CINXE.COM

<!DOCTYPE html>  <html class="bbg" lang="en-US"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=apps-prod&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu","20210427102351","https://web.archive.org/","web","/_static/", "1619519031"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <meta charset="UTF-8"> <meta http-equiv="x-ua-compatible" content="ie=edge"><script type="text/javascript">(window.NREUM||(NREUM={})).loader_config={licenseKey:"cd0676da66",applicationID:"624466258"};window.NREUM||(NREUM={}),__nr_require=function(e,t,n){function r(n){if(!t[n]){var i=t[n]={exports:{}};e[n][0].call(i.exports,function(t){var i=e[n][1][t];return r(i||t)},i,i.exports)}return t[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var i=0;i<n.length;i++)r(n[i]);return r}({1:[function(e,t,n){function r(){}function i(e,t,n){return function(){return o(e,[u.now()].concat(c(arguments)),t?null:this,n),t?void 0:this}}var o=e("handle"),a=e(7),c=e(8),f=e("ee").get("tracer"),u=e("loader"),s=NREUM;"undefined"==typeof window.newrelic&&(newrelic=s);var d=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],p="api-",l=p+"ixn-";a(d,function(e,t){s[t]=i(p+t,!0,"api")}),s.addPageAction=i(p+"addPageAction",!0),s.setCurrentRouteName=i(p+"routeName",!0),t.exports=newrelic,s.interaction=function(){return(new r).get()};var m=r.prototype={createTracer:function(e,t){var n={},r=this,i="function"==typeof t;return o(l+"tracer",[u.now(),e,n],r),function(){if(f.emit((i?"":"no-")+"fn-start",[u.now(),r,i],n),i)try{return t.apply(this,arguments)}catch(e){throw f.emit("fn-err",[arguments,this,e],n),e}finally{f.emit("fn-end",[u.now()],n)}}}};a("actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(e,t){m[t]=i(l+t)}),newrelic.noticeError=function(e,t){"string"==typeof e&&(e=new Error(e)),o("err",[e,u.now(),!1,t])}},{}],2:[function(e,t,n){function r(){return c.exists&&performance.now?Math.round(performance.now()):(o=Math.max((new Date).getTime(),o))-a}function i(){return o}var o=(new Date).getTime(),a=o,c=e(9);t.exports=r,t.exports.offset=a,t.exports.getLastTimestamp=i},{}],3:[function(e,t,n){function r(e){return!(!e||!e.protocol||"file:"===e.protocol)}t.exports=r},{}],4:[function(e,t,n){function r(e,t){var n=e.getEntries();n.forEach(function(e){"first-paint"===e.name?d("timing",["fp",Math.floor(e.startTime)]):"first-contentful-paint"===e.name&&d("timing",["fcp",Math.floor(e.startTime)])})}function i(e,t){var n=e.getEntries();n.length>0&&d("lcp",[n[n.length-1]])}function o(e){e.getEntries().forEach(function(e){e.hadRecentInput||d("cls",[e])})}function a(e){if(e instanceof m&&!g){var t=Math.round(e.timeStamp),n={type:e.type};t<=p.now()?n.fid=p.now()-t:t>p.offset&&t<=Date.now()?(t-=p.offset,n.fid=p.now()-t):t=p.now(),g=!0,d("timing",["fi",t,n])}}function c(e){d("pageHide",[p.now(),e])}if(!("init"in NREUM&&"page_view_timing"in NREUM.init&&"enabled"in NREUM.init.page_view_timing&&NREUM.init.page_view_timing.enabled===!1)){var f,u,s,d=e("handle"),p=e("loader"),l=e(6),m=NREUM.o.EV;if("PerformanceObserver"in window&&"function"==typeof window.PerformanceObserver){f=new PerformanceObserver(r);try{f.observe({entryTypes:["paint"]})}catch(v){}u=new PerformanceObserver(i);try{u.observe({entryTypes:["largest-contentful-paint"]})}catch(v){}s=new PerformanceObserver(o);try{s.observe({type:"layout-shift",buffered:!0})}catch(v){}}if("addEventListener"in document){var g=!1,w=["click","keydown","mousedown","pointerdown","touchstart"];w.forEach(function(e){document.addEventListener(e,a,!1)})}l(c)}},{}],5:[function(e,t,n){function r(e,t){if(!i)return!1;if(e!==i)return!1;if(!t)return!0;if(!o)return!1;for(var n=o.split("."),r=t.split("."),a=0;a<r.length;a++)if(r[a]!==n[a])return!1;return!0}var i=null,o=null,a=/Version\/(\S+)\s+Safari/;if(navigator.userAgent){var c=navigator.userAgent,f=c.match(a);f&&c.indexOf("Chrome")===-1&&c.indexOf("Chromium")===-1&&(i="Safari",o=f[1])}t.exports={agent:i,version:o,match:r}},{}],6:[function(e,t,n){function r(e){function t(){e(a&&document[a]?document[a]:document[i]?"hidden":"visible")}"addEventListener"in document&&o&&document.addEventListener(o,t,!1)}t.exports=r;var i,o,a;"undefined"!=typeof document.hidden?(i="hidden",o="visibilitychange",a="visibilityState"):"undefined"!=typeof document.msHidden?(i="msHidden",o="msvisibilitychange"):"undefined"!=typeof document.webkitHidden&&(i="webkitHidden",o="webkitvisibilitychange",a="webkitVisibilityState")},{}],7:[function(e,t,n){function r(e,t){var n=[],r="",o=0;for(r in e)i.call(e,r)&&(n[o]=t(r,e[r]),o+=1);return n}var i=Object.prototype.hasOwnProperty;t.exports=r},{}],8:[function(e,t,n){function r(e,t,n){t||(t=0),"undefined"==typeof n&&(n=e?e.length:0);for(var r=-1,i=n-t||0,o=Array(i<0?0:i);++r<i;)o[r]=e[t+r];return o}t.exports=r},{}],9:[function(e,t,n){t.exports={exists:"undefined"!=typeof window.performance&&window.performance.timing&&"undefined"!=typeof window.performance.timing.navigationStart}},{}],ee:[function(e,t,n){function r(){}function i(e){function t(e){return e&&e instanceof r?e:e?u(e,f,a):a()}function n(n,r,i,o,a){if(a!==!1&&(a=!0),!l.aborted||o){e&&a&&e(n,r,i);for(var c=t(i),f=v(n),u=f.length,s=0;s<u;s++)f[s].apply(c,r);var p=d[h[n]];return p&&p.push([b,n,r,c]),c}}function o(e,t){y[e]=v(e).concat(t)}function m(e,t){var n=y[e];if(n)for(var r=0;r<n.length;r++)n[r]===t&&n.splice(r,1)}function v(e){return y[e]||[]}function g(e){return p[e]=p[e]||i(n)}function w(e,t){s(e,function(e,n){t=t||"feature",h[n]=t,t in d||(d[t]=[])})}var y={},h={},b={on:o,addEventListener:o,removeEventListener:m,emit:n,get:g,listeners:v,context:t,buffer:w,abort:c,aborted:!1};return b}function o(e){return u(e,f,a)}function a(){return new r}function c(){(d.api||d.feature)&&(l.aborted=!0,d=l.backlog={})}var f="nr@context",u=e("gos"),s=e(7),d={},p={},l=t.exports=i();t.exports.getOrSetContext=o,l.backlog=d},{}],gos:[function(e,t,n){function r(e,t,n){if(i.call(e,t))return e[t];var r=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(e,t,{value:r,writable:!0,enumerable:!1}),r}catch(o){}return e[t]=r,r}var i=Object.prototype.hasOwnProperty;t.exports=r},{}],handle:[function(e,t,n){function r(e,t,n,r){i.buffer([e],r),i.emit(e,t,n)}var i=e("ee").get("handle");t.exports=r,r.ee=i},{}],id:[function(e,t,n){function r(e){var t=typeof e;return!e||"object"!==t&&"function"!==t?-1:e===window?0:a(e,o,function(){return i++})}var i=1,o="nr@id",a=e("gos");t.exports=r},{}],loader:[function(e,t,n){function r(){if(!E++){var e=x.info=NREUM.info,t=l.getElementsByTagName("script")[0];if(setTimeout(u.abort,3e4),!(e&&e.licenseKey&&e.applicationID&&t))return u.abort();f(h,function(t,n){e[t]||(e[t]=n)});var n=a();c("mark",["onload",n+x.offset],null,"api"),c("timing",["load",n]);var r=l.createElement("script");r.src="https://"+e.agent,t.parentNode.insertBefore(r,t)}}function i(){"complete"===l.readyState&&o()}function o(){c("mark",["domContent",a()+x.offset],null,"api")}var a=e(2),c=e("handle"),f=e(7),u=e("ee"),s=e(5),d=e(3),p=window,l=p.document,m="addEventListener",v="attachEvent",g=p.XMLHttpRequest,w=g&&g.prototype;if(d(p.location)){NREUM.o={ST:setTimeout,SI:p.setImmediate,CT:clearTimeout,XHR:g,REQ:p.Request,EV:p.Event,PR:p.Promise,MO:p.MutationObserver};var y=""+location,h={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-1208.min.js"},b=g&&w&&w[m]&&!/CriOS/.test(navigator.userAgent),x=t.exports={offset:a.getLastTimestamp(),now:a,origin:y,features:{},xhrWrappable:b,userAgent:s};e(1),e(4),l[m]?(l[m]("DOMContentLoaded",o,!1),p[m]("load",r,!1)):(l[v]("onreadystatechange",i),p[v]("onload",r)),c("mark",["firstbyte",a.getLastTimestamp()],null,"api");var E=0}},{}],"wrap-function":[function(e,t,n){function r(e,t){function n(t,n,r,f,u){function nrWrapper(){var o,a,s,p;try{a=this,o=d(arguments),s="function"==typeof r?r(o,a):r||{}}catch(l){i([l,"",[o,a,f],s],e)}c(n+"start",[o,a,f],s,u);try{return p=t.apply(a,o)}catch(m){throw c(n+"err",[o,a,m],s,u),m}finally{c(n+"end",[o,a,p],s,u)}}return a(t)?t:(n||(n=""),nrWrapper[p]=t,o(t,nrWrapper,e),nrWrapper)}function r(e,t,r,i,o){r||(r="");var c,f,u,s="-"===r.charAt(0);for(u=0;u<t.length;u++)f=t[u],c=e[f],a(c)||(e[f]=n(c,s?f+r:r,i,f,o))}function c(n,r,o,a){if(!m||t){var c=m;m=!0;try{e.emit(n,r,o,t,a)}catch(f){i([f,n,r,o],e)}m=c}}return e||(e=s),n.inPlace=r,n.flag=p,n}function i(e,t){t||(t=s);try{t.emit("internal-error",e)}catch(n){}}function o(e,t,n){if(Object.defineProperty&&Object.keys)try{var r=Object.keys(e);return r.forEach(function(n){Object.defineProperty(t,n,{get:function(){return e[n]},set:function(t){return e[n]=t,t}})}),t}catch(o){i([o],n)}for(var a in e)l.call(e,a)&&(t[a]=e[a]);return t}function a(e){return!(e&&e instanceof Function&&e.apply&&!e[p])}function c(e,t){var n=t(e);return n[p]=e,o(e,n,s),n}function f(e,t,n){var r=e[t];e[t]=c(r,n)}function u(){for(var e=arguments.length,t=new Array(e),n=0;n<e;++n)t[n]=arguments[n];return t}var s=e("ee"),d=e(8),p="nr@original",l=Object.prototype.hasOwnProperty,m=!1;t.exports=r,t.exports.wrapFunction=c,t.exports.wrapInPlace=f,t.exports.argsToArray=u},{}]},{},["loader"]);</script> <meta name="viewport" content="width=device-width, initial-scale=1"> <script>(function(H){H.className=H.className.replace(/\bbbg\b/,'bbg-js')})(document.documentElement);</script> <title>Order and Execution Management | Bloomberg Professional Services</title> <link rel="manifest" crossorigin="use-credentials" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/wp-json/bloomberg/v1/manifest"> <meta name="theme-color" content="#000000"><meta name="description" content="In global markets, buy-side and sell-side professionals strive to achieve the best execution across multiple asset classes."/> <link rel="canonical" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/"/> <meta property="og:locale" content="en_US"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Order and Execution Management | Bloomberg Professional Services"/> <meta property="og:description" content="In global markets, buy-side and sell-side professionals strive to achieve the best execution across multiple asset classes."/> <meta property="og:url" content="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/"/> <meta property="og:site_name" content="Bloomberg Professional Services"/> <meta property="article:publisher" content="https://www.facebook.com/bloomberglp"/> <meta property="og:image" content="https://web.archive.org/web/20210427102351im_/https://data.bloomberglp.com/professional/sites/10/4-6-2017-6-40-06-PM.png"/> <meta property="og:image:secure_url" content="https://data.bloomberglp.com/professional/sites/10/4-6-2017-6-40-06-PM.png"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:description" content="In global markets, buy-side and sell-side professionals strive to achieve the best execution across multiple asset classes."