Bloomberg Partners With MarketAxess And Tradeweb To Offer Trading Data

Bloomberg has partnered with MarketAxess and Tradeweb. The partnership agreement deal will support the creation of a joint venture company that will run a fixed-income consolidated tape provider (CTP) within the European Union.

Bloomberg partners with MarketAxess and Tradeweb

The CTP that will be created by these three companies will go a long way in boosting the experience that traders have while interacting in the industry. A CTP is a company that is used to gather and publish consolidated trading data for a wide range of financial instruments.

Tradeweb confirmed this partnership deal on Tuesday. The firm said that these companies had appointed Neil Ryan as the leader of this initiative. Tradeweb is an electronics market operator that is listed on the Nasdaq marketplace. The company has said this initiative shows that the three firms are committed to boosting transparency and boosting the electronification of the fixed-income sector.

Ryan, who will be spearheading this initiative, has said that the time was ripe to give the fixed-income markets in Europe access to a consolidated tape that will offer cleansing, consolidation and publishing services using a single regulated framework.

“The time has come to provide the European fixed-income markets with a consolidated tape that is led by an initiative with deep experience in low-latency data processing, cleansing, consolidation and publishing within a regulated framework,” Ryan said.

He further said that the end goal of the company was to have an effective CTP that will treat the consumers and the contributors in a fair manner. The company would also work on supporting open and impartial access and allowing the use of meaningful and helpful data that relies upon the existing infrastructure.

Tradeweb further said that the three companies would be using FINBOURNE technology for this new initiative. The technology is supplied by a cloud-native financial data management company to support its creation and to support the operations of the CTP on behalf of a new joint venture company.

Tradeweb said that the selection of FINBOURNE to help in this initiative was because of the culmination of a detailed and thorough evaluation process. The process is considered critical compliance. It also supported the operational, technical and security features of a CTP that is ideal for a specific purpose.

The operations of CTPs across Europe

CTPs have become increasingly popular in Europe. The European Union has demanded that CTPs offer the data that is available for all the trades that happen within a jurisdiction, despite where these trades come from.

The data in question is usually sent to the market participants using different methods such as free websites or subscription-based services. CTPs are institutions that are regulated by the European Securities and Markets Authority (ESMA) and they boost transparency and liquidity provision across the European financial industry.

CTPs also support the generation of an equitable financial market when it provides access to the same information for all the market participants despite their locations. They also support the efficient pricing of financial assets.