Bloomberg announced today that a growing number of India's public sector corporations are adopting Bloomberg's Foreign Exchange electronic trading platform (FXGO) for foreign exchange dealing. The corporations include Gas Authority of India Ltd (GAIL), Rural Electrification Corporation Limited (REC) and ONGC Videsh Ltd (OVL).
GAIL is the largest state-owned natural gas processing and distribution company in India; REC is a leading public infrastructure finance company in India's power sector; and OVL is India's second largest oil company. The corporate treasury desks at GAIL, REC and OVL are using Bloomberg FXGO to analyze trade ideas, request quotes, execute, and perform post trade analysis, all on a single electronic platform.
"As we expand and transform our operations, the move towards an electronic FX platform was important for us to achieve greater efficiencies and streamline our workflow," said a REC spokesperson. "With Bloomberg FXGO, we can access real-time executable pricing from multiple banks, click and trade various FX instruments on the best price provided, and achieve best execution."
“Bloomberg's commission free FX trading platform has enabled us to bring more efficiency to the bidding process and have better audit trails. The ease on trade execution along with world class market data, news and analytics, makes it a complete solution for corporate treasury today," said a GAIL spokesperson.
Bloomberg's FX solutions provide real-time pricing information integrated with news, data and analytics for traders to monitor the markets, analyze trends and generate trade ideas. A commission-free trading platform for both corporates and banks, Bloomberg FXGO provides access to liquidity from over 300 providers worldwide for financial institutions, corporations, money managers and hedge funds across all major FX instruments including spot, forwards, options, NDFs and deposits.
"It is encouraging to see a growing number of public sector companies adopting electronic platforms and setting a new benchmark for corporate treasury in India," said Sunny Chhabria, Head of Sales for Bloomberg South Asia. "GAIL, REC and OVL represent leading public sector enterprises in India that are adopting best-in-class technology and global best practices in corporate treasury, and we look forward to partnering with more Indian corporations to support their business transformation."