/> <meta name="twitter:title" content="Order and Execution Management | Bloomberg Professional Services"/> <meta name="twitter:site" content="@theterminal"/> <meta name="twitter:image" content="https://web.archive.org/web/20210427102351im_/https://data.bloomberglp.com/professional/sites/10/4-6-2017-6-40-06-PM.png"/> <meta name="twitter:creator" content="@theterminal"/> <script type="application/ld+json" class="yoast-schema-graph yoast-schema-graph--main">{"@context":"https://web.archive.org/web/20210427102351/https://schema.org","@graph":[{"@type":"WebSite","@id":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/#website","url":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/","name":"Bloomberg Professional Services","potentialAction":{"@type":"SearchAction","target":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/?s={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"WebPage","@id":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/#webpage","url":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/","inLanguage":"en-US","name":"Order and Execution Management | Bloomberg Professional Services","isPartOf":{"@id":"https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/#website"},"datePublished":"2017-02-28T21:23:20-05:00","dateModified":"2021-03-16T14:45:17-04:00","description":"In global markets, buy-side and sell-side professionals strive to achieve the best execution across multiple asset classes."}]}</script> <link rel="dns-prefetch" href="//web.archive.org/web/20210427102351/https://www.bbthat.com/"/> <link rel="dns-prefetch" href="//web.archive.org/web/20210427102351/https://www.bloomberg.com/"/> <link rel="dns-prefetch" href="//web.archive.org/web/20210427102351/https://assets.bbhub.io/"/> <link rel="dns-prefetch" href="//web.archive.org/web/20210427102351/https://s.w.org/"/> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-16x16.png" sizes="16x16"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-32x32.png" sizes="32x32"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-96x96.png" sizes="96x96"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-120x120.png"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-152x152.png" sizes="152x152"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-167x167.png" sizes="167x167"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-180x180.png" sizes="180x180"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-192x192.png" sizes="192x192"> <link rel="apple-touch-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black-512x512.png" sizes="512x512"> <link rel="mask-icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/mask-icon.svg" color="#000000"> <link rel="shortcut icon" href="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/black.ico"> <meta name="msapplication-TileColor" content="#000000"> <meta name="msapplication-TileImage" content="https://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/dist/img/tile-icon.png"> <link rel="stylesheet" id="that-data-0-css" href="https://web.archive.org/web/20210427102351cs_/https://www.bbthat.com/assets/v2.6.1/that.css" type="text/css" media="all"/> <link rel="stylesheet" id="bbgfb-forms-css" href="https://web.archive.org/web/20210427102351cs_/https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/dist/forms.css?rel=1047bcd8b0&ver=bb99230b18b45904480fdb575a4622f2602e67bfddd6a5c00d7668562713e7ec" type="text/css" media="all"/> <link rel="stylesheet" id="bbgcc-css" href="https://web.archive.org/web/20210427102351cs_/https://www.bloomberg.com/professional/content/plugins/bloomberg-cookie-consent/assets/cookie_frontend.css?ver=6760121244" type="text/css" media="all"/> <link rel="stylesheet" id="bloomberg-webinars-css" href="https://web.archive.org/web/20210427102351cs_/https://www.bloomberg.com/professional/content/plugins/bloomberg-webinars/dist/main-3.4155c1ea.css" type="text/css" media="all"/> <link rel="stylesheet" id="font-service-css" href="https://web.archive.org/web/20210427102351cs_/https://assets.bwbx.io/font-service/css/AvenirNextPForBBG:400,500,600,700/styled-font-face.css?ver=1.0.0" type="text/css" media="all"/> <link rel="stylesheet" id="main-css-css" href="https://web.archive.org/web/20210427102351cs_/https://www.bloomberg.com/professional/content/themes/professional/dist/main-28.ebb77f8c.css" type="text/css" media="all"/> <script> // Lazy load scripts window.BBGLoadScripts = window.BBGLoadScripts || []; window.addEventListener("load", function() { window.BBGLoadScripts.forEach(function(src) { var s = document.createElement("script"); s.async = true; s.src = src; document.head.appendChild(s); }); }); </script> <script>window.BBGLoadScripts.push('https://web.archive.org/web/20210427102351/https://www.bbthat.com/assets/v2.6.1/that.js');</script><script>window.BBGLoadScripts.push('https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/content/plugins/bloomberg-cookie-consent/assets/cookie_scripts.min.js?ver=77bc6c86b0');</script><script type="text/javascript" src="https://web.archive.org/web/20210427102351js_/https://assets.bbhub.io/polyfill/v3/polyfill.min.js?features=Array.from%2CArray.prototype.copyWithin%2CArray.prototype.entries%2CArray.prototype.fill%2CArray.prototype.find%2CArray.prototype.findIndex%2CArray.prototype.flatMap%2CArray.prototype.includes%2CArray.prototype.keys%2CArray.prototype.lastIndexOf%2CArray.prototype.reduceRight%2CArray.prototype.values%2CArrayBuffer%2CAudioContext%2CBlob%2CDOMTokenList.prototype.%40%40iterator%2CDocumentFragment.prototype.append%2CDocumentFragment.prototype.prepend%2CElement.prototype.after%2CElement.prototype.append%2CElement.prototype.before%2CElement.prototype.classList%2CElement.prototype.closest%2CElement.prototype.matches%2CElement.prototype.placeholder%2CElement.prototype.prepend%2CElement.prototype.remove%2CElement.prototype.replaceWith%2CFunction.prototype.name%2CHTMLCanvasElement.prototype.toBlob%2CIntersectionObserver%2CMath.hypot%2CMath.log2%2CMath.sign%2CMath.trunc%2CMutationObserver%2CNodeList.prototype.%40%40iterator%2CNodeList.prototype.forEach%2CNumber.Epsilon%2CNumber.isInteger%2CObject.assign%2CObject.entries%2CObject.freeze%2CObject.values%2CPromise%2CPromise.prototype.finally%2CRegExp.prototype.flags%2CString.fromCodePoint%2CString.prototype.%40%40iterator%2CString.prototype.endsWith%2CString.prototype.includes%2CString.prototype.padEnd%2CString.prototype.padStart%2CString.prototype.repeat%2CString.prototype.startsWith%2CString.prototype.trim%2CSymbol%2CSymbol.isConcatSpreadable%2CSymbol.iterator%2CSymbol.species%2CSymbol.toPrimitive%2CSymbol.toStringTag%2CURL%2CWeakMap%2CWebAnimations%2CXMLHttpRequest%2Catob%2Cconsole.debug%2Cconsole.warn%2Cdocument.getElementsByClassName%2Cfetch%2ClocalStorage&flags=gated"></script> <link rel="https://api.w.org/" href="https://www.bloomberg.com/professional/wp-json/"/> <link rel="shortlink" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/?p=42181"/>  <script> window.addEventListener("load", function() { (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= '//web.archive.org/web/20210427102351/https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-MXDP8WD'); }); </script>  <script type="text/javascript"> // Industry Group: Eloqua toggle // runs eloqua script unless cPixel cookie has 'eloqua' while cookieConsent cookie does not var eloquaCPMFlag = true; (function() { var cookies = decodeURIComponent(document.cookie).split(';'); var cookieConsent = []; var cPixel = []; for (var i = 0; i < cookies.length; i++) { var cookieKey = cookies[i].split('=')[0].trim(); if (cookieKey === 'cookieConsent') { cookieConsent = cookies[i].split('=')[1].split('|'); } else if (cookieKey === 'cPixel') { cPixel = cookies[i].split('=')[1].split('|'); } } var cookieConsentFiltered = filterEloqua(cookieConsent); var cPixelFiltered = filterEloqua(cPixel); function filterEloqua(cookieArr) { return cookieArr.filter( function(item) { if (item.trim().toLowerCase() === 'eloqua') { return item; } }) } /* If cPixel contains eloqua && cookieconsent does not contain eloqua Eloqua is active, User is deactivating Eloqua Cookies, Eloqua will not run */ if (cPixelFiltered.length > 0 && cookieConsentFiltered.length < 1) { eloquaCPMFlag = false; } })(); if (eloquaCPMFlag) { var _elqQ = _elqQ || []; _elqQ.push(['elqSetSiteId', "522772699"]); _elqQ.push(['elqTrackPageView']); _elqQ.push(['elqGetCustomerGUID']); (function () { function async_load() { var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'https://web.archive.org/web/20210427102351/https://img.en25.com/i/elqCfg.min.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x); } if (window.addEventListener) { window.addEventListener('DOMContentLoaded', async_load); } else if (window.attachEvent) { window.attachEvent('onload', async_load); } })(); (function () { var elqGetGuidCookieValue = function () { var name, value, index, cookies=document.cookie.split(';'); for (var i = 0; i < cookies.length; i++) { index = cookies[i].indexOf('='); if (index > 0 && cookies[i].length > index + 1) { name = cookies[i].substr(0, index).trim(); if (name == 'ELOQUA') { value = cookies[i].substr(index + 1); var subCookie = value.split("="); if (subCookie.length == 2 && subCookie[0] == 'GUID') { return subCookie[1]; } } } } return ''; }; var timerId = null, timeout = 5; var waitUntilCustomerGUIDIsRetrieved = function () { var elqCustomerGUID = document.querySelector('input[name="elqCustomerGUID"]'); if (!elqCustomerGUID) { return; } if (!!(timerId)) { if (timeout == 0) { return; } if (typeof window.GetElqCustomerGUID === 'function') { elqCustomerGUID.value = window.GetElqCustomerGUID(); return; } else { var cookieValue = elqGetGuidCookieValue(); if (cookieValue && !elqCustomerGUID.value) { elqCustomerGUID.value = cookieValue; } } timeout -= 1; } timerId = setTimeout(waitUntilCustomerGUIDIsRetrieved, 500); return; } window.onload = waitUntilCustomerGUIDIsRetrieved; })(); } </script> <script src="https://web.archive.org/web/20210427102351js_/https://static.ads-twitter.com/oct.js" type="text/javascript" async></script> <script type="text/javascript"> window.addEventListener("load", function() { if ( 'undefined' !== typeof twttr ) { twttr.conversion.trackPid('l5w34', {tw_sale_amount: 0, tw_order_quantity: 0}); } }); </script> <noscript> <img height="1" width="1" style="display:none;" alt="" src="https://web.archive.org/web/20210427102351im_/https://analytics.twitter.com/i/adsct?txn_id=l5w34&p_id=Twitter&tw_sale_amount=0&tw_order_quantity=0"/> <img height="1" width="1" style="display:none;" alt="" src="https://web.archive.org/web/20210427102351im_/https://t.co/i/adsct?txn_id=l5w34&p_id=Twitter&tw_sale_amount=0&tw_order_quantity=0"/> </noscript> <meta name="generator" content="Powered by WPBakery Page Builder - drag and drop page builder for WordPress."/> <style type="text/css" id="wp-custom-css"> .postid-97427 .main-section{direction:rtl} .postid-90397 .h1-regular-7{display:none} .postid-90397 .h3-demi{display:none} .postid-90397 .software-release-notes-link p{display:none} .postid-90397 .order-now{background-color:#000;color:#fff} .postid-89010 .h1-regular-7{display:none} .postid-89010 .h3-demi{display:none} .postid-89010 .software-release-notes-link p{display:none} .postid-87982 .order-now{background-color:#000;color:#fff} .webinar-details-panels .form-block .form-block-inner form .bbgfb__fields__field{margin-bottom:30px} .webinar-details-panels .bbgfb__fields__field--position-above{margin-bottom:0!important} code{font-family:"AvenirNextPForBBG",Helvetica,Arial,sans-serifhtml} .images-grid__item__title h4{font-size:18px!important;font-weight:400;color:teal} .media .image .hat span{width:fit-content!important} .bbg-adchoices-menu a:after{background:url(https://web.archive.org/web/20210427102351im_/https://assets.bwbx.io/s3/bbnav/public/images/ad_choices-62a535e263.png);content:"";display:inline-block;height:14px;margin-left:5px;width:11px;vertical-align:-3px} .no-top-padding{padding-top:0;margin-top:-102px} .carousel__item{min-height:100%} .bbg-directory__category-title{margin-right:80px} .article__content .text,.article__content .wpb_text_column{padding-top:30px!important} .tax-webinars .webinars-filters .right-block{display:none} #main-section .category-description {padding: 60px 15px} @media only screen and (max-width: 450px) { .carousel-container:before{content:"Mobile users: please tap to zoom."