FirstBank UK Adopts Bloomberg TOMS To Optimise Fixed Income Workflow

FirstBank UK Limited, the United Kingdom subsidiary of First Bank Nigeria Limited, has adopted Bloomberg’s Trade Order Management System (TOMS).

By integrating TOMS into its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics, communications, as well as order and execution management solutions, enabling it to streamline its fixed income bonds business.

FirstBank UK is a niche market-maker to its customers in Africa. The business provides market liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to manage risk and optimise its inventory. Thanks to Bloomberg’s coverage, TOMS enables the trading desk of FirstBank UK to support its client base and to monitor its positions, profit and loss (P&L) and Risks.

Chief executive of First Bank UK, Olukorede Adenowo, said “By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.

“We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS,” said Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg. “TOMS empowers firms to create a seamless workflow from their front and middle-office, through to their operations and enterprise applications, while concurrently delivering their front office users with real-time execution, risk and P&L analytics.” FirstBank UK has further digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with Bloomberg TOMS to centralize both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues.

“The integration of TOMS with our custom-built electronic trading platform, allows our customers real-time access to liquidity in our markets, something unique to the majority of our customers,’ said Robert Hagenaars, Head of Markets at FirstBank UK.