The firm has said that by adding emerging market bonds to IBVAL’s offering, both buy-side and sell-side traders will be able to integrate automated pricing into their trading workflows across new markets and execute trades with higher confidence.

The move also sees IBVAL pricing coverage expanding to 22 hours a day, five days a week for the most actively traded securities. 

“As global traders evaluate opportunities to unlock alpha and improve execution in international fixed income markets, there is increasing demand for more real-time pricing insights to add greater transparency to their trading workflows,” said Eric Isenberg, head of enterprise data pricing at Bloomberg.   

“These expansions bring IBVAL’s high-quality, AI-driven pricing insights to some of the most liquid international bond markets, giving both buy-and sell-side traders across time zones more confidence in their trading decisions and execution outcomes.” 

Through this expansion, IBVAL’s coverage increases by approximately 6,000 bonds, and has brought in issuers from 98 LatAM, EMEA and APAC countries, such as Mexico, Brazil, Turkey, and China.  

The expansion also means that real-time pricing is now available across more than 95% of trade emerging market USD bonds, including both corporate and sovereign bonds, as well as emerging market EUR/GBP corporate bonds.  

Read more – Bloomberg extends IBVAL front-office pricing to cover Europe 

The push to emerging markets follows recent IBVAL expansion, after the solution was launched in 2023 to price USD credit securities. In April 2023, Bloomberg announced that the offering would cover EUR and GBP investment grade and high yield credit bonds included in Bloomberg’s flagship Europe and UK credit indices.  

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Umesh Gajria

The exchange operator said the move will support the launches of its MIAX Bloomberg 500 Index futures and options products, planned for the second half of 2025.  

MIAX Futures will list MIAX Bloomberg 500 Index futures, subject to certain filings with the Commodities Futures Trading Commission (CFTC). MIAX Bloomberg 500 Index options will also be listed on MIAX Options, subject to approval from the Securities and Exchange Commission (SEC).  

Thomas P. Gallagher, chairman and chief executive of MIH said: “The industry is looking for alternative ways to manage its US equity exposure and we believe our new MIAX Bloomberg 500 Index Futures and Options will offer competitive fees, enhanced product choice and more appropriate contract sizes to support the evolving needs of retail and institutional investors.” 

The launch of MIAX Bloomberg 500 Index futures will make the product the first financial future to be traded on the MIAX Futures Onyx platform, pending filing with the CFTC. 

“We are thrilled that our flagship B500 Index will be more broadly available through both the MPF and OPRA,” said Umesh Gajria, global head of index-linked products at Bloomberg Index Services Limited.  

“The availability of BBX will allow the industry to more easily incorporate the data into trading, risk and analytical models, creating the foundation for the B500 suite of products we are building in collaboration with MIAX.” 

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The Real-Time Events Data offering focuses on the option to subscribe to real-time, push-based updates which “only cover events of interest”, as opposed to “a firehose of information” – aiming to automate the full spectrum of workflows.

Specifically, the notification-driven market event feeds extracts and normalises data from unstructured sources and enhanced the Bloomberg Market Data Feed (B-PIPE).

Colette Garcia, global head of enterprise data real-time content at Bloomberg, explains: “Events data has traditionally posed challenges for front-office professionals due to fragmented disclosures and required manual searches across sources, time-sensitivity of the data, and the need to monitor up to thousands of tickers at once. 

“As the front-office embraces automation to navigate evolving market conditions driven by regulation, multi-asset trading strategies and volatility, Bloomberg is committed to delivering real-time events data alongside B-PIPE market data to empower customers to make informed, data-centric decisions for immediate alpha capture and effective risk management.”

The solution is also set to be further supplemented later this year with information around corporate earnings, corporate events calendar, and economic releases.

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Fixed income encompasses a complex set of financial instruments with great breadth, depth and diversity. When you look at how this asset class is moving into the automated trading space, there is a high degree of fragmentation. While almost 50% of corporate bonds are trading electronically, other areas of the asset class are still marked by manual workflows and are at the more initial stages of automation. 

Fixed income also has a high degree of diversity within the sub-asset classes, which are each marked by unique characteristics and challenges. Speaking of fixed income as one asset class almost does not do justice to the complexities that are faced in the space.  

However, some areas of fixed income are growing very fast. If we look at the rise of ETFs, these vehicles are providing bond fund managers much more flexibility to be able to access and work in the space. Pricing data has also become much more available for investors to jump in and out of corporate bond positions. Players in the space are working to keep up with these changes, while also maintaining the legacy systems and complex workflows that are in place.  

What role does real-time data play in helping combat these issues?  

Real-time data enables more automated signals in fixed income – especially critical is API access to multiple signals simultaneously. Looking at the growth in the primary issuance space, where we see year-on-year volumes growing rapidly, the timelines on the first day of issuance are really condensing. This compression has made the space much more efficient, but it has also raised the stakes, making data accuracy and integrity key.  

