Vodafone opts for Bloomberg FX platform
Vodafone Hutchison Australia (VHA), a joint venture between mobile telephone groups Vodafone and Hutchison 3G, has chosen Bloomberg’s multi-dealer FX platform (FXGO) to manage its currency risk.
The news comes amid increasing competition and consolidation in the sector. It comes less than a month after Thomson Reuters announced the acquisition of FXall, the world’s leading multi-dealer platform with non-financial corporates and asset managers. As well as using FXGO to execute FX trades, VHA says it is using the platform for market data, counterparty risk information, economic data and pricing information.
Robert Partos, VHA’s external treasury manager, says the firm found Bloomberg to be the best platform on which to manage its FX risk, and that it now trades exclusively on FXGO.
“After rigorous comparison, we found Bloomberg provides a better service, giving us a number of different quotes from the main banks,” he says. “Auditing trades is also much easier with the enhanced transparency of being able to assess all bank prices before we trade.”
Tod Van Name, global head of Bloomberg's FX business, claims corporates are finding that FXGO is “giving them an extra edge” in today's challenging marketplace. “Bloomberg FXGO is a commission-free electronic trading platform and its quality rates, data transparency and robust trading are making it the platform of choice for corporate treasurers,” he says.