic, real-time view into pricing and liquidity is important part of the process.<\/p>\n<p><strong>Finding clarity in murky markets<\/strong><\/p>\n<p>Pre-trade transparency is crucial to support intelligent trading, and yet reliable data can be hard to find, particularly during times of market stress, as we\u2019ve seen during the COVID-19 pandemic.<\/p>\n<p>As a leading pricing provider, Bloomberg offers investors data-driven transparency tools such as its Inventory Manager (<a href=\"https:\/\/bloom.bg\/29hAtQa\" target=\"_blank\" rel=\"noopener noreferrer\">IMGR &lt;GO<\/a>&gt;) to source liquidity, quickly and discreetly. <a href=\"https:\/\/bloom.bg\/29hAtQa\" target=\"_blank\" rel=\"noopener noreferrer\">IMGR &lt;GO&gt;<\/a> delivers aggregated information in real time, and serves as a hub to\u00a0 help investors determine how, what, when and where to trade based on multiple sources \u2013\u2013 including their own trading history.<\/p>\n<p>Access to dependable pricing data helps provide traders with information needed to execute at the right price. Bloomberg\u2019s transparency tools are backed by a multiple global sources including, exchanges and broker quotes. All of this data is filtered and verified for quality and consistency.<\/p>\n<p>When it\u2019s time to source liquidity, traders often turn to axes to find the other side of their trade. Bloomberg\u2019s axe discovery workflows help identify appropriate counterparties using live, high-quality data fed directly from dealers\u2019 pricing engines. These are fed by firms of all sizes so traders have a broad view of available market liquidity.<\/p>\n<p><a href=\"https:\/\/bloom.bg\/29hAtQa\" target=\"_blank\" rel=\"noopener noreferrer\">IMGR &lt;GO&gt;<\/a> provides real-time pricing and axes (i.e. securities that a trader has a particular interest in buying or selling) from your counterparties in addition to historical market insight. High-quality axes on liquid products are fed directly from dealers\u2019 pricing engines into Bloomberg. For less liquid products, traders can use more traditional message-based distribution tools to indicate live axes. Here, too, the data goes beyond the basics such as credit details and pricing, and includes dealer performance statistics based on a trader or team\u2019s history with that dealer. Because they can quickly ascertain which dealers have and have not provided liquidity in the past \u2013\u2013 and see which transactions were voice \u2013\u2013 traders are better positioned to complete transactions efficiently and at the best price. Taking this further, Bloomberg recently integrated its trade reporting tool within the IMGR function. This combines fixed income trading activity (voice and electronic, attempted and executed) on Bloomberg for individual traders and their teams, with pre-trade price transparency.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"479\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Run IMGR to Compare Dealer Quotes and Performance.\" title=\"IMGR_006\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/IMGR_006.png 960w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Run IMGR &lt;GO&gt; to compare dealer quotes and performance\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Better analysis for better execution<\/strong><\/p>\n<p>It\u2019s one thing to access relevant market data, and quite another to make sense of it at the portfolio level and execute on it. On Bloomberg, there are several tools that help improve workflow, portfolio visibility and trade execution. For instance, the Fixed Income Worksheet (<a href=\"https:\/\/bloom.bg\/1YuXT5I\" target=\"_blank\" rel=\"noopener noreferrer\">FIW&lt;GO&gt;<\/a>) allows clients to analyze any group of bonds on Bloomberg by integrating live data. Traders can screen, filter and group their bond universe to create charts, overlaying multiple data sets, and even calculate prices, spreads or yields for a number of bonds simultaneously.<\/p>\n<p>Among other key features, the Fixed Income Worksheet allows clients to analyze relative value for any group of bonds on Bloomberg and integrates real-time axes as an indication of liquidity. They can screen, filter and group their bond universe to create charts, overlaying multiple data sets for example axe status. They can also compare prices, spreads or yields for a number of bonds simultaneously.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>On Bloomberg, all of this information is aggregated and embedded in its fixed income execution management system (<a href=\"https:\/\/bloom.bg\/2E6SWdO\" target=\"_blank\" rel=\"noopener noreferrer\">TSOX &lt;GO&gt;<\/a>), making it possible for investors to source, price and complete transactions quickly, and with minimal impact on the market.<\/p>\n<p>At a time when information is critical but transparency is still a challenge it\u2019s important to rely on systems and tools that help investors see the market from many angles, including their own trade history.<\/p>\n<p>Contact us to learn more about how <a href=\"https:\/\/www.bloomberg.com\/professional\/solution\/execution-order-management\/\">Bloomberg Electronic Trading Solutions<\/a> improve pre-trade transparency, workflow and execution.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<div><em> The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and Bloomberg data products (the \u201cServices\u201d) are owned and distributed by Bloomberg Finance L.P. (\u201cBFLP\u201d) except (i) in Argentina, Australia and certain jurisdictions in the Pacific islands, Bermuda, China, India, Japan, Korea and New Zealand, where Bloomberg L.P. and its subsidiaries (\u201cBLP\u201d) distribute these products, and (ii) in Singapore and the jurisdictions serviced by <a href=\"https:\/\/www.bloomberg.com\/company\/careers\/global-roles\/singapore-office\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg\u2019s Singapore office<\/a>, where a subsidiary of BFLP distributes these products. BLP or one of its subsidiaries provides BFLP and its subsidiaries with global marketing and operational support and service. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to \u201cbuy\u201d, \u201csell\u201d or \u201chold\u201d an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. All rights reserved. \u00a9 2020 Bloomberg.<\/em><\/div>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fcd370d5240]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fcd370d5240'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fcd370d81cf'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4650646709564104605\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pre-trade transparency is crucial to support intelligent trading. Reliable data can be hard to find, particularly during times of market stress.<\/p>\n","protected":false},"author":1686,"featured_media":35222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3042","footnotes":""},"categories":[435,453,469,444],"tags":[437,531,526,481],"series":[],"class_list":["post-47257","post","type-post","status-publish","format-standard","hentry","category-data","category-markets","category-risk","category-trading","tag-data-governance-and-management","tag-electronic-trading","tag-fixed-income","tag-pricing","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How trade history can elevate your pre-trade transparency | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Pre-trade transparency is crucial to support intelligent trading. 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