Bloomberg has introduced MYQ, a price monitoring tool that displays FX quotes detected by Bloomberg’s NLP within a user’s Instant Bloomberg (IB) chats.
The firm writes that the solution provides each user with insights into the FX liquidity available to them and improves price discovery through an overview of incoming quotes from a user’s chats with counterparties.
The solution is designed to help an FX market participant maximise efficiency in their pre-trade workflow by taking fragmented pricing communications across their multiple IB chats and displaying them in a centralised, FX curve-style format that quickly groups quotes by currency pairs, tenors, and bid/offer levels.
The firm writes that MYQ helps traders streamline price discovery and the decision-making process ahead of execution on separate trading solutions such as FXGO, Bloomberg’s award-winning multi-bank FX trading platform.
“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,
competitive disadvantage with potential failures to identify or respond to chat-based quotes and consistently secure the best available price.
“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 their incoming quotes from their chats with counterparties.”
Key features of the MYQ solution according to Bloomberg include:
History tab provides a log of 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 connect with their counterparty to negotiate trades.
Post History, Chat Room Filters, and Default Currencies are advanced customisation 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, says: “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.”
