Bloomberg automates JGB Market-on-Close trading
05 October 2026 Japan
Image: iamchamp/stock.adobe.com
Bloomberg has completed its first fully automated Japanese government bond (JGB) Market-on-Close trade following the launch of a new automated workflow.
Aligned with the BB3P (Hikene Trading) Market-on-Close reference rate for JGBs, the functionality is designed to minimise tracking error and provide certainty of execution at the market close.
Available through Bloomberg Electronic Markets, the workflow combines Bloomberg's Bid and Offer List Trading functionality with Rule Builder, the firm's trade automation tool.
The integration enables clients to automate order routing and define execution criteria within a single order and execution management workflow through TSOX, Bloomberg’s execution management system.
Yudhveer Chaudhry, head of emerging markets, FX, commodities, and digital assets at BlackRock, states: “The ability to combine Market-on-Close execution with rule-based automation is a significant step forward for the JGB markets.
“By accelerating time to market and enabling more systematic execution at the BB3P market reference, this workflow will help minimise transaction costs, reduce manual intervention, and deliver more consistent, optimised outcomes for investors, particularly during high-volume periods.
“It is an exciting development for one of the highest volume bond markets in Asia, and we were pleased to collaborate with Bloomberg on introducing the protocol.”
Norman Tweeboom, Japan enterprise sales head at Bloomberg, adds: “The powerful combination of Bloomberg Electronic Markets capabilities enables clients to more efficiently negotiate pricing while reducing operational complexity in a critical market.”
The JGB workflow expands Bloomberg's Market-on-Close capabilities across global fixed income, which also supports US Treasuries, Canadian government bonds, UK gilts, and European government bonds.
Aligned with the BB3P (Hikene Trading) Market-on-Close reference rate for JGBs, the functionality is designed to minimise tracking error and provide certainty of execution at the market close.
Available through Bloomberg Electronic Markets, the workflow combines Bloomberg's Bid and Offer List Trading functionality with Rule Builder, the firm's trade automation tool.
The integration enables clients to automate order routing and define execution criteria within a single order and execution management workflow through TSOX, Bloomberg’s execution management system.
Yudhveer Chaudhry, head of emerging markets, FX, commodities, and digital assets at BlackRock, states: “The ability to combine Market-on-Close execution with rule-based automation is a significant step forward for the JGB markets.
“By accelerating time to market and enabling more systematic execution at the BB3P market reference, this workflow will help minimise transaction costs, reduce manual intervention, and deliver more consistent, optimised outcomes for investors, particularly during high-volume periods.
“It is an exciting development for one of the highest volume bond markets in Asia, and we were pleased to collaborate with Bloomberg on introducing the protocol.”
Norman Tweeboom, Japan enterprise sales head at Bloomberg, adds: “The powerful combination of Bloomberg Electronic Markets capabilities enables clients to more efficiently negotiate pricing while reducing operational complexity in a critical market.”
The JGB workflow expands Bloomberg's Market-on-Close capabilities across global fixed income, which also supports US Treasuries, Canadian government bonds, UK gilts, and European government bonds.
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