Bloomberg MTF Authorised In Amsterdam01.16.2019
Bloomberg announces today that its affiliate, Bloomberg Trading Facility B.V., has received authorisation from the Netherlands Authority for the Financial Markets (AFM) to operate a Multilateral Trading Facility (MTF).
Bloomberg’s Dutch MTF, or BTFE, will operate alongside Bloomberg’s UK MTF, and provide services on a cross-border basis from Amsterdam throughout the EU under a MiFID II passport. It will 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 trading venue builds on the core technology behind Bloomberg’s trading platforms, which are used by more than 1,000 global institutions today.
“Bloomberg is committed to help its clients in the UK and the EU transition into the post-Brexit environment, whatever the outcome of the negotiations”, said Ben Macdonald, Global Head of Enterprise Product at Bloomberg and Supervisory Board Director of BTFE. “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.”
Review of trading desks found that incoming banks did not yet retain full control of their balance sheets.
UK has a greater market share than pre-Brexit for on-venue execution of GBP interest rate swaps.
Recognition has been temporarily extended until 30 June 2025.
The trade repository has been providing UK services since the first business day after Brexit on 4 Jan 2021.
European firms could operate temporarily in the UK after Brexit while seeking full authorisation.