Bloomberg’s announcement this week that it will allow financial firms to deploy third-party chatbots in chat rooms on Instant Bloomberg with a new service called IB Connect: Cross-Firm Chatbots promises to increase the speed and ease with which firms can share information—such as pricing and research—with counterparties without leaving Instant Bloomberg to retrieve data. The move also aims to further entrench Instant Bloomberg as the preferred tool for trade negotiation in over-the-counter markets, where trades are often agreed via chat messages before being executed between counterparties.
“Chats still serve as the primary means of communications for execution of OTC trades,” the CEO of one proprietary trading fund tells WatersTechnology. They add that liquidity providers have developed bots such as these to demonstrate their value-add. Bloomberg had previously allowed firms to use bots in Instant Bloomberg to share information within their own organizations.
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Wil Goldsholl, product manager for chatbots at Bloomberg, says the vendor had received customer demand to introduce bots to its chat, and saw success with the internal-only chatbots, which a firm might deploy to respond to inquiries from one of its sales traders about the status of an order, or for sharing market color and research with its clients.
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