Japanese Rule Change Sees Bloomberg Launch Swaps Platform

Bloomberg has launched its electronic trading platform (ETP) in Japan to support new regulations that will require swaps to be traded electronically.

Japan’s Financial Instruments and Exchange Act (FIEA) came into force today, 1 September, and will make it mandatory to trade certain Japanese yen denominated interest rate swaps using an electronic trading platform.

“Bloomberg is committed to support the trading of relevant instruments and provide required solutions for compliance,” said Shintaro Sasaki, Representative Director of Tradebook Japan, Bloomberg’s agency brokerage business.

“With our experience working with both the buy-side and sell-side firms in Japan and delivering electronic trading solutions globally, we are uniquely positioned to help our clients who expect best-in-class execution services in an evolving regulatory landscape.”

The ETP is delivered via the Bloomberg Professional Service. Trades executed on the platform will be cleared by the Japan Securities Clearing Corporation.

In addition to the Japanese trading platform, Bloomberg is already offering a swap execution facility in the US and has authorisation from the UK regulator to launch a multilateral trading facility. The firm said it will continue to support clients to trade in an evolving regulatory environment.