} div.data-table{width:100%;overflow:scroll} } .bbgfb__fields__field__textarea::placeholder { font-size: .9em; } </style> <noscript><style> .wpb_animate_when_almost_visible { opacity: 1; }</style></noscript><style type="text/css">@media (min-width: 760px) { #bb-that .bb-that-header.bb-that--container { width: 700px; } }@media (min-width: 1020px) { #bb-that .bb-that-header.bb-that--container { width: 960px; } }@media (min-width: 1280px) { #bb-that .bb-that-header.bb-that--container { width: 1160px; } }</style> </head> <body class="solution-template-default single single-solution postid-42181 audience wpb-js-composer js-comp-ver-6.4.1 vc_responsive has-bb-that">  <noscript> <iframe src="https://web.archive.org/web/20210427102351if_/https://www.googletagmanager.com/ns.html?id=GTM-MXDP8WD" height="0" width="0" style="display:none;visibility:hidden"></iframe> </noscript>  <style>#bb-that a{text-decoration:none}#bb-that .bb-that__sitemap{overflow:hidden;position:relative;max-height:0;visibility:hidden;-webkit-transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out;-o-transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out;transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out}#bb-that{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif;background:#000;position:relative}@media (max-width: 759px){#bb-that .bb-that{display:none}}#bb-that *{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif !important}#bb-that .bb-that--container{margin:0 auto;padding:0 30px;box-sizing:content-box}@media (min-width: 1020px){#bb-that .bb-that--container{padding:0}}#bb-that .bb-that--container:before,#bb-that .bb-that--container:after{content:" ";display:table}#bb-that .bb-that--container:after{clear:both}@media (min-width: 760px){#bb-that .bb-that--container{width:700px}}@media (min-width: 1020px){#bb-that .bb-that--container{width:980px}}@media (min-width: 1280px){#bb-that .bb-that--container{width:1160px}}#bb-that .bb-that-header{font-weight:600;font-size:15px;line-height:30px;padding:15px}@media (min-width: 760px){#bb-that .bb-that-header{font-size:12px;height:30px;padding:0}}#bb-that .bb-that-header__link{position:relative;display:block;outline-offset:2px}@media (min-width: 760px){#bb-that .bb-that-header__link{display:inline-block;padding:0 10px}}#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{color:#f3f4ef;font-family:inherit;font-size:inherit;line-height:inherit}@media (min-width: 760px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{line-height:1;-webkit-font-smoothing:subpixel-antialiased;-moz-osx-font-smoothing:auto}}@media (max-width: 1019px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{font-size:11px}}#bb-that .bb-that-header__link[href*="bba.bloomberg.net"]:before{display:inline-block;content:url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 25.32 19'%3E%3Cdefs%3E%3Cstyle%3E.cls-1%7Bfill:%23fff;stroke:%23fff;stroke-miterlimit:10;stroke-width:.5px%7D%3C/style%3E%3C/defs%3E%3Cpath d='M0 0h25.32v19H0z'/%3E%3Crect class='cls-1' x='.32' y='1.81' width='11.74' height='9.39' rx='.47' ry='.47'/%3E%3Crect class='cls-1' x='13.23' y='1.8' width='11.74' height='9.39' rx='.47' ry='.47'/%3E%3Cpath class='cls-1' d='M11.4 13.75v.8c0 .29.53.53 1.18.53s1.17-.24 1.17-.53v-.8h.06c1.83.2 3.11.87 3.11 1.68 0 1-1.93 1.76-4.31 1.76s-4.32-.79-4.32-1.76c0-.8 1.3-1.47 3.09-1.69z'/%3E%3C/svg%3E");height:16px;width:16px;line-height:initial;right:3px;top:2px;position:relative}#bb-that .bb-that-header__link[href*="bba.bloomberg.net"],#bb-that .bb-that-header__link[href*="bba.bloomberg.net"]>span{color:#FFA028}#bb-that .bb-that-header__link[href*="/service"]:before{display:inline-block;content:url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 25 25'%3E%3Cpath fill='%23231f20' d='M0 0h25v25H0z'/%3E%3Crect x='1.53' y='1.33' width='21.91' height='21.91' rx='2.63' ry='2.63' fill='%231bbc3c'/%3E%3Ctext transform='translate(1.53 19.79)' style='isolation:isolate' font-size='10.19' font-family='AvenirNextPForBBG-Medium,Avenir Next P for BBG' letter-spacing='-.02em' fill='%23231f20'%3EHelp%3C/text%3E%3C/svg%3E");height:16px;width:16px;line-height:initial;right:3px;top:2px;position:relative}#bb-that .bb-that-header__link:first-child{padding-left:0}#bb-that .bb-that-header__link:after{font-size:9px;position:absolute}@media (min-width: 760px){#bb-that .bb-that-header__link+.bb-that-header__link{border-left:1px solid #b3b3b3}#bb-that .bb-that-header__link+.bb-that-header__link:after{top:-3px}}#bb-that .bb-that-header__link>span{pointer-events:none}#bb-that .bb-that-header__link>span:first-of-type{display:inline}#bb-that .bb-that-header__link>span:first-of-type+span{display:none}@media (max-width: 1019px){#bb-that .bb-that-header__link>span:first-of-type{display:none}#bb-that .bb-that-header__link>span:first-of-type+span{display:inline}}#bb-that .bb-that-header--sitemap-trigger{padding:0 27px 0 10px}#bb-that .bb-that-header--sitemap-trigger:after{display:inline-block;content:url("data:image/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20viewBox%3D%270%200%2015%2015%27%3E%3Cpath%20d%3D%27M0,2.5l7.5,10l7.5-10H0z%27%20fill%3D%27%23fff%27%2F%3E%3C%2Fsvg%3E");height:9px;width:9px;line-height:initial;opacity:0.7;-webkit-transition:opacity 0.1s ease-out;-o-transition:opacity 0.1s ease-out;transition:opacity 0.1s ease-out}#bb-that .bb-that-header--sitemap-trigger:hover:after{opacity:1}#bb-that .bb-that-header--sitemap-trigger:after{height:9px;width:9px;-webkit-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0);transform:rotate(0);-webkit-transition:transform 0.35s ease;-o-transition:transform 0.35s ease;transition:transform 0.35s ease}@media (min-width: 760px){#bb-that .bb-that-header--sitemap-trigger:after{right:12px;top:2px;line-height:1}}@media (min-width: 1020px){#bb-that .bb-that--open{border-bottom:1px solid #474747}}#bb-that .bb-that--open .bb-that-header--sitemap-trigger:after{-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);-o-transform:rotate(180deg);transform:rotate(180deg)} </style> <div id="bb-that" data-spotlight-service="https://www.bbthat.com/api/spotlights?site=terminal"> <nav class="bb-that"> <a href="#that-jump-content--default" class="bb-that__skip-to-content" aria-label="Skip to content" role="button" tabindex="0">Skip to content</a> <div class="bb-that-header bb-that--container"> <a class="bb-that-header__link bb-that-header--sitemap-trigger" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=terminal" role="button" aria-controls="bb-that--container" aria-expanded="false" data-element="tophat-link" data-description="Bloomberg the Company & Its Products" data-label="terminal"><span>Bloomberg the Company & Its Products</span><span>The Company & its Products</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/professional/contact-menu/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-DEMO-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal Demo Request" data-label="terminal">Bloomberg Terminal Demo Request</a><a class="bb-that-header__link" href="https://web.archive.org/web/20210427102351/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="terminal"><span>Bloomberg Anywhere Remote Login</span><span>Bloomberg Anywhere Login</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20210427102351/https://service.bloomberg.com/service?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Customer Support" data-label="terminal"><span>Bloomberg Customer Support</span><span>Customer Support</span></a> </div> <div id="bb-that--container" class="bb-that__sitemap bb-that--container" tabindex="-1" role="dialog"> <ul class="bb-that__sitemap-sections bb-that--visible-md bb-that--visible-lg"> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--1" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--2" class="bb-that-category__title">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--2"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="terminal" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Software Updates" data-label="terminal" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Manage Products and Account Information" data-label="terminal" tabindex="0">Manage Products and Account Information</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--3" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--company--4" class="bb-that-category__title">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--4"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="About" data-label="terminal" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Careers" data-label="terminal" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Diversity and Inclusion" data-label="terminal" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/innovation/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Innovation" data-label="terminal" tabindex="0">Innovation</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Philanthropy" data-label="terminal" tabindex="0">Philanthropy</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Sustainability" data-label="terminal" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/london/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg London" data-label="terminal" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Beta" data-label="terminal" tabindex="0">Bloomberg Beta</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Gender-Equality Index" data-label="terminal" tabindex="0">Gender-Equality Index</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--5" class="bb-that-category__title">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--5"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Press Announcements" data-label="terminal" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Press Contacts" data-label="terminal" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--6" class="bb-that-category__title">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--6"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" data-element="tophat-link" data-description="Facebook" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" data-element="tophat-link" data-description="Twitter" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" data-element="tophat-link" data-description="LinkedIn" data-label="terminal" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" data-element="tophat-link" data-description="Instagram" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--products--7" class="bb-that-category__title">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--7"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal" data-label="terminal" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" data-element="tophat-link" data-description="Execution and Order Management" data-label="terminal" tabindex="0">Execution and Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" data-element="tophat-link" data-description="Content and Data" data-label="terminal" tabindex="0">Content and Data</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" data-element="tophat-link" data-description="Financial Data Management" data-label="terminal" tabindex="0">Financial Data Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" data-element="tophat-link" data-description="Integration and Distribution" data-label="terminal" tabindex="0">Integration and Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" data-element="tophat-link" data-description="Bloomberg Tradebook" data-label="terminal" tabindex="0">Bloomberg Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--8" class="bb-that-category__title">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--8"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Law" data-label="terminal" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Tax" data-label="terminal" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Government" data-label="terminal" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="BloombergNEF" data-label="terminal" tabindex="0">BloombergNEF</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--media--9" class="bb-that-category__title">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--9"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Markets" data-label="terminal" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Technology" data-label="terminal" tabindex="0">Bloomberg Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Pursuits" data-label="terminal" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Politics" data-label="terminal" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Opinion" data-label="terminal" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Businessweek" data-label="terminal" tabindex="0">Bloomberg Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="terminal" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Apps" data-label="terminal" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Radio" data-label="terminal" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Television" data-label="terminal" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="News Bureaus" data-label="terminal" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--10" class="bb-that-category__title">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--10"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="terminal" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Advertising" data-label="terminal" tabindex="0">Advertising</a></li></ul></section> </li> </ul> <ul class="bb-that__sitemap-sections bb-that--visible-sm"> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--company--11" class="bb-that-category__title">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--11"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="About" data-label="terminal" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Careers" data-label="terminal" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Diversity and Inclusion" data-label="terminal" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/innovation/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Innovation" data-label="terminal" tabindex="0">Innovation</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Philanthropy" data-label="terminal" tabindex="0">Philanthropy</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Sustainability" data-label="terminal" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/london/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg London" data-label="terminal" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Beta" data-label="terminal" tabindex="0">Bloomberg Beta</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Gender-Equality Index" data-label="terminal" tabindex="0">Gender-Equality Index</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--12" class="bb-that-category__title">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--12"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Press Announcements" data-label="terminal" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Press Contacts" data-label="terminal" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--13" class="bb-that-category__title">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--13"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" data-element="tophat-link" data-description="Facebook" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" data-element="tophat-link" data-description="Twitter" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" data-element="tophat-link" data-description="LinkedIn" data-label="terminal" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210427102351/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" data-element="tophat-link" data-description="Instagram" data-label="terminal" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--products--14" class="bb-that-category__title">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--14"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal" data-label="terminal" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" data-element="tophat-link" data-description="Execution and[br] Order Management" data-label="terminal" tabindex="0">Execution and<br/> Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" data-element="tophat-link" data-description="Content and Data" data-label="terminal" tabindex="0">Content and Data</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" data-element="tophat-link" data-description="Financial Data[br] Management" data-label="terminal" tabindex="0">Financial Data<br/> Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" data-element="tophat-link" data-description="Integration and[br] Distribution" data-label="terminal" tabindex="0">Integration and<br/> Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" data-element="tophat-link" data-description="Bloomberg[br] Tradebook" data-label="terminal" tabindex="0">Bloomberg<br/> Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--15" class="bb-that-category__title">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--15"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Law" data-label="terminal" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Tax" data-label="terminal" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Government" data-label="terminal" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://pro.bloombergenvironment.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Environment" data-label="terminal" tabindex="0">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="BloombergNEF" data-label="terminal" tabindex="0">BloombergNEF</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--media--16" class="bb-that-category__title">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--16"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Markets" data-label="terminal" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg[br] Technology" data-label="terminal" tabindex="0">Bloomberg<br/> Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Pursuits" data-label="terminal" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Politics" data-label="terminal" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Opinion" data-label="terminal" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg[br] Businessweek" data-label="terminal" tabindex="0">Bloomberg<br/> Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="terminal" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Apps" data-label="terminal" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Radio" data-label="terminal" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Television" data-label="terminal" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="News Bureaus" data-label="terminal" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--17" class="bb-that-category__title">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--17"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="terminal" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Advertising" data-label="terminal" tabindex="0">Advertising</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--18" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--19" class="bb-that-category__title">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--19"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="terminal" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Software Updates" data-label="terminal" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210427102351/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=terminal" data-element="tophat-link" data-description="Manage Contracts and Orders" data-label="terminal" tabindex="0">Manage Contracts and Orders</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--20" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> </ul> <button class="bb-that__close" aria-label="Close" tabindex="0"></button> </div> </nav> </div> <div id="that-jump-content--default" tabindex="-1"></div>  <div id="content" class="site-content"> <div class="search-form"> <a href="#" class="search-form__close js-search-close" aria-label="Close Search"> <svg viewbox="0 0 40 40"> <path d="M 10,10 L 30,30 M 30,10 L 10,30"/> </svg> </a> <form class="search-form__form js-search-form" action="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional" method="get"> <input aria-label="Search Bloomberg Professional Services" id="search" type="search" name="s" placeholder="Search"> <input type="image" alt="Submit Search" src="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/themes/professional/public/images/search.png"/> </form> <div class="search-form__links -header h4-demi"> Quick links </div> <div class="search-form__links -content h4-regular"> <?xml encoding="utf-8" ?