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September 1, 2012

Two Takes From Bloomberg

Bloomberg Execs Discuss Recent Developments and Strategy in FX

By Michael Scotti

On a mid-August day, Traders Magazine sat down separately with two Bloomberg executives to discuss developments in the foreign exchange market. The two businesses are segregated for compliance reasons, even though they are accessed through the same Bloomberg terminal. That explains why they are on separate floors at Bloomberg headquarters in New York.

Bloomberg Tradbook is a broker-dealer that offers electronic trading in FX. It provides algorithmic trading solutions to clients and an ECN that features anonymous trading with firm orders.

Tod Van Name

Tradebook is separate from Bloomberg, which has its own FX offering through its terminals. But the cornerstone of Bloomberg is its analytics, which allows clients-from financial institutions to central banks to corporations-to make more informed decisions on their trading strategies and risk management. Bloomberg's FX trading system is a multi-dealer platform called FXGO. The platform has more than 200 banks making markets in currency pairs to clients on a fully disclosed basis, so banks know their counterparty going into the trade.

Tod Van Name is the global head of Bloomberg's foreign exchange, economics and commodities product. He oversees business strategy, product development and content for FX, economics and commodities on the Bloomberg Professional service. Van Name, who has spent his career in FX and derivatives, joined Bloomberg in 2006. He's traded currencies and FX options for 19 years at several major banks, including management roles at Fuji Bank and Fortis Bank.

Gary Stone

Gary Stone, CMT, is chief strategy officer at Bloomberg Tradebook. A former prop trader at BNP Paribas, Stone has been with Bloomberg since 2001. He was named director of trading research and strategy in 2004, but has focused on product development and strategy since joining Tradebook in 2007.

Here is what Van Name and Stone had to say about industry developments, clients and their business.

Tod Van Name, Bloomberg

In the big picture, what is your challenge at Bloomberg with FX?