Bloomberg has expanded its market on close (MOC) list trading offering to include US treasuries, following on from the launch of MOC for European government bonds.
The expansion is set to allow investors to automatically get into or out of a market at closing point, avoiding the need to manually place order immediately as the market closes.
The new offering will address challenges associated with tracking error and will provide certainty of execution by referencing a specific close time, through the use of Bloomberg’s Evaluated Pricing Service (BVAL) as the closing price.
The first trade referencing BVAL as the closing price was executed by BMO Capital Markets and Schwab Asset Management, both of whom also played a key role in developing the new tool, according to Bloomberg.
Christopher Johnson, global head of trading at Schwab Asset Management said: “Now live, we leverage the tool…
