Bloomberg announced Monday the launch of a new electronic trading workflow for Asset-Backed Securities (ABS).
The firm revealed that it has introduced a list-based system with defined dealer response windows designed to streamline the Bids Wanted in Competition/Offers Wanted in Competition (BWIC/OWIC) process through greater automation.
The first trade using the new workflow has already been completed.
The solution, part of Bloomberg’s Electronic Markets offering, is said to integrate deal entry, analytics and multi-dealer execution, providing an alternative to spreadsheet- and chat-based processes.
With straight-through processing, clients can reduce manual work and streamline execution from pricing through to settlement.
“By combining structured workflows, analytics, and multi-dealer execution, we’re providing tools intended to support operational efficiency and more data-driven trading,” said Derek Kleinbauer, Global Head of Fixed Income and Equity Trading at Bloomberg.
Under the structured bid list workflow, clients can submit securities to multiple dealers with defined response windows, upload lists or enter bonds manually, selecting counterparties and configuring timing parameters.
Furthermore, they can execute against the most competitive pricing or evaluate bids individually, with control over information disclosure, and the system supports multiple pricing methodologies, including dollar price and iSpread.
The solution also reportedly allows clients to request improved pricing from selected dealers and capture dealer responses electronically, enabling analysis of both winning and non-winning bids for insight into pricing and dealer performance.
It is being rolled out to clients across the US and EMEA, joining a platform used by more than 9,000 client firms to access liquidity from over 1,500 dealers globally.
