Bloomberg Automates Market-on-Close Trading for Japanese Bonds

The system merges Bid/Offer List Trading with Rule Builder, Bloomberg’s proprietary automation tool. By utilizing the TSOX order and execution management platform, firms can now set specific execution criteria to trigger automatic order routing. This eliminates the need for manual handling of trades tied to the Hikene Trading reference rate, providing investors with greater certainty during critical closing windows.

Yudhveer Chaudhry, head of emerging markets at BlackRock, noted that the protocol accelerates time-to-market and optimizes outcomes for investors facing high-volume periods. The initiative aligns the Japanese market with Bloomberg’s existing automated capabilities for U.S. Treasuries, U.K. Gilts, and European government bonds, reflecting a broader push to standardize fixed-income trading infrastructure globally.