FirstBank UK, the United Kingdom subsidiary of First Bank Nigeria Limited, has been onboarded on Bloomberg’s Trade Order Management System to enhance its Fixed Income workflow.
In a statement issued on Tuesday by Bloomberg, with this integration, FirstBank UK will have access to a comprehensive suite of data and analytics, communications, as well as order and execution management solutions, enabling it to streamline its fixed-income bonds business.
FirstBank UK is a niche market-maker to its customers in Africa, providing market liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to manage risk and optimize its inventory.
“Thanks to Bloomberg’s coverage, TOMS enables the trading desk of FirstBank UK to support its client base and to monitor its positions, profit and loss and Risks,” part of the statement read.
The Chief Executive Officer-designate at FirstBank UK, Olukorede Adenowo, commenting on the onboarding said, “By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Global Head of Sell-Side OMS at Bloomberg, Lisa Bravo, said, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS. TOMS empowers firms to create a seamless workflow from their front and middle office, through to their operations and enterprise applications, while concurrently delivering their front office users with real-time execution, risk and P&L analytics.”
It was further revealed that FirstBank UK had digitised its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application had been integrated with Bloomberg TOMS to centralise both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues.
“The integration of TOMS with our custom-built electronic trading platform, allows our customers real-time access to liquidity in our markets, something unique to the majority of our customers,” said Head of Markets at FirstBank UK, Robert Hagenaars.
