Bloomberg launches FX price monitoring tool

By Aarav Garg

Bloomberg has introduced MYQ, a new price monitoring tool designed to improve how foreign exchange (FX) traders access and interpret pricing information within its Instant Bloomberg (IB) messaging service.

MYQ uses Bloomberg’s natural language processing (NLP) technology to identify FX quotes shared in IB chats and present them in a structured format. The tool consolidates pricing data from multiple conversations into a single view, organised by currency pairs, tenors and bid/offer levels.

In FX markets, pricing discussions often take place across chat platforms, requiring traders to switch between multiple windows and systems to assess available quotes. This process, sometimes described as a “swivel chair” workflow, can lead to delays, inefficiencies and missed trading opportunities.

MYQ aims to address these challenges by centralising chat-based pricing information. By doing so, the tool is intended to help users better understand available liquidity and make more informed decisions before executing trades on platforms such as FXGO, Bloomberg’s multi-bank FX trading system.

Ed Loftus, Head of FX Relative Value and Applications at Bloomberg, said, “FX market participants often need to sift through massive quantities of fragmented pricing data across dozens of applications just to source the right liquidity to meet their objectives. By harnessing Bloomberg’s NLP to structure chat-based quotes within the MYQ solution, we are transforming how clients quickly find prices and streamline FX trade negotiation.”

The solution also includes several features to help in workflow efficiency, such as a history tab that provides a chronological record of recent quotes extracted from chats, a click-to-navigate function allowing users to jump directly to the original conversation where a quote was shared, as well as additional customisation options.

Instant Bloomberg is part of the Bloomberg Terminal, which provides financial professionals with real-time data, news and trading tools.