Bloomberg Approved as Multilateral Trading Facility by UK ahead of MiFID II

The UK's Financial Services Authority (FCA) has approved over the weekend Bloomberg's application to register as a European multilateral trading facility (MTF) in compliance with the upcoming MiFID II and EMIR guidelines, according to a reports in the British financial press.

Expected to come into effect in just two years, the new European rules require institutional trading venues to provide more pricing transparency on their telephone-based and electronic Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term. The Markets in Financial Instruments Directive (MiFID) is meant to achieve harmonised Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for investment services across all the 31 member states of the European economic area as well as increase competition and consumer protection.

This move is a markable success for Bloomberg’s global strategy, leveraging its similar experience in the U.S market. Until now, Bloomberg’s regulatory status in Europe was deficient compared with rival interdealer brokers like ICAP and Tullett Prebon.

In the American market, Bloomberg SEF LLC, executed more than $6.6 trillion in transactions during just its first year of operation. Since the CFTC’s swap execution facility rules went into effect on October 2, 2013, and up to October 2, 2014, nearly 150,000 trades were completed on Bloomberg SEF LLC across its multiple asset classes.

Credit default swaps (CDS) and interest rate swaps (IRS) comprised the vast majority of Bloomberg SEF LLC transactions. Approximately 85,000 CDS transactions totaling $3.45 trillion and 48,000 IRS transactions totaling $3.15 trillion were executed on Bloomberg SEF LLC in its first year of operations. More than 11,000 FX derivatives trades were completed for a total of $59.78 billion. Commodities derivatives were the least traded instruments with 518 trades totaling nearly $2 billion.