Azerbaijan adopts Bloomberg auction platform for FX
Central Bank of Azerbaijan is sold on the idea
The Central Bank of Azerbaijan has chosen to conduct its auctions for foreign exchange (FX) instruments and deposits through Bloomberg’s auction platform.
The platform manages primary market operations, and has been recently extended to include FX instruments (spot and outright) and deposits, in addition to its pre-existing suite of fixed income and repo products.
Ali Ahmadov, director of market operations department of the Central Bank of Azerbaijan, says the system offers “flexible, swift and multi-purpose auction techniques, thus becoming a single platform for those monetary operations conducted by the Central Bank”.
Bloomberg says its multi-asset auction platform helps market participants track central bank auctions and enter bids. It is part of a suite of functionalities that allow central banks to auction off their debt, FX, repos and depositary notes to market participants. Auction data will go into Bloomberg’s FX electronic trading platform, FXGO.
Meanwhile
In a recent and separate deal, BBVA opted for a new Bloomberg function called the Derivatives Library, or {DLIB<GO>}. This offers an automated way to build bespoke structured products and then calculate a tradeable price in real-time.
DLIB also provides both parties to a deal with “clarity” into a deal’s characteristics and gives BBVA’s buy-side customers back-testing capabilities and product life-cycle management.
