BOJ secures deal with Bloomberg for local FX trading on its platform


BOJ secures deal with Bloomberg for local FX trading on its platform

Observer writer

Sunday, June 23, 2019

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THE Bank of Jamaica (BOJ) has secured a deal with international financial and media services provider, Bloomberg (USA) throuh which local traders can utilise its platform to advertise and trade in both local and United States currencies.

The BOJ's Senior Deputy Governor John Robinson, who made the disclosure, says the move is a further effort to bring transparency to the local foreign exchange market, and is merely an interim measure before the central bank rolls out its comprehensive trading platform set for early next year.

Speaking in an interview with the Jamaica Observer's Sunday Finance, Robinson informed that “the Bloomberg B-Match model, which is now being tested, allows dealers to post rates on the platform for all to see, as well as to facilitate trading among the dealers themselves”. This new FX trading platform is expected to be activated on July 1.

Already a number of FX traders and big players have reportedly been signed on to the platform, so they will be able to see what the other banks are trading US dollarsfor; through a special terminal which is linked to the BOJ's central clearing house system.

A fee of US$2,000 per month per terminal is charged by to Bloomberg to access this platform.

Senior Deputy Governor Robinson explained that “if you don't have a terminal you don't have access — so dealers will need to have such a terminal to register their big clients who are in need of FX”.

He cited an example “say JPS, which want to buy US$1 million, you can come onto the system and see who is selling and for what price, and you can buy through your dealer who will process the transaction using the Bloomberg B-Match model”.

Questioned whether the BOJ would be having a supervisory role regarding the Bloomberg B-Match model, the BOJ second in command explained that the central bank would just have a coordinating function rather than a supervisory one.

“We are coordinating it so that every dealer will have their own (terminal), but someone has to kind of shepherd them into sharing all this information.

Turning to the comprehensive FX trading platform system currently being worked on by the BOJ, Robinson explained “the system, in addition to what the Bloomberg B-Match is offering, would allow other people such as end users, people who buy FX, to plug in to be registered so they can go onto the system and see what each bank is paying and get better prices”.

Bloomberg is a major global provider of 24-hour financial news and information — including real time and historic price data, financial data, trading news and analyst coverage, as well as general news and sports. Its services, which span its own platform, television, radio, and magazines, offer professional analysis tools for financial professionals.

One of Bloomberg's key revenue earners is the Bloomberg Terminal, which is an integrated platform that streams price data, financials, news, and trading data to more than 300,000 customers worldwide.

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