Bloomberg has introduced an automated Market-on-Close workflow for Japanese Government Bonds (JGBs), completing the first fully automated trade using the new functionality.
Available through Bloomberg Electronic Markets, the workflow aligns execution with BB3P (Hikene Trading), the Market-on-Close reference rate for JGBs, giving traders greater certainty of execution at a specified close time while helping minimise tracking error.
The functionality combines Bloomberg’s Bid/Offer List Trading with Rule Builder, its trade automation tool. Clients can define execution criteria and automatically route orders when predefined conditions are met within Bloomberg’s integrated TSOX order and execution management workflow.
BlackRock collaborated with Bloomberg on the new protocol, which is intended to reduce manual intervention and transaction costs while supporting more systematic execution, particularly during high-volume periods.
The JGB addition extends Bloomberg’s Market-on-Close capabilities, which already cover US Treasuries, Canadian government bonds, UK Gilts and European government bonds.
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