iTraxx Notes Traded Via Bloomberg; ABN AMRO First Transaction
20.06.2005 / 08:53 / Rubriek: Informatief / Organisatie: Bloomberg
iTraxx Notes Traded Via Bloomberg; ABN AMRO Does First Transaction
NEW YORK, June 20/PRNewswire/ --
Bloomberg and ABN AMRO have announced that iTraxx Funded Notes are trading over the Bloomberg BondTrader platform, with the first electronic trade conducted by ABN AMRO. ABN AMRO and a client traded the iTraxx Funded Note for the first time at the end of May 2005 via Bloomberg BondTrader, which is part of the all-inclusive Bloomberg Professional(R) service. The trading of iTraxx Funded Notes on Bloomberg BondTrader builds on the success of the iTraxx Indices on Bloomberg. ABN AMRO teamed with Bloomberg in 2004 to offer clients electronic trading on more than 150 European credit-default swaps along with the European Dow Jones iTraxx Indices.
Charles Longden, Global Head of Credit Trading at ABN AMRO, stated, 'The iTraxx Indices have been a huge success with an exponential growth in volumes, in particular during the recent market turbulence, where the ability to take effectively both long and short positions in the credit markets has been invaluable to investors and traders alike. The introduction of iTraxx Funded Notes will broaden the reach of these Indices to a wider investor base where efficient Auto-execution is key to proliferation of these products. As such, we are pleased to have been the first bank to execute these Notes electronically via Bloomberg and we will continue to offer liquidity and transparency via this medium.'
'During the past year we have seen a dramatic increase in use of Bloomberg's electronic trading platform,' said Russel Levi of Bloomberg. 'The ability of Bloomberg users to trade new products including the iTraxx funded note demonstrates Bloomberg's commitment to provide even more liquidity, new features, broader distribution and deeper functionality. Bloomberg is dedicated to continually add value to the single-price all-inclusive Bloomberg Professional service.'
Bloomberg is the only platform available to trade the iTraxx Note. Bloomberg enables dealers to trade these securities electronically, increasing speed of execution, reducing risk associated with the trade and reducing transaction errors. Previously, users traded iTraxx Funded Notes over the telephone.
These functions, and more information, are available on the Bloomberg terminal via BBT(GO), BBTI(GO), ET(GO), BOOM(GO), and ECPX(GO).
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Source: Bloomberg
Josh Hochberg of Sloane & Company, +1-212-446-1892, for Bloomberg