FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited and also the premier West African bank, has adopted Bloomberg’s Trade Order Management System (TOMS).
This was announced by Bloomberg earlier today.
FirstBank UK is a niche market-maker to its customers in Africa. The business provides 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 (P&L) and Risks.
By integrating TOMS into its workflow, 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.
According to the CEO-designate at FirstBank UK, Olukorede Adenowo , “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,”
He added that “ 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.”
Also speaking, the Global Head of Sell-Side OMS at Bloomberg Lisa Bravo said that “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS,”
She added that “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.”
FirstBank UK has further digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with Bloomberg TOMS to centralize both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues.
Robert Hagenaars, Head of Markets at FirstBank UK also said that “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.”