Bloomberg announced the first successful fully automated Japanese Government Bond Market-on-Close trade, following the introduction of a new workflow, the company said. The workflow aligns with BB3P (Hikene Trading), the Market-on-Close reference rate for JGBs, and helps lower tracking error and provides certainty of execution at a set close time.
The workflow is available as part of Bloomberg Electronic Markets and combines Bid/Offer List Trading with Rule Builder, Bloomberg's trade automation tool. Clients can define execution criteria and automate order routing based on predefined conditions within an integrated order and execution management workflow, through TSOX.
Yudhveer Chaudhry, Head of Emerging Markets, FX, Commodities & Digital Assets at BlackRock, said combining Market-on-Close execution with rule-based automation would accelerate time to market and enable more systematic execution at the BB3P reference, helping to reduce transaction costs, cut manual intervention and deliver more consistent outcomes during high-volume periods. He said BlackRock collaborated with Bloomberg on introducing the protocol.
Norman Tweeboom, Japan Enterprise Sales Head at Bloomberg, said the company continues to enhance its global Market-on-Close capabilities for fixed income trading clients. He said combining Bloomberg Electronic Markets capabilities allows clients to negotiate pricing while reducing operational complexity.
The JGB workflow expands Bloomberg's Market-on-Close capabilities across global fixed income, which also supports U.S. Treasuries, Canadian government bonds, U.K. Gilts and European government bonds.
