Bloomberg has expanded its market-on-close list trading protocol to include US Treasuries.
The service, which was launched for European government bonds in 2024, allows traders to automatically enter or exit a market at close price without manually placing an order at the time of market close. The price is generated using Bloomberg’s evaluated pricing service (BVAL).
With US Treasuries, investors can negotiate non-comp trades and send in-comp trades to more than five dealers. Currently, nine dealers support the protocol. Users can select their liquidity provider through integrated axe data available through Bloomberg.
The company’s portfolio trading basket builder tool is also integrated into the service, giving users the ability to negotiate and transact using an end-of-day snapshot.
Bloomberg states that the use of this tool will reduce tracking errors and market impact, provide certainty of execution, and reduce slippage.
BMO Capital Markets and Schwab Asset Management executed the first trade using the service.
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