Bloomberg has broadened its Market-On-Close trading capabilities to include US Treasuries, following the earlier rollout for European Government Bonds. The enhancement allows institutional investors to execute trades at the market’s closing price, automatically referencing Bloomberg’s Evaluated Pricing (BVAL) Service. BMO Capital Markets and Schwab Asset Management facilitated the inaugural trade using BVAL pricing.
Currently supported by nine dealers, the new trading workflow aims to reduce tracking error and provide certainty of execution. It allows clients to choose between negotiating non-comp trades or directing in-comp trades to a minimum of five dealers. Investors can also use Bloomberg’s integrated tools, such as axe data, analytics, and communication features, to identify optimal liquidity providers. Additionally, the solution leverages Bloomberg’s Portfolio Trading Basket Builder, enabling electronic trade negotiation and execution based on an end-of-day market snapshot. Further dealer participation is anticipated in 2025.
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