Since its creation, Onbrane has been built to be the debt trading platform seamlessly integrated into the existing ecosystem, offering market players a full STP process. Naturally, this means connecting with all the different tools available, including one of the best-known of them all: Bloomberg.
The Onbrane – Bloomberg TOMS connection
Onbrane has been built to be API-friendly and to connect easily and efficiently to the various tools in the commercial papers trading universe.
Connecting to Bloomberg TOMS requires sending information on commercial papers issued or bought on Onbrane. To do this, we use a flat file in CSV, XML, or JSON, which we deposit on a secure server for each transaction (one transaction = one line file with all the transaction characteristics).
The field mapping system between Onbrane and TOMS can be set up directly on the Onbrane platform, and all the fields requested by TOMS are present on Onbrane. We have even added Bloomberg tickers for issuers, dealers, brokers, and investors to the platform to assist our users in properly mapping counterparties.
To see the details on how to configure the transaction file directly on Onbrane see the dedicated Onbrane Wiki article.
SEB, the first bank benefiting from the Onbrane – TOMS connection
To open the Onbrane platform to the Nordic Commercial Paper markets (Sweden, Finland, Denmark, etc.) in partnership with Nasdaq, we have onboarded some of the largest banks in the region, including Skandinaviska Enskilda Banken (SEB).
SEB team wanted to implement the connection to their TOMS in order to benefit from an automatic data flow. So we got to work and our team established this connection in only a couple of weeks.
Here’s how it went down:
We started with a kick-off meeting to create their SFTP application and depository where they will be able to log in to retrieve their transaction files. Then, once the connection was set up, they chose the fields they needed to fill their TOMS connection (including the Bloomberg tickers to map the counterparties). We did a couple of tests in the Onbrane pre-production environment and then the connection was up and running!
Today, the SEB trading desk benefits from a full STP process when negotiating commercial papers through Onbrane!
NB: to retrieve the transaction files, they connect to their SFTP application every 10 minutes to retrieve the transaction file if there is any. We can also set up a webhook to send a transaction event on a public endpoint so you know when there is a file and you connect to your application only when it is needed!
And you?
Innovation-driven market participants such as SEB bring better ways of working into commercial paper markets, making the processes more transparent and efficient for everyone!
If you’re a CP market player utilizing Bloomberg TOMS, like SEB, you can also experience the benefits of the open, interoperable platform, streamlining processes, and minimizing errors. Whether you’re a commercial paper issuer, dealer, broker, or investor, Onbrane is here to enhance your negotiations – Contact us!