><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/bloomberg-terminal/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">Bloomberg Terminal</a><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/software-updates/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">Software Updates</a><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/stayconnected/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">Stay Connected</a><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/regulation/mifid-ii/" data-element="search" data-description="quick-links" data-element-position="1" data-page-position="1" data-label="">MiFID II</a> </div> </div> <header id="header" class="site-header"> <nav class="site-header__navbar"> <div class="site-header__logo"> <a class="site-header__logo__link" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/" rel="home"> Bloomberg Professional Services </a> <button class="menu-toggle" role="button" aria-pressed="false">MENU</button> </div>  <nav><ul id="menu-main-menu" class="main-navigation" aria-label="Main Navigation"><li id="menu-item-42200" class="menu-item menu-item-type-custom menu-item-object-custom current-menu-ancestor menu-item-has-children menu-item-42200"><a href="#" data-element="menu-main" data-description="Solutions" data-element-position="1" data-page-position="2" data-label="Solutions">Solutions</a> <ul class="sub-menu"> <li id="menu-item-48467" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48467"><a data-element="menu-main" data-description="Buy Side" data-element-position="2" data-page-position="3" data-label="Buy Side">Buy Side</a> <ul class="sub-menu"> <li id="menu-item-108575" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-108575"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/buy-side/" data-element="menu-main" data-description="Solutions for the Buy Side" data-element-position="3" data-page-position="4" data-label="Solutions for the Buy Side">Solutions for the Buy Side</a></li> <li id="menu-item-109224" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-109224"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/asset-owners/" data-element="menu-main" data-description="Buy-Side Asset Owners" data-element-position="4" data-page-position="5" data-label="Buy-Side Asset Owners">Buy-Side Asset Owners</a></li> <li id="menu-item-46486" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46486"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/accounting-and-finance/" data-element="menu-main" data-description="Accounting and Finance" data-element-position="5" data-page-position="6" data-label="Accounting and Finance">Accounting and Finance</a></li> <li id="menu-item-111893" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-111893"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/analyst/" data-element="menu-main" data-description="Analyst" data-element-position="6" data-page-position="7" data-label="Analyst">Analyst</a></li> <li id="menu-item-46488" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46488"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/developer/" data-element="menu-main" data-description="Developer" data-element-position="7" data-page-position="8" data-label="Developer">Developer</a></li> <li id="menu-item-46489" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46489"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="8" data-page-position="9" data-label="Compliance">Compliance</a></li> <li id="menu-item-46490" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46490"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/data-and-operations/" data-element="menu-main" data-description="Data and Operations" data-element-position="9" data-page-position="10" data-label="Data and Operations">Data and Operations</a></li> <li id="menu-item-46491" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46491"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/financial-advisor/" data-element="menu-main" data-description="Private Wealth Advisor" data-element-position="10" data-page-position="11" data-label="Private Wealth Advisor">Private Wealth Advisor</a></li> <li id="menu-item-46492" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46492"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/portfolio-manager/" data-element="menu-main" data-description="Portfolio Manager" data-element-position="11" data-page-position="12" data-label="Portfolio Manager">Portfolio Manager</a></li> <li id="menu-item-46493" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46493"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/quantitative-analyst/" data-element="menu-main" data-description="Quantitative Analyst" data-element-position="12" data-page-position="13" data-label="Quantitative Analyst">Quantitative Analyst</a></li> <li id="menu-item-46494" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46494"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/risk/" data-element="menu-main" data-description="Risk" data-element-position="13" data-page-position="14" data-label="Risk">Risk</a></li> <li id="menu-item-46495" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46495"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/technology/" data-element="menu-main" data-description="Technology" data-element-position="14" data-page-position="15" data-label="Technology">Technology</a></li> <li id="menu-item-46496" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46496"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/buy-side-trader/" data-element="menu-main" data-description="Buy-Side Trader" data-element-position="15" data-page-position="16" data-label="Buy-Side Trader">Buy-Side Trader</a></li> </ul> </li> <li id="menu-item-48468" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48468"><a data-element="menu-main" data-description="Sell Side" data-element-position="16" data-page-position="17" data-label="Sell Side">Sell Side</a> <ul class="sub-menu"> <li id="menu-item-90977" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-90977"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/solutions-for-the-sell-side/" data-element="menu-main" data-description="Solutions for the Sell Side" data-element-position="17" data-page-position="18" data-label="Solutions for the Sell Side">Solutions for the Sell Side</a></li> <li id="menu-item-46497" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46497"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/accounting-and-finance/" data-element="menu-main" data-description="Accounting and Finance" data-element-position="18" data-page-position="19" data-label="Accounting and Finance">Accounting and Finance</a></li> <li id="menu-item-111894" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-111894"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/analyst/" data-element="menu-main" data-description="Analyst" data-element-position="19" data-page-position="20" data-label="Analyst">Analyst</a></li> <li id="menu-item-46499" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46499"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/developer/" data-element="menu-main" data-description="Developer" data-element-position="20" data-page-position="21" data-label="Developer">Developer</a></li> <li id="menu-item-46500" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46500"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="21" data-page-position="22" data-label="Compliance">Compliance</a></li> <li id="menu-item-46501" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46501"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/data-and-operations/" data-element="menu-main" data-description="Data and Operations" data-element-position="22" data-page-position="23" data-label="Data and Operations">Data and Operations</a></li> <li id="menu-item-46503" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46503"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/risk/" data-element="menu-main" data-description="Risk" data-element-position="23" data-page-position="24" data-label="Risk">Risk</a></li> <li id="menu-item-46504" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46504"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/sales/" data-element="menu-main" data-description="Sell-Side Sales" data-element-position="24" data-page-position="25" data-label="Sell-Side Sales">Sell-Side Sales</a></li> <li id="menu-item-46505" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46505"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/technology/" data-element="menu-main" data-description="Technology" data-element-position="25" data-page-position="26" data-label="Technology">Technology</a></li> <li id="menu-item-46506" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46506"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/sell-side-trader/" data-element="menu-main" data-description="Sell-Side Trader" data-element-position="26" data-page-position="27" data-label="Sell-Side Trader">Sell-Side Trader</a></li> </ul> </li> <li id="menu-item-48470" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48470"><a data-element="menu-main" data-description="Corporations" data-element-position="27" data-page-position="28" data-label="Corporations">Corporations</a> <ul class="sub-menu"> <li id="menu-item-104581" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-104581"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/accounting-and-finance-corporations/" data-element="menu-main" data-description="Accounting and Finance" data-element-position="28" data-page-position="29" data-label="Accounting and Finance">Accounting and Finance</a></li> <li id="menu-item-46507" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46507"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/c-suite/" data-element="menu-main" data-description="C-suite" data-element-position="29" data-page-position="30" data-label="C-suite">C-suite</a></li> <li id="menu-item-77444" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-77444"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/corporate-strategy/" data-element="menu-main" data-description="Corporate Strategy" data-element-position="30" data-page-position="31" data-label="Corporate Strategy">Corporate Strategy</a></li> <li id="menu-item-46508" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46508"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/investor-relations/" data-element="menu-main" data-description="Investor Relations" data-element-position="31" data-page-position="32" data-label="Investor Relations">Investor Relations</a></li> <li id="menu-item-46509" class="test-padding menu-item menu-item-type-post_type menu-item-object-expertise menu-item-46509"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/treasury/" data-element="menu-main" data-description="Treasury" data-element-position="32" data-page-position="33" data-label="Treasury">Treasury</a></li> </ul> </li> <li id="menu-item-42205" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom current-menu-ancestor current-menu-parent menu-item-has-children menu-item-42205"><a data-element="menu-main" data-description="Offerings" data-element-position="33" data-page-position="34" data-label="Offerings">Offerings</a> <ul class="sub-menu"> <li id="menu-item-42243" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42243"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/bloomberg-terminal/" data-element="menu-main" data-description="Bloomberg Terminal" data-element-position="34" data-page-position="35" data-label="Bloomberg Terminal">Bloomberg Terminal</a></li> <li id="menu-item-42246" class="menu-item menu-item-type-post_type menu-item-object-solution current-menu-item menu-item-42246"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/execution-order-management/" aria-current="page" data-element="menu-main" data-description="Order and Execution Management" data-element-position="35" data-page-position="36" data-label="Order and Execution Management">Order and Execution Management</a></li> <li id="menu-item-42245" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42245"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/content-and-data/" data-element="menu-main" data-description="Content and Data" data-element-position="36" data-page-position="37" data-label="Content and Data">Content and Data</a></li> <li id="menu-item-42282" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42282"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/financial-data-management/" data-element="menu-main" data-description="Financial Data Management" data-element-position="37" data-page-position="38" data-label="Financial Data Management">Financial Data