Bloomberg and ASX Build Global Order Routing Network

ASX and Bloomberg Financial Markets Commodities News today unveiled plans for a global order routing interface designed to enhance the ease and speed with which international market practitioners can access the market. In practical terms, participants in ASX's markets will begin to see Bloomberg information screens with the functionality of a SEATS screen (Stock Exchange Automated Trading System). The SEATS-equivalent "Enquiry" and "Trading" functionality will be authorised to users at ASX brokers' sites around the world. "ASX and Bloomberg are in advanced discussions aimed at using the reach of Bloomberg's information network to give international investors better, faster and cheaper access to Australian brokers and the Australian market," said ASX Managing Director, Mr Richard Humphry. In the proposal, Bloomberg would maintain an electronic gateway into the Australian market and support fully-automated order-routing from overseas into Australian brokers and on into the Australian market. Customers at Bloomberg's 114,000 desktop terminals worldwide will be able to key orders directly into ASX's SEATS system, nominating an Australian broker to take responsibility for the trade in the Australian market. Michael Bloomberg, founder and principal of Bloomberg Financial Markets Commodities News, will today meet with Richard Humphry and senior brokers to discuss the commercial potential of the order routing proposal. "We propose to provide authorised access to this alternate gateway at no cost due to the resulting efficiencies which were recently identified by ASX," Mr Bloomberg said. "The proposal complements the recent decision we have taken to release our TRADEBOOK system here which will provide our Australian professional market participants with direct access to the NASDAQ market. This is further evidence of the rapid globalisation of equities trading." Mr Humphry said there were some regulatory issues to be resolved and some rule changes will be discussed with ASIC. "This is the next logical step in opening up access to the Australian market and competing in a global environment," he said. All arrangements are expected to be finalised by September 1999.