Bloomberg has been granted a license from the Netherlands Authority for the Financial Markets (AFM) to operate a Multilateral Trading Facility (MTF) via Dutch affiliate Bloomberg Trading Facility B.V.
The company’s Dutch MTF will provide services on a cross-border basis from Amsterdam throughout the EU under a MiFID II passport, as well as provide eligible participants with request for quote and request for trade functionality for: cash bonds, repos, CDS, IRS, ETFs, equity derivatives and FX derivatives. The authorization allows Bloomberg’s Dutch MTF to serve on a cross-border basis within the European Union under a MiFiD II passport.
The trading venue, which will operate alongside Bloomberg’s UK MTF, builds on the core technology behind Bloomberg’s trading platforms, which are used by more than 1,000 global institutions today.
Ben Macdonald, Global Head of Enterprise Product at Bloomberg and Supervisory Board Director of BTFE, commented: “Bloomberg is committed to helping its clients in the UK and the EU transition into the post-Brexit environment, whatever the outcome of the negotiations. We chose Amsterdam as we’ve had a presence in the city for many years and consider that its flourishing business environment, as well as the experience of the AFM, provide the best solution for Bloomberg.”
Nicholas Bean, Head of Electronic Trading Solutions at Bloomberg and CEO of BTFE, said: “We are pleased to announce that eligible market participants will be able to leverage our Dutch MTF to trade in compliance with EU regulatory obligations, notably MiFID II. Bloomberg’s Dutch MTF is at an advanced stage of development and will be ready operationally ready in early 2019, to maintain Bloomberg’s commitment to operating a venue within the EU for its clients.”
For a seamless transition to MiFiD II, Bloomberg’s MTF is a trading platform for trading cash bonds, repos, credit default swaps (“CDS”), interest rate swaps (“IRS”), exchange-traded funds (“ETF”), equity derivatives and foreign exchange derivatives (“FX”). The comopany has examined and built upon its existing end-to-end trading workflows to offer an efficient trading platform to ensure a seamless transition into the MiFID II regulatory environment. Bloomberg’s built the MTF upon the core technology of existing fixed-income, equity and derivative trading platforms.