Management</a></li> <li id="menu-item-42281" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42281"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/integration-and-distribution/" data-element="menu-main" data-description="Integration and Distribution" data-element-position="38" data-page-position="39" data-label="Integration and Distribution">Integration and Distribution</a></li> <li id="menu-item-42244" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-42244"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/tradebook/" data-element="menu-main" data-description="Bloomberg Tradebook" data-element-position="39" data-page-position="40" data-label="Bloomberg Tradebook">Bloomberg Tradebook</a></li> <li id="menu-item-66167" class="menu-item menu-item-type-post_type menu-item-object-product menu-item-66167"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/indices/" data-element="menu-main" data-description="Bloomberg Indices" data-element-position="40" data-page-position="41" data-label="Bloomberg Indices">Bloomberg Indices</a></li> </ul> </li> <li id="menu-item-42206" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42206"><a data-element="menu-main" data-description="Spotlight on" data-element-position="41" data-page-position="42" data-label="Spotlight on">Spotlight on</a> <ul class="sub-menu"> <li id="menu-item-91588" class="menu-item menu-item-type-post_type menu-item-object-product menu-item-91588"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/bloomberg-intelligence/" data-element="menu-main" data-description="Bloomberg Intelligence" data-element-position="42" data-page-position="43" data-label="Bloomberg Intelligence">Bloomberg Intelligence</a></li> <li id="menu-item-67030" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-67030"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/china-access/" data-element="menu-main" data-description="China Market Access" data-element-position="43" data-page-position="44" data-label="China Market Access">China Market Access</a></li> <li id="menu-item-93144" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-93144"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/education/" data-element="menu-main" data-description="Education" data-element-position="44" data-page-position="45" data-label="Education">Education</a></li> <li id="menu-item-72548" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-72548"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/gei" data-element="menu-main" data-description="Gender-Equality Index" data-element-position="45" data-page-position="46" data-label="Gender-Equality Index">Gender-Equality Index</a></li> <li id="menu-item-48273" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48273"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/sustainable-finance/" data-element="menu-main" data-description="Sustainable Finance" data-element-position="46" data-page-position="47" data-label="Sustainable Finance">Sustainable Finance</a></li> <li id="menu-item-48272" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48272"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/regulation/" data-element="menu-main" data-description="Regulation" data-element-position="47" data-page-position="48" data-label="Regulation">Regulation</a></li> <li id="menu-item-70349" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-70349"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/private-banking/" data-element="menu-main" data-description="Private Banking" data-element-position="48" data-page-position="49" data-label="Private Banking">Private Banking</a></li> <li id="menu-item-48269" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-48269"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/family-office/" data-element="menu-main" data-description="Family Offices" data-element-position="49" data-page-position="50" data-label="Family Offices">Family Offices</a></li> <li id="menu-item-76946" class="menu-item menu-item-type-post_type menu-item-object-solution menu-item-76946"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/central-banks/" data-element="menu-main" data-description="Central Banks" data-element-position="50" data-page-position="51" data-label="Central Banks">Central Banks</a></li> <li id="menu-item-48166" class="menu-item menu-item-type-post_type menu-item-object-expertise menu-item-48166"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/expertise/government/" data-element="menu-main" data-description="Government" data-element-position="51" data-page-position="52" data-label="Government">Government</a></li> <li id="menu-item-76481" class="menu-item menu-item-type-post_type menu-item-object-product menu-item-76481"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/insurance-companies/" data-element="menu-main" data-description="Insurance Companies" data-element-position="52" data-page-position="53" data-label="Insurance Companies">Insurance Companies</a></li> </ul> </li> </ul> </li> <li id="menu-item-42424" class="sub-menu-categories menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42424"><a href="#" data-element="menu-main" data-description="Insights" data-element-position="53" data-page-position="54" data-label="Insights">Insights</a> <ul class="sub-menu"> <li id="menu-item-48064" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48064"><a data-element="menu-main" data-description="Features" data-element-position="54" data-page-position="55" data-label="Features">Features</a> <ul class="sub-menu"> <li id="menu-item-42371" class="menu-item menu-item-type-post_type menu-item-object-page current_page_parent menu-item-42371"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/" data-element="menu-main" data-description="Top Stories" data-element-position="55" data-page-position="56" data-label="Top Stories">Top Stories</a></li> <li id="menu-item-48060" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48060"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/brexit/" data-element="menu-main" data-description="Brexit" data-element-position="56" data-page-position="57" data-label="Brexit">Brexit</a></li> <li id="menu-item-75877" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-75877"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/libor-transition/" data-element="menu-main" data-description="LIBOR transition" data-element-position="57" data-page-position="58" data-label="LIBOR transition">LIBOR transition</a></li> <li id="menu-item-48061" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48061"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/mifid-ii/" data-element="menu-main" data-description="MiFID II" data-element-position="58" data-page-position="59" data-label="MiFID II">MiFID II</a></li> <li id="menu-item-48042" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48042"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/sustainable-finance/" data-element="menu-main" data-description="Sustainable Finance" data-element-position="59" data-page-position="60" data-label="Sustainable Finance">Sustainable Finance</a></li> <li id="menu-item-104656" class="menu-item menu-item-type-taxonomy menu-item-object-webinars menu-item-104656"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/webinars/all/" data-element="menu-main" data-description="Webinars" data-element-position="60" data-page-position="61" data-label="Webinars">Webinars</a></li> </ul> </li> <li id="menu-item-50678" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50678"><a data-element="menu-main" data-description="Markets" data-element-position="61" data-page-position="62" data-label="Markets">Markets</a> <ul class="sub-menu"> <li id="menu-item-48028" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48028"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/commodities/" data-element="menu-main" data-description="Commodities" data-element-position="62" data-page-position="63" data-label="Commodities">Commodities</a></li> <li id="menu-item-48029" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48029"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/derivatives/" data-element="menu-main" data-description="Derivatives" data-element-position="63" data-page-position="64" data-label="Derivatives">Derivatives</a></li> <li id="menu-item-48030" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48030"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/emerging-markets/" data-element="menu-main" data-description="Emerging Markets" data-element-position="64" data-page-position="65" data-label="Emerging Markets">Emerging Markets</a></li> <li id="menu-item-48031" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48031"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/equities/" data-element="menu-main" data-description="Equities" data-element-position="65" data-page-position="66" data-label="Equities">Equities</a></li> <li id="menu-item-48032" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48032"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/fixed-income/" data-element="menu-main" data-description="Fixed Income" data-element-position="66" data-page-position="67" data-label="Fixed Income">Fixed Income</a></li> <li id="menu-item-48033" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48033"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/foreign-exchange/" data-element="menu-main" data-description="Foreign Exchange" data-element-position="67" data-page-position="68" data-label="Foreign Exchange">Foreign Exchange</a></li> <li id="menu-item-48034" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48034"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/indices/" data-element="menu-main" data-description="Indices" data-element-position="68" data-page-position="69" data-label="Indices">Indices</a></li> </ul> </li> <li id="menu-item-50682" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50682"><a data-element="menu-main" data-description="Trading / Investing" data-element-position="69" data-page-position="70" data-label="Trading / Investing">Trading / Investing</a> <ul class="sub-menu"> <li id="menu-item-106713" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-106713"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/electronic-trading/" data-element="menu-main" data-description="Electronic Trading" data-element-position="70" data-page-position="71" data-label="Electronic Trading">Electronic Trading</a></li> <li id="menu-item-48036" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48036"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/family-offices/" data-element="menu-main" data-description="Family Offices" data-element-position="71" data-page-position="72" data-label="Family Offices">Family Offices</a></li> <li id="menu-item-48037" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48037"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/hedge-funds/" data-element="menu-main" data-description="Hedge Funds" data-element-position="72" data-page-position="73" data-label="Hedge Funds">Hedge Funds</a></li> <li id="menu-item-48038" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48038"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/portfolio-management/" data-element="menu-main" data-description="Portfolio Management" data-element-position="73" data-page-position="74" data-label="Portfolio