To address this, Bloomberg’s New Issues Feed provides real-time updates on all of the different stages of bond issuance as they happen programmatically to enable users to make decisions in real-time, accurately and with confidence. Being able to do this in a cost-effective way across different asset classes – such as corporate bonds, treasuries and loans –  solves historic workflow pain points around data integrity and operational risk which were previously addressed with ‘dummy instruments.’ Firms previously needed to manage a huge clean up exercise as well to maintain the integrity of their data and make sure that they were confident with any trades that were executed in this space. With real-time data, firms can ensure data integrity in compressed timelines in ways they weren’t able to before. 

What are the key factors driving this compression of the fixed income trade lifecycle?  

The increased number of players in fixed income is driving greater automation and the use of API trading. The SEC’s approved rule changes to require most fixed income and municipal trades to be reported within one minute of execution, tightening the current 15-minute reporting standard, is also an evolutionary change for anybody in this space. 

In light of these shifts, industry participants would be wise to reassess the entire workflow as it relates to fixed income, identifying all manual and back-office processes and working to automate them as much as possible to drive faster decision-making. Real-time data consumed via API can provide a consistent view of multiple data points concurrently. As an example, in the New Issues workflow, if a bond is announced and a firm has interest, they can programmatically subscribe to an intraday pricing service like IBVAL and receive a price indicator for that bond within 15 minutes. This allows for much more confidence in the trading decision. Real-time solutions provide the API framework to tie together all parts of the fixed income trade lifecycle – from new issuance into trading, back into execution, and finally for reporting back to relevant agencies – eliminating fragmentation between different stages of a trade.    

How can those in the market adapt to more in a much shorter period of time? 

Taking pricing data as an example, historically this type of data consisted largely of voice transactions. But today, we see a lot of clients using Bloomberg’s MSG1 tool, which brings together IB, email and pricing information and provides a real-time feed of this data across a customer’s firm to give group-wide internal transparency on where the pricing is. This can then be aligned with broker pricing and data from reporting feeds to provide even greater value.   

Broadly, industry participants must be able to bring together disparate pieces of information, whether that’s a model price like IBVAL, a price indicator price (PIP), pricing internal to a firm, or trade reporting feeds like MSRB or SDR. Then, eliminating manual consolidation and reconciliation of these prices and enabling programmatic processing is essential for efficiently operating within today’s increasingly compressed fixed income trade lifecycle. 

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André Eue, Brian Coffaro

Existing clearing broker relationships can be used by firms, removing the need for tri-party give-up agreements with Eurex market makers.  

The new development will be available for all equity options and futures traded on Eurex, alongside all foreign exchange (FX) derivatives.  

The European off-book business will be further electronified by the move, allowing firms to directly control and manage their own flow. 

This flow can be responded to directly by Eurex market makers without any additional costs, offering tighter spreads and increased participation.  

“Direct access to Enlight through Bloomberg Tradebook represents a major step forward in providing market participants with greater efficiency, cost savings, and control in off-book trading,” said André Eue, head of market development and pricing at Eurex.  

“We’re pleased to be working with Bloomberg and look forward to continuing to provide clients with tools that enable them to efficiently and effectively identify new trading opportunities.”  

Eurex and Bloomberg Tradebook participants will benefit from an integration with existing workflows and clearing setups, which aims to simplify use, while customisable RFQs offer control over trade visibility and anonymity.  

The connectivity will offer market participants access to off-book trading, allowing for the completion of large orders, alongside minimising information leakage. 

Read more: Bloomberg goes live with new US Treasury dealer algos 

“The connectivity between Eurex and the Bloomberg Tradebook front end enables us to deliver a more streamlined trading workflow to our mutual clients,” said Brian Coffaro, global head of futures and options trading at Bloomberg.   

“As market participants explore different ways to trade, Bloomberg is focused on providing them with access to robust trading tools alongside our leading data and analytics to help them efficiently find the other side of their trades at the best available price.” 

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The development builds on BayernLB’s existing use of Bloomberg Terminal, allowing for access to data across the firm’s front-, middle- and back-offices.  

In addition, the move follows Bloomberg’s recent collaboration with BayernInvest, the asset management arm of BayernLB, wherein the firm adopted Bloomberg buy-side solutions, including AIM, PORT Enterprise, and MARS Collateral Management’s integrated offerings.  

Read more: Bloomberg buy-side solutions adopted by BayernInvest to support workflows 

“As a leading specialised bank, it’s essential that we have access to a broad universe of high-quality market data for a diverse landscape of systems,” said Markus Langenbach, head of asset and liability management (ALM) and analytics at BayernLB.  

“Bloomberg’s solutions provide us with such access across our front-to-back systems. That allows us to use market data at the highest quality in a cost-efficient way throughout our processes.” 

