Bloomberg LLP Teaming Up With Goldman Sachs For Foreign Exchange Analysis Project
Bloomberg LLP and Goldman Sachs Group Inc. will be partnering up to deliver some of the investment bank’s Currency Exchange analytics into a new service that the company launched recently for foreign exchange trades, which utilizes algorithms in Goldman’s terminals.
This means that the banking group is the first of its kind to have a partnership with Bloomberg, and will grant access to people in Bloomberg’s FXGO terminal, a major foreign Currency Exchange platform that operates across the world.
Reportedly, this move is due to the increasing demand for greater access to tools like Goldman’ analytics; decision-making tools that allow for improved efficiency, speed, and accuracy.
The companies released a joint statement early September saying that this partnership, and this new financial tool, is aimed at allowing companies that have not cooperated in such an endeavor before, to do so, and in the most efficient way possible.
Goldman Sachs Global Head of FICC Execution Services admits that this partnership happened recently due to the fact that, historically, both companies would’ve preferred to have control of the process independent from any other entities.
On top of that, six years ago, Bloomberg and Wall Street’s major banks, Goldman Sachs included, got into a spat regarding the latter’s journalists accessing client data, resulting in tensions between companies.
This partnership means that Goldman Sachs and its trading clients who utilize Bloomberg’s FXGO terminal no longer have to switch systems in order to take a look at either firms’ analytic data. Vanderwilt says that the new platform will attract traders that are looking to cut down on the number of systems they need for their daily operations.
There’s also the fact that Goldman also offers equities execution services to any client of the Bloomberg Trade book, which Vanderwilt says will help the sales teams market the terminal and the new tools it has. As for specific business targets, neither company divulged any specific numbers.
Bloomberg, for its part, have stated that it is open to any other banks looking for similar arrangements, and that the FXGO itself is open for any company that handles liquidity provision services.