FX REPORT: Bloomberg Offers New Information Product to Traders

Bloomberg unveiled its First Word foreign exchange (FX) news and content service to help provide buyside and sellside traders with actionable news, information and insights into the events affecting the global currency markets.

The First Word news product, produced by Bloomberg’s news team and industry pros as well as former traders, analysts and portfolio managers, provides 24 hour coverage of economic, geopolitical and currency-specific news in a more readable format. The news feed is tailored by the traders or other professional users and can be set to deliver content globally or domestically and deliver news real-time or delayed to help them make trading or investing decisions faster and more efficiently.

This specialty news product is the latest addition to Bloomberg’s FX news coverage. First Word now includes FX technical analysis and options/derivatives expirations and trading news.

[Click Here to See Traders Magazine’s FX Coverage]

First Word was originally offered to equities professionals almost three years ago.

Tod Van Name, global head of FX, economics and commodities at Bloomberg Told Traders Magazine that with the plethora of news out there and growth in the FX market, traders needed to have access to a broad spectrum of news and yet be able to filter it to their individual trading needs.

“The key for the FX service is to answer the question, ‘What do you do with all the timely news in FX and how do I filter it and digest it to act upon it’,” Van Name said. “Traders and others need insight into the news that is going to move the market. First Word for FX helps traders filter out the noise and filter in what is important.”

The FX market averages $5.3 trillion in turnover daily, up more than a third in the past two years, according to the Bank for International Settlements.

One hundred and thirty staffers provide content to First Word covering the forex, equity and fixed income marts. Upwards of one-third of them focus on FX news, Van Name added.

“Clearly designed with the trader in mind, First Word FX provides precise, unique insights and content to help me understand where the market is moving so I can react accordingly,” said Luis Martins, head of Foreign Exchange in Latin America at BBVA. “The FX markets are so dynamic today that traders need an integrated, single platform to understand and capitalize on this volatility. Bloomberg provides that solution.”