The use of B-PIPE and BVAL will enable BayernLB to access data in an efficient and scalable way across the enterprise.  

B-PIPE will also offer BayernLB consolidated and normalised real-time streaming market data, pricing, event data and analytics for front-office use cases.  

Meanwhile BVAL offers the bank access to evaluated pricing across the liquidity spectrum to inform middle- and back-office workflows, alongside helping comply with regulation and reporting requirements.  

“The value of data that aligns across a firm’s operations cannot be overstated given the time it saves, risks it helps to avoid, and insights it can help uncover. For this reason, we’re pleased to support BayernLB on their journey to maximising efficiency and streamlining workflows with consistent data they can trust,” said Cory Albert, global head of real-time data and technology at Bloomberg.  

“This collaboration also furthers Bloomberg’s growing presence and commitment to clients in Germany. We look forward to working with BayernLB and continuing to expand the use of both B-PIPE and BVAL in the region.” 

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MIAX Bloomberg 500 Index futures will be listed on MIAX Futures, pending certain filings with the Commodity Futures Trading Commission (CFTC).  

Elsewhere, MIAX Bloomberg 500 Index options will be listed on MIAX Options, subject to certain filings with and subject to approval from the Securities and Exchange Commission (SEC). 

The new MIAX Bloomberg 500 futures and options products aim to provide competitive fees, increased product choice and more granular contract sizes, offering retail and institutional investors an alternative way to manage US equity market exposure. 

“Our collaboration with MIH to list Bloomberg 500 Index futures and options on its MIAX exchanges reinforces our strategy of expanding the use of Bloomberg equity indices across the financial investment community,” said Umesh Gajria, global head of index-linked product at Bloomberg Index Services Limited.  

“The introduction of these products answers significant pent-up demand for access to an alternative way of managing long and short exposure in the world’s most liquid equity market.” 

Read more: MIAX receives $100 million capital injection from Warburg Pincus  

MIAX Bloomberg 500 Index futures and options are being developed to reach both retail and institutional investor preferences, with a H2 2025 target for trading.  

In addition, Bloomberg 500 Index futures are expected to be the first financial future to be traded on the new MIAX Futures Onyx trading platform, pending filing with the CFTC. 

“We are pleased to provide the industry with a suite of new futures and options products offering a competitive alternative to manage exposure to the 500 largest publicly traded US corporations,” said Thomas Gallagher, chair and chief executive at MIH.  

“I believe our technology, support from strategic exchange members and Bloomberg’s distribution capabilities create a powerful combination to help answer industry demand for alternative ways to hedge and manage risk in US equities and options markets.” 

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The development follows the launch of AI-Powered Earnings Call Summaries, which came as part of Bloomberg’s goal to “reimagine the Bloomberg Terminal for the age of AI.”

Users of AI-Powered News Summaries will be provided with three bullet points at the top of Bloomberg News content on the Terminal, which are generated through generative AI technology.  

Bloomberg added that these bullet points are evaluated by the company’s subject matter experts to continuously refine the large language model’s performance.

The offering aims to help financial professionals save time through the efficient discovery of relevant and timely information, better decide which stories to read in depth, as well as allowing them to explore and share more news.

“The new AI-Powered News Summaries for Bloomberg News articles has been a game-changer for me,” said George Karas, senior executive trader at Trillium Trading.  

“They provide clear, concise insights that allow me to quickly grasp the essence of complex stories. As an event-driven proprietary trader, I find this to be an incredibly valuable tool for staying informed in a constantly evolving market.”

Bloomberg Terminal customers can access AI-Powered News Summaries for various purposes, as it’s built to adapt to their specific needs and workflow.

“The fast-paced information landscape is increasingly challenging for financial professionals and news audiences to navigate,” added Chris Collins, chief product officer of news at Bloomberg.

“AI-Powered News Summaries helps users stay on top of the news they need to make informed business decisions.”

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Next year will see further market structure changes in fixed income. In dealer to client (D2C) markets for both rates and credits, the number of in-bound RFQs is rising exponentially, driven by all to all trading and the use of algo tools. While many of these tickets are small in size, they provide important data, are useful for dealers with positions and assist with execution statistics. We have already seen some dealers automate these lower value RFQs, but 2025 will see this accelerate to the point where the majority of dealers will need to look at solutions which support auto quoting and/or auto execution.  

The velocity of dealer to dealer (D2D) rates markets is increasing and in 2025, we expect more dealers to invest in co-location and access to alternative liquidity sources to place and adjust orders at micro second levels. Ultra-low latency is not simply a nice to have but is needed for dealers to remain competitive. 

Next year will also be the year when consolidated tape providers will be selected for the EU and the UK. We expect to hear a great deal about this throughout the year as the market moves towards a more transparent structure.

