TraditionDATA expands its BCMP for SOFR content 01 September 2021US Reporter: Jenna Lomax
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TraditionDATA, the data and information services division of Compagnie Financière Tradition, has expanded its Bloomberg Capital Markets Package (BCMP), a joint data service between TraditionDATA, CME Group and Bloomberg, that is available via Bloomberg’s Terminal platform.
The updated BCMP service has been designed to focus on Secured Overnight Financing Rate (SOFR) as its key pricing mechanism, following the decision by the Commodity Futures Trading Commission and the Alternative Reference Rates Committee to move to SOFR First — a phased initiative for switching trading conventions from LIBOR to SOFR.
Effective immediately, BCMP users will be able to access new SOFR-focused content, including USD medium term swaps versus SOFR, USD SOFR basis swaps and SOFR overnight index swap swaps data.
The LIBOR pages will remain available in a legacy form for firms that continue to utilise the outgoing benchmark.
The BCMP was launched in 2018 as an alternative to the Reuters 19901 reference page, and provides a reference rate for US treasuries and interest rate derivatives.
It combines firm and executable pricing from Tradition’s interest rate central limit order book (Trad-X) with similarly structured cash US treasury pricing from CME Group’s BrokerTec central limit order book.
Trey Berre, global head of data services at CME Group, says: “As the SOFR ecosystem continues to develop, market participants need access to the right data to make informed decisions and efficiently manage their risk.”
He adds: “CME Group offers accurate and reliable data based on our underlying BrokerTec US treasury markets, and this enhancement to BCMP will help customers navigate the evolving alternative rates landscape with greater precision.”
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