Management">Portfolio Management</a></li> <li id="menu-item-48039" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48039"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/private-equity/" data-element="menu-main" data-description="Private Equity" data-element-position="74" data-page-position="75" data-label="Private Equity">Private Equity</a></li> <li id="menu-item-48040" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48040"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/research-analysis/" data-element="menu-main" data-description="Research and Analysis" data-element-position="75" data-page-position="76" data-label="Research and Analysis">Research and Analysis</a></li> <li id="menu-item-48041" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48041"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/sales-trading/" data-element="menu-main" data-description="Sales and Trading" data-element-position="76" data-page-position="77" data-label="Sales and Trading">Sales and Trading</a></li> </ul> </li> <li id="menu-item-50681" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50681"><a data-element="menu-main" data-description="Risk / Regulation" data-element-position="77" data-page-position="78" data-label="Risk / Regulation">Risk / Regulation</a> <ul class="sub-menu"> <li id="menu-item-48044" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48044"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/compliance/" data-element="menu-main" data-description="Compliance" data-element-position="78" data-page-position="79" data-label="Compliance">Compliance</a></li> <li id="menu-item-48045" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48045"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/credit-counterparty-risk/" data-element="menu-main" data-description="Credit / Counterparty Risk" data-element-position="79" data-page-position="80" data-label="Credit / Counterparty Risk">Credit / Counterparty Risk</a></li> <li id="menu-item-48046" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48046"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/market-risk/" data-element="menu-main" data-description="Market Risk" data-element-position="80" data-page-position="81" data-label="Market Risk">Market Risk</a></li> <li id="menu-item-48047" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48047"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/operational-risk/" data-element="menu-main" data-description="Operational Risk" data-element-position="81" data-page-position="82" data-label="Operational Risk">Operational Risk</a></li> <li id="menu-item-48048" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48048"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/pricing/" data-element="menu-main" data-description="Pricing" data-element-position="82" data-page-position="83" data-label="Pricing">Pricing</a></li> <li id="menu-item-48049" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48049"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/regulation/" data-element="menu-main" data-description="Regulation" data-element-position="83" data-page-position="84" data-label="Regulation">Regulation</a></li> </ul> </li> <li id="menu-item-50679" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50679"><a data-element="menu-main" data-description="Data / Tech Ops" data-element-position="84" data-page-position="85" data-label="Data / Tech Ops">Data / Tech Ops</a> <ul class="sub-menu"> <li id="menu-item-76638" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-76638"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/alternative-data/" data-element="menu-main" data-description="Alternative Data" data-element-position="85" data-page-position="86" data-label="Alternative Data">Alternative Data</a></li> <li id="menu-item-48051" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48051"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/apps-programming/" data-element="menu-main" data-description="Apps and Programming" data-element-position="86" data-page-position="87" data-label="Apps and Programming">Apps and Programming</a></li> <li id="menu-item-48054" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48054"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/data-governance/" data-element="menu-main" data-description="Data Governance" data-element-position="87" data-page-position="88" data-label="Data Governance">Data Governance</a></li> <li id="menu-item-48055" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48055"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/data-science/" data-element="menu-main" data-description="Data Science / Quant" data-element-position="88" data-page-position="89" data-label="Data Science / Quant">Data Science / Quant</a></li> <li id="menu-item-48056" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48056"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/technology/" data-element="menu-main" data-description="Technology" data-element-position="89" data-page-position="90" data-label="Technology">Technology</a></li> </ul> </li> <li id="menu-item-50680" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-50680"><a data-element="menu-main" data-description="Corporations" data-element-position="90" data-page-position="91" data-label="Corporations">Corporations</a> <ul class="sub-menu"> <li id="menu-item-79764" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-79764"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/corporate-strategy/" data-element="menu-main" data-description="Corporate Strategy" data-element-position="91" data-page-position="92" data-label="Corporate Strategy">Corporate Strategy</a></li> <li id="menu-item-48057" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48057"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/corporate-treasury/" data-element="menu-main" data-description="Corporate Treasury" data-element-position="92" data-page-position="93" data-label="Corporate Treasury">Corporate Treasury</a></li> <li id="menu-item-48059" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-48059"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/category/investor-relations/" data-element="menu-main" data-description="Investor Relations" data-element-position="93" data-page-position="94" data-label="Investor Relations">Investor Relations</a></li> </ul> </li> </ul> </li> <li id="menu-item-42201" class="sub-menu-help menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42201"><a href="#" data-element="menu-main" data-description="Support" data-element-position="94" data-page-position="95" data-label="Support">Support</a> <ul class="sub-menu"> <li id="menu-item-49485" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-49485"><a data-element="menu-main" data-description="Contact" data-element-position="95" data-page-position="96" data-label="Contact">Contact</a> <ul class="sub-menu"> <li id="menu-item-49481" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49481"><a href="https://web.archive.org/web/20210427102351/tel:+1%20212%20318%202000" data-element="menu-main" data-description="Americas +1 212 318 2000" data-element-position="96" data-page-position="97" data-label="Americas +1 212 318 2000">Americas +1 212 318 2000</a></li> <li id="menu-item-49482" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49482"><a href="https://web.archive.org/web/20210427102351/tel:+44%2020%207330%207500" data-element="menu-main" data-description="EMEA +44 20 7330 7500" data-element-position="97" data-page-position="98" data-label="EMEA +44 20 7330 7500">EMEA +44 20 7330 7500</a></li> <li id="menu-item-49483" class="no-hover menu-item menu-item-type-custom menu-item-object-custom menu-item-49483"><a href="https://web.archive.org/web/20210427102351/tel:+65%206212%201000%20" data-element="menu-main" data-description="Asia Pacific +65 6212 1000" data-element-position="98" data-page-position="99" data-label="Asia Pacific +65 6212 1000">Asia Pacific +65 6212 1000</a></li> </ul> </li> <li id="menu-item-42818" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-42818"><a data-element="menu-main" data-description="Customer Support" data-element-position="99" data-page-position="100" data-label="Customer Support">Customer Support</a> <ul class="sub-menu"> <li id="menu-item-88201" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-88201"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/customer-support-overview/" data-element="menu-main" data-description="Support Overview" data-element-position="100" data-page-position="101" data-label="Support Overview">Support Overview</a></li> <li id="menu-item-50214" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50214"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/software-updates/" data-element="menu-main" data-description="Software Updates" data-element-position="101" data-page-position="102" data-label="Software Updates">Software Updates</a></li> <li id="menu-item-48293" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48293"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://service.blpprofessional.com/portal/sessions/new?utm_source=bps-nav&utm_medium=bps" data-element="menu-main" data-description="Manage Products and Account Information" data-element-position="102" data-page-position="103" data-label="Manage Products and Account Information">Manage Products and Account Information</a></li> <li id="menu-item-46551" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46551"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/b-unit/" data-element="menu-main" data-description="B-Unit Setup" data-element-position="103" data-page-position="104" data-label="B-Unit Setup">B-Unit Setup</a></li> <li id="menu-item-107761" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-107761"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/b-unit-touch-setup/" data-element="menu-main" data-description="B-Unit Touch Setup" data-element-position="104" data-page-position="105" data-label="B-Unit Touch Setup">B-Unit Touch Setup</a></li> <li id="menu-item-50225" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50225"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/api-library/" data-element="menu-main" data-description="API Library" data-element-position="105" data-page-position="106" data-label="API Library">API Library</a></li> <li id="menu-item-46534" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46534"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/documentation/" data-element="menu-main" data-description="Documentation" data-element-position="106" data-page-position="107" data-label="Documentation">Documentation</a></li> <li id="menu-item-46565" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-46565"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/faq/" data-element="menu-main" data-description="FAQ" data-element-position="107" data-page-position="108" data-label="FAQ">FAQ</a></li> <li id="menu-item-87600" class="menu-item menu-item-type-post_type menu-item-object-product menu-item-87600"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/remote-access/" data-element="menu-main" data-description="Remote Access and Mobile" data-element-position="108" data-page-position="109" data-label="Remote Access and Mobile">Remote Access and Mobile</a></li> </ul> </li> <li id="menu-item-48063" class="menu-sub-headline menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-48063"><a data-element="menu-main" data-description="Client Access" data-element-position="109" data-page-position="110" data-label="Client Access">Client Access</a> <ul class="sub-menu"> <li id="menu-item-48290" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48290"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://bba.bloomberg.net/?utm_source=bps-nav&utm_medium=bps" data-element="menu-main" data-description="Bloomberg Anywhere" data-element-position="110" data-page-position="111" data-label="Bloomberg Anywhere">Bloomberg Anywhere</a></li> <li id="menu-item-66727" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-66727"><a href="https://web.archive.org/web/20210427102351/https://lei.bloomberg.com/users/login?