Bloomberg says the Cognotec technology will provide buy side clients using its Professional platform with access to "top market making banks' e-commerce pricing engines".

Under phase one of deployment, clients are able to customise requests for streaming FX prices delivered directly from bank sites. Bloomberg says several banks are currently live on the phase one service as part of a controlled introduction, with connectivity to others set to follow.

In phase two of the service - which is to be introduced later in the year - clients will be able to access real-time, streaming executable rates simultaneously from multiple banks of their choosing. In addition, clients will be able to customise price requests based on currency pair, instrument, amount and value date.

Users will also be able to 'click and deal' on the streaming rates, with executed transactions being credit checked and automatically displayed in both the banks' and clients' trade blotters.

Commenting on the partnership with Bloomberg, John Beckert, president of Cognotec, says: "We can offer the marketplace a seamless link between the buy and sell side. By introducing fully executable streaming rates capability in a multi-bank environment, this initiative will significantly improve the quality and efficiency of the foreign exchange markets for both banks and clients."

David Martin, global head of foreign exchange at Bloomberg, adds: "This alliance brings together the world's leading banks, giving them the ability to enable their customers to see their FX rates and now execute on them via the Bloomberg Professional service...Our distribution reach is a perfect fit with Cognotec's price discovery and execution solutions."