Bloomberg Couples With State Street: ETF Fixed Income Basket Tool Launch

MarketsMuse update courtesy of  press release issued by Bloomberg LP

NEW YORK–(Business Wire)–Bloomberg today introduced the Bloomberg Fixed Income ETF Basket Tool in order to further automate the workflow and construction of fixed income exchange traded funds (ETFs). The new offering provides the first comprehensive solution for clients of State Street Global Advisors (SSGA) to automate the process of creating and redeeming baskets of fixed income ETFs.

“Unlike equity ETF products, fixed income ETFs are highly customized. The Bloomberg Fixed Income ETF Basket Tool helps the basketing and negotiating process by introducing efficiencies that have not existed for these products,” said Ben Macdonald, Bloomberg’s Global Head of Product. “Our solution integrates our pre-existing technology and helps SSGA’s authorized participants and market makers to gain access to the liquidity necessary to create and redeem fixed income ETFs.”

“Rapid growth in the fixed income ETF market has provided more liquidity and a cost-efficient alternative to undertaking credit risk,” said Timothy Coyne, Global Head of the ETF Capital Markets Group at State Street Global Advisors. “The Bloomberg Fixed Income ETF Basket Tool provides market participants an efficient and systematic way to access the primary market of ETFs.”

The Bloomberg Fixed Income ETF Basket Tool incorporates the SSGA criteria into functionality from across the Bloomberg terminal, including Bloomberg’s Trading Solutions Order Execution (TSOX), Portfolio Analytics and Risk (PORT) and Fixed Income Trading (FIT) solutions. The result is the first comprehensive solution for the primary market of fixed income ETFs.

Bloomberg subscribers can access more information via BSKT<GO> on the Bloomberg Professional service.