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Bloomberg and S&P Global Market Intelligence Launch Integrated Solution for Primary Bond Markets

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Bloomberg and S&P Global Market Intelligence have unveiled an integrated solution aiming to streamline operations in the syndicated primary bond markets. The solution offers mutual clients of TSOX, Bloomberg’s fixed income execution management system (EMS), and S&P Global Market Intelligence’s InvestorAccess platform, a comprehensive and optimised workflow for primary markets. The system ensures portfolio managers and traders can easily access the latest information on new issue securities, benefit from electronic order routing, and receive automated delivery of final allocations.

The new solution aims to enhance efficiency in the primary markets workflow by providing a more streamlined method for processing orders and allocations. The interface between TSOX and InvestorAccess facilitates intelligent order aggregation from multiple portfolio managers, which are then electronically routed to InvestorAccess. As the new issue security develops from initial announcement to final terms, these orders are dynamically updated. Final order allocations are delivered via straight-through-processing once released by the syndicate.

For Bloomberg users, orders staged into TSOX from their Order Management System (OMS) can benefit from automated security creation, dynamic order modification and cancellation, and electronic order routing. Once filled, order details are immediately forwarded to the client’s OMS for tracking.

The integration ensures the alignment of primary market data workflow between both firms, enabling the exchange of order-level information on new issue securities. By minimising the need for proprietary mapping and manual tracking of security information, it is designed to create an easier data exchange process between the systems supporting the market participants’ trading desk and the syndicate banks’ book-building technology.

Phil McCabe, Global Head of EMS and Analytics Product at Bloomberg, commented, “This integration is part of our commitment to making data available to users faster, following the announcement of a new issue. By providing clients a streamlined electronic workflow we’re helping to optimize their interactions within the primary markets.” He added, “Bloomberg has continued to invest in this space, and by centralizing new issue workflows, traders are able to combine the best of data and information discovery with efficient and interoperable execution management using TSOX.”

Echoing these sentiments, Chris Sztam, Head of Global Markets Group, S&P Global Market Intelligence, said, “The synchronization of the primary market data workflow between both firms aims to ensure that traders can exchange pertinent order-level information on new issue securities. The benefit we are jointly providing to portfolio managers and traders will create greater efficiencies across asset classes as capital markets become increasingly electronic.”

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