InfoStride News reported on Tuesday that FirstBank UK, the United Kingdom subsidiary of First Bank Nigeria Limited, has successfully integrated with Bloomberg’s Trade Order Management System (TOMS) to enhance its Fixed Income workflow. This integration equips FirstBank UK with a comprehensive suite of tools, including data and analytics, communications, and order and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a crucial role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds. This strategic move allows the bank to effectively manage risk and optimize its inventory.
According to InfoStride News, the integration with TOMS enables the trading desk of FirstBank UK to support its client base by monitoring positions, profit and loss, and risks. The Chief Executive Officer-designate at FirstBank UK, Olukorede Adenowo, highlighted the significance of the onboarding, stating, “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.”
Lisa Bravo, the Global Head of Sell-Side OMS at Bloomberg, expressed pleasure in assisting FirstBank UK in enhancing operational efficiency. She mentioned, “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.”
In addition to the integration with TOMS, FirstBank UK has taken steps to digitize its order management workflow. The bank now offers clients access to liquidity on its own Eurobond Single-Dealer Platform, which has been seamlessly integrated with Bloomberg TOMS. This integration centralizes order handling and aggregated custom analytics and liquidity tools within a single interface, hosted and connected to multiple trading venues.
Head of Markets at FirstBank UK, Robert Hagenaars, emphasized the unique value this integration brings to customers, stating, “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.”
This move by FirstBank UK aligns with the bank’s commitment to staying at the forefront of technological advancements in the financial industry. The integration with Bloomberg TOMS not only enhances operational efficiency but also positions FirstBank UK to better serve its clients in the African Fixed Income landscape. As InfoStride News reported, this strategic initiative reflects the bank’s dedication to providing innovative solutions and maintaining a competitive edge in the dynamic financial market.
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