Liz Kirby, managing director, head of market structure, Tradeweb 

One of the key regulatory trends to watch in 2025 will be the SEC’s central clearing mandate for US Treasury transactions, particularly as it extends to repurchase agreement (repo) trades by 2026. While the initial phase of the mandate, slated for December 2025, focuses on US Treasury cash clearing, the most significant changes will come in the final phase, set for 30 June 2026, when repo transactions are brought into scope.

This mandate represents a major shift aimed at enhancing efficiency and transparency in the $4.5 trillion repo market, which has traditionally been relationship-driven, low-margin, and largely uncleared. Given the size, complexity, and short-term nature of this market, implementing central clearing poses some unique challenges. In 2025, our focus will be on collaborating closely with clients and market participants to craft tailored solutions that address these issues.

Derek Kleinbauer, global head of fixed income and equity e-trading, Bloomberg

In 2025, the upcoming US Treasury/repo clearing mandate will introduce some changes to the existing trading workflow and will have an impact whether trades are done via voice or electronically. Bloomberg is working closely with clients to ensure they have access to the necessary workflows in place and are well positioned to meet the mandate requirements.
  
Algorithmic trading will continue to gain traction across fixed income, as market participants are looking to leverage algos to execute trades, manage their risk, and optimise execution costs. We expect usage to grow in US Treasuries and will eventually be followed by adoption in other asset classes including corporate bonds.
  
In emerging markets, particularly Asia, we also see real opportunity for growth. In 2024, we’ve observed record electronic trading and a significant growth in trade volumes, average trade size and the number of clients who are active in these markets. This growth may represent an inflection point having been reached in the adoption of electronic execution. With India and Korea being added to major indices, this will further boost the year-over-year growth in electronic trading in emerging markets and the region remains a top focus for us.

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The evolution taking place in fixed income markets has laid the foundation for the recent growth in credit index futures, positioning 2025 as a pivotal year for further proliferation of the product and broad adoption by the market. Advancements we’ve seen in market infrastructure, such as the electronification of trading, real-time bond and ‘liquid’ index pricing, as well as enhanced analytics on Terminal to compute fair value and identify relative value opportunities, have transformed how buy-side firms are managing and trading credit risk. These trends will continue, enabling greater price transparency and standardisation of this market which, historically, aids in the development of exchange traded products like credit index futures. 

The existing contracts provide broad-based exposure to the European, US and emerging market corporate bond markets utilising Bloomberg’s fixed income benchmarks. In 2025, we envision an expansion of this global credit futures complex, allowing investors to target regional credit markets and specific risks such as duration, sectors, or credit quality, providing a more diverse range of tools for those seeking local exposure and precision. This will lead to increased cross-margining opportunities with correlated products, amplifying the utility and cost-effectiveness of the product. 

For global credit, we enter a year of uncertainty in 2025, with resilient corporate fundamentals and potential easing of monetary policy offset by ongoing geopolitical tensions. Investors will continue to find value in a flexible credit vehicle that can be used to deploy capital quickly, express a tactical view or hedge corporate credit exposures. The product will continue to attract a diverse range of market participants, from asset managers to insurers, looking for narrow bid-ask spreads and tight tracking to the benchmark. We expect further normalisation of credit index futures as a core instrument in credit markets.

Charlie Campbell-Johnston, head of automation, international, Tradeweb 

The last few years have thrown fixed income traders one curveball after the other, and automation has proven itself as an effective tool to deliver scalability and time efficiency across different products and through a range of trading protocols. On the other hand, systematic and cross-asset funds have used automation to create new trading activity and realise new strategies. 

The game, however, could change in 2025. A combination of technological innovation and high-quality data would enable traders to adapt their automation parameters to actual real-time market scenarios, giving them even more control over the trade execution process. After all, automation has already transcended its operational efficiency origins and this evolution would cement its hard-earned place at the core of a dynamic and innovative execution desk. 

Tucker Dona, head of business development, Baton Systems 

We are one-year away from the mandatory central clearing of US Treasuries, which is going to have a material impact on the way that firms post margin for this product. Firms wanting to offset the impact of higher margins need to spend 2025 making operational changes and upgrades to optimise their systems for trading and clearing US Treasuries. However, there is still more clarity needed on which CCPs market participants will choose to clear these products, and which model participants will use, such as sponsored or done-away. Thankfully, much of the operational preparation and workload can be done efficiently with support from vendors providing direct connectivity into the CCPs.

If firms are not able to efficiently optimise and mobilise available assets across the range of CCPs they will use for clearing US Treasuries, they are going to face operational and cost challenges. By using data-driven insights to select the most eligible and opportunistic collateral for the different clearing venues and then being able to execute all movement instructions, firms can manage the higher margin levels more effectively. They will also be able to reduce associated costs, and more efficiently manage better their collateral usage and its impact on available liquidity. 

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