The integrated solution from Bloomberg and S&P Global Market Intelligence has launched a new solution to streamline syndicated primary bond market workflows.
The solution connects Bloomberg’s fixed income execution management system, TSOX and &P Global Market Intelligence’s InvestorAccess platform. Through this integration, users can benefit from an end-to-end primary markets workflow to more efficiently process orders and allocations.
Once orders are filled, users who stage orders into TSOX from their own order management systems (OMS) can receive details immediately, directly into their OMS for easy tracking.
Phil McCabe, global head of EMS and analytics product at Bloomberg explained that the integration is set to make data more readily available to users and optimise interactions in the primary markets. “Bloomberg has continued to invest in this space, and by centralising new issue workflows, traders are able to combine the best of data and information discovery with efficient and inter-operable execution management using TSOX,” he said.
The solution includes fast access to relevant new issue securities with the most up-to-date information, electronic order routing, and automatic delivery of final allocations.
First, orders from various portfolio managers are staged and aggregated before being electronically routed to InvestorAccess. From here they are updated as the new issue security evolves – going from initial announcement to final terms.
At the last stage, order allocations are delivered via straight-through-processing once released by the syndicate.
Through this solution, the need for proprietary mapping and manual tracking of security information is minimised. Chris Sztam, head of global markets group, S&P Global Market Intelligence, said: “The synchronisation 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.”