Bloomberg has stopped users auto-copying RUNZ messages to other recipients, “to enhance sender control over RUNZ pricing distribution,” from 18 March 2026.
A RUNZ formatted message is an email message composed on the Bloomberg Terminal by a market maker or broker / dealer that provides a list of bonds and indications of interest, indicative prices where a dealer stands ready to buy or sell a security, knowns as ‘runs’. They are relatively standardised and easily machine-readable which means the prices in these messages can serve an important purpose in framing markets in the corporate bond space.
According to a message sent to terminal users, messages sent via RUNZ, which supports dealer axe distribution, will no longer be auto-copied to other users or email
addresses that have been designated as auto-copy recipients in MGU , under ‘Auto-Copy and Out-Copy’.
Responding to the announcement, fixed income data and analytics firm, SOLVE, released a note to market participants stating, “Bloomberg’s RUNZ change is not only operational. It is strategic. When a single provider controls how pricing communications are delivered, archived, and integrated, dependency increases. … Most firms will continue using Bloomberg. The issue is not replacement. The issue is concentration. Buy-side firms have historically benefited from combining Bloomberg’s network with specialised providers, internal systems, and best-of-breed tools.”
SOLVE offers an audit service to trading desks around messaging as part of its marketing efforts.
However, no buy- or sell-side bond-trading trading desks contacted by The DESK reported issues with the change, most noting that it would not directly affect them.
Bloomberg reported to users that functionality via MSG1 Shared Pricing Groups, and viewing runs and axes received using IMGR functionality would be supported.
On 10 September 2024 Bloomberg started automatically blocking the forwarding of RUNZ-formatted messages.
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