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Bloomberg’s ETF offering has inbuilt ubiquity


Building on the ubiquity of the Bloomberg screen, which is on pretty much every financial professional’s desk, is BSKT, the firm’s offering for the creation and redemption of ETFs, launched five years ago. Ben Morris, Bloomberg ETF Product Manager, was a client of the offering and joined the firm three years ago to become part of the index product team. 

Morris was formerly a portfolio manager in the fixed income team at State Street Global Advisors, and used and liked BSKT.

“We help to provide trading and analytic support for index related products,” Morris says. “And as a product manager my responsibility is to help develop, manage and oversee applications as they relate to the creation and redemption of ETFs of custom baskets via BSKT that our clients can access using Terminal.”

It is that huge client base that makes the offering appealing. Morris says: “The ETF business on Bloomberg is pretty far and wide with a lot of folks in the ETF market using the terminals for various parts of their work.

“The ability to build out this ETF primary market tool makes it very appealing to build the business here, working with clients to understand their needs to see how we can turn their needs into a product.”

BSKT is available across the US and Europe and will be available in APAC countries soon.

The product launched in the fixed income and custom baskets for fixed income space and has now expanded into equity markets and derivative backed products too.

The basic components of BSKT are firstly as a venue for communicating and ticketing the creation and redemption process in the primary market, but it is also now stepping into the portfolio management end of the tool, particularly as it pertains to custom fixed income baskets.

“We have put more information on for portfolio managers in the form of risk analytics which we can derive from Bloomberg market data,” Morris explains.

BSKT is designed to help transmit all the data on a trade between the portfolio manager and the trader, and undertake the integration with custody banks and order management platforms.

“As BSKT evolves alongside trading styles there is less of a need for a parallel passive communication,” Morris says. “We reduce much of the dialogue, but these are custom baskets and detailed negotiations will require detailing in some organic linguistic fashion.”

The recent period of market volatility has seen the system work ‘flawlessly’ Morris says. “We haven’t experienced a real interruption in trading in the product’s history. One of the big value proposition goals at the highest level is to consolidate the infrastructure that supports ETFs making the underlying workflows as robust as the capital markets concepts and investment risk oversight that people are accustomed to think about.”

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