Raising The Bar Across India’s FX Community
Bloomberg LP this week announced that more and more, a growing number of India’s public sector corporations are adopting the company’s Foreign Exchange electronic trading platform (FXGO) for their FX dealings. To name a few, Gas Authority of India Ltd (GAIL), Rural Electrification Corporation Limited (REC) and ONGC Videsh Ltd (OVL) are just a handful who have adopted the platform and its modern approach to electronic trading.
GAIL is the largest state-owned natural gas processing and distribution company in India; REC is a leading public infrastructure finance company in India’s power sector; and OVL is India’s second largest oil company. The respective corporate treasury desks at all three conglomerates are today using Bloomberg FXGO to analyze trade ideas, request quotes, execute, and perform post trade analysis, all on a single electronic platform.
“As we expand and transform our operations, the move towards an electronic FX platform was important for us to achieve greater efficiencies and streamline our workflow,” an REC spokesperson said in a published statement. “With Bloomberg FXGO, we can access real-time executable pricing from multiple banks, click and trade various FX instruments on the best price provided, and achieve best execution.”
Bloomberg’s Foreign Exchange (FXGO) solutions provide real-time pricing information coupled with news, data and analytics for traders to monitor the markets, analyze trends and generate trade ideas. in real-time. As a completely commission-free trading platform for both corporates and banks, Bloomberg FXGO offers access to liquidity from more than 300 providers worldwide for financial institutions, corporations, money managers and hedge funds across all major FX instruments including spot, forwards, options, deposits and more.
“It’s encouraging to see a growing number of public sector companies adopting electronic platforms and setting a new benchmark for corporate treasury in India,” said Sunny Chhabria, Head of Sales for Bloomberg South Asia. “GAIL, REC and OVL represent leading public sector enterprises in India that are adopting best-in-class technology and global best practices in corporate treasury.
“We look forward to partnering with more Indian corporations to support their business transformation,” he added.