FirstBank UK Bloomberg Integration
FirstBank UK, the United Kingdom subsidiary of First Bank Nigeria Limited, has recently integrated Bloomberg’s Trade Order Management System into its trading platform. This integration aims to improve the efficiency of FirstBank UK’s Fixed Income workflow.
Enhanced Workflow
With the integration of Bloomberg’s solution, FirstBank UK now has access to a wide range of data and analytics, communication tools, and order and execution management solutions. These resources will help streamline the bank’s fixed-income bonds business.
Market-Maker Role
FirstBank UK plays a crucial role as a niche market-maker for its customers in Africa. It provides market liquidity in cash bonds, primarily focusing on Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds. This helps the bank manage risk and optimize its inventory.
Benefits of Integration
The Chief Executive Officer-designate at FirstBank UK, Olukorede Adenowo, expressed gratitude for the integration, stating that Bloomberg’s Trade Order Management System (TOMS) allows the trading desk to support clients and monitor positions, profit and loss, and risks. By integrating with existing systems, TOMS provides a complete end-to-end trading workflow for African bonds in most of their home markets. This integration enables FirstBank UK to expand its footprint in the African Fixed Income landscape and deliver exceptional service to its customers in Africa.
Operational Efficiency
Lisa Bravo, the Global Head of Sell-Side OMS at Bloomberg, highlighted the benefits of TOMS, stating that it enhances operational efficiency across FirstBank UK’s enterprise. TOMS empowers firms to create a seamless workflow from their front and middle office to their operations and enterprise applications. It also provides real-time execution, risk, and profit and loss analytics for front-office users.
Digitization of Order Management
FirstBank UK has also digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. This application has been integrated with Bloomberg TOMS, allowing for centralized order handling and aggregated custom analytics and liquidity tools within a single interface. This interface is hosted and connected to multiple trading venues.
Unique Access to Liquidity
Robert Hagenaars, the Head of Markets at FirstBank UK, emphasized the benefits of the integration, stating that TOMS provides customers with real-time access to liquidity in their markets. This is a unique feature that sets FirstBank UK apart from other banks.
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