Bloomberg has upgraded the legal status of its credit trading business in Europe, falling into line with rivals as they prepare for new rules that will revamp the region’s markets. The US data and information group is among several of Europe’s big trading venues that have begun rolling out their new systems five months ahead of the deadline.
It went live with its enhanced platform last week, and this week Thomson Reuters, its big rival, will also begin moving its 2,500 customers on to its upgraded foreign exchange trading venue, as the rules toughen trading around currency derivatives and forwards. Last week Bats Global Markets, the largest pan-European stock market, released software that is compliant with new rules for equities. With the rollout, the venues are hoping to spur tardy institutional investors to speed up their own plans.