Bloomberg has launched a customer-to-dealer, multi-bank request-for-quote (RFQ) electronic trading system for repurchase agreements (repos) in Europe.
The system, which is available via the Bloomberg Professional desktop, will allow trading of repurchase agreements to be fully ticketed with trade history blotters and straight-through processing. Customers and dealers willl be able to send requests for quotes electronically and enter them directly on their Bloomberg screens.
The vendor says 50 dealers have already signed on to deploy the new service. Many US and European financial institutions have agreed to respond to customer inquiries using the system.
Initial availability is in the specials market for governments and credit, a market that grew to 5.3 trillion euro in the first six months of 2005.
Bloomberg says the new system is the first of its kind for the repo markets.