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Bloomberg LEI" data-element-position="111" data-page-position="112" data-label="Bloomberg LEI">Bloomberg LEI</a></li> <li id="menu-item-56647" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-56647"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://console.bloomberg.com/?utm_source=bps-nav&utm_medium=bps" data-element="menu-main" data-description="Enterprise Console" data-element-position="112" data-page-position="113" data-label="Enterprise Console">Enterprise Console</a></li> <li id="menu-item-48291" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48291"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloombergvault.com/vault/login/?utm_source=bps-nav&utm_medium=bps" data-element="menu-main" data-description="Bloomberg Vault" data-element-position="113" data-page-position="114" data-label="Bloomberg Vault">Bloomberg Vault</a></li> <li id="menu-item-66725" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-66725"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/stayconnected/" data-element="menu-main" data-description="Stay Connected" data-element-position="114" data-page-position="115" data-label="Stay Connected">Stay Connected</a></li> </ul> </li> </ul> </li> <li id="menu-item-67872" class="menu-item-highlight menu-item-hide-xs menu-item menu-item-type-post_type menu-item-object-page menu-item-67872"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/contact-menu/?mpam-page=27415&tactic-page=280443" data-element="menu-main" data-description="Request a demo" data-element-position="115" data-page-position="116" data-label="Request a demo">Request a demo</a></li> <li id="menu-item-50897" class="close-sub-menu menu-item menu-item-type-custom menu-item-object-custom menu-item-50897"><a href="#" data-element="menu-main" data-description="Close" data-element-position="116" data-page-position="117" data-label="Close">Close</a></li> <li id="menu-item-73127" class="search-icon js-search-open menu-item menu-item-type-custom menu-item-object-custom menu-item-73127"><a href="#" data-element="menu-main" data-description="Search" data-element-position="117" data-page-position="118" data-label="Search">Search</a></li> </ul></nav> <div class="site-header__mobile" id="site-header__mobile"> <aside> Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/request-demo/">Request a demo</a>. </aside> <a class="about" href="https://web.archive.org/web/20210427102351/http://www.bloomberg.com/company/" target="_blank" data-element="menu-main" data-description="menu-about" data-element-position="118" data-page-position="119" data-label="">About the Company</a> </div> </nav> </header> <style> .featured-image--6087e63eae1f0 { background-image: url('https://web.archive.org/web/20210427102351im_/https://assets.bbhub.io/image/v1/convert?type=auto&url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F10%2FExecution_Order_Management_6.jpg'); } @media screen and ( min-width: 1020px ) { .featured-section { height: vh !important; } .featured-section .image { height: vh !important; } } </style> <div id="featured-section" class="featured-section hero-image"> <div class="image featured-image--6087e63eae1f0"></div> <div class="meta" style="z-index: 5"> <div class="h1-demi-7">Order and Execution Management</div> <div class="h1-regular-7">Bloomberg Professional Services</div> </div> </div> <div id="that-jump-content" tabindex="-1"></div> <div id="main-section" class="main-section solution"> <div id="tools-for-competitive-advantage" data-jump-index="1" class="outer-container carousel-jump-link-section 0"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Tools for competitive advantage </div> <div class="side-content"> <p>In global markets, buy-side and sell-side professionals strive to achieve the best execution across multiple asset classes. The Bloomberg Terminal provides trading solutions and sophisticated analytics to meet these needs, all in one place. </p> <p>Bloomberg order and execution management solutions provide multi-asset order and execution management solutions and investment cycle analytics that enable buy-side and sell-side firms to turn their trade and order data into a competitive advantage. As a result, firms can create more efficient workflows, connect to the global capital markets, drive regulatory compliance and lower their total cost of ownership.</p> <p>To be successful, global markets traders need access to fragmented pools of liquidity, an intuitive execution platform, predictive analytics, and transaction cost analysis (TCA) tools to assess strategy performance, both historically and in real time.</p> </div> </div> </div> </div> <div class="bbg-row bbg-row--white outer-container cta-icon 0"> <div class="inner-container"> <div class="inter-1 h2-regular"> Fixed income: Automating the future <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/fixed-income-automating-the-future/?mpam-page=27415&tactic-page=280443" data-element="interstitial" data-description="text" data-element-position="1" data-page-position="120" data-label="Access the report">Access the report <i class="icon-arrow-right-blue"></i></a> </div> </div> </div> <div id="complete-asset-class-coverage" data-jump-index="2" class="outer-container carousel-jump-link-section 0"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Complete asset class coverage </div> <div class="side-content"> <p><strong>Equities execution — EMSX</strong><br/> Bloomberg’s execution management solutions include the Execution Management System (EMSX) with integrated real-time analytics, Indications of Interest (IOIs) and Trade Advertisements, and Transaction Cost Analytics (BTCA). From a single, customizable workspace, you can manage equities, futures, options and ETF trades.</p> <p><strong>Fixed income trading — FIT</strong><br/> FIT, Bloomberg’s trading platform, links all available fixed income electronic trading products into one portal and provides multi-dealer, executable composite pricing, so you can stage, monitor, trade and allocate trades through a single function on the Bloomberg Terminal. You can also trade with FIT from your TSOX blotter.</p> <p><strong>Foreign exchange electronic trading — FXGO</strong><br/> FXGO from Bloomberg is the premier multi-bank FX trading platform that provides powerful functionality for price takers to execute foreign exchange transactions with their bank relationships. FXGO is a commission-free electronic trading platform for execution of spot, outright, swap, NDF, deposit, order and option transactions.</p> <p><strong>Commodities electronic trading — CMET</strong><br/> Bloomberg Commodities offers a suite of electronic trading products for commodities desks.</p> <p>Management, sharing, and execution of commodity-based financial transactions are supported around the world.</p> <footer class="footnote font-small decoration"> <strong>How we help our clients</strong> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/commodities-electronic-trading/">Commodities Electronic Trading (CMET)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/execution-management-system/">Execution Management System (EMSX)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/fixed-income-trading/">Fixed Income Execution Management (TSOX)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/fixed-income-trading/">Fixed Income Trading (FIT)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/fx-electronic-trading/">FX Electronic Trading (FXGO)</a> </footer> </div> </div> </div> </div> <div id="trade-and-order-management" data-jump-index="3" class="outer-container carousel-jump-link-section 0"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Trade and order management </div> <div class="side-content"> <p>Our OMS solutions are pre-integrated with the rest of Bloomberg’s enterprise services to offer a truly holistic suite of solutions from front to back office.</p> <p><strong>Buy-side equity and fixed income — AIM</strong><br/> For buy-side firms, Bloomberg Asset and Investment Manager (AIM) delivers global, multi-asset solutions for portfolio management, trading, compliance and operations.</p> <p><strong>Sell-side fixed income — TOMS</strong><br/> Bloomberg Trade Order Management Solutions (TOMS) delivers global, multi-asset solutions for front-end inventory, trading and middle- and back-office operations. With TOMS, you can optimize your voice and electronic trade workflow, increase global distribution to markets, manage risk and compliance and improve operational efficiency.</p> <footer class="footnote font-small decoration"> <strong>How we help our clients</strong> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/asset-and-investment-manager/">Asset and Investment Manager (AIM)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/trade-order-management-solutions/">Trade Order Management Solutions (TOMS)</a> </footer> </div> </div> </div> </div> <div id="tradebook" data-jump-index="4" class="outer-container carousel-jump-link-section 0"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Tradebook </div> <div class="side-content"> <p>Bloomberg Tradebook® provides front-end technology and analytics. We provide clients with a single platform that uses quantitative data models and analytic-driven selection to route orders to a suite of destinations, empowering traders to optimize execution and drive down implicit costs.</p> <footer class="footnote font-small decoration"> <strong>How we help our clients</strong> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/tradebook/">Bloomberg Tradebook</a> </footer> </div> </div> </div> </div> <div id="post-trade-services" data-jump-index="5" class="outer-container carousel-jump-link-section 0"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Post-trade services </div> <div class="side-content"> <p>Bloomberg’s comprehensive suite of post-trade tools are fully integrated with the Bloomberg Professional Services and Bloomberg’s various trading platforms, allowing you to effectively manage your trades from order generation to execution and settlement. Our solutions can help you reduce operational risk and cost while providing post-trade process automation to both buy side and sell side market participants.</p> <footer class="footnote font-small decoration"> <strong>How we help our clients</strong> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/post-trade-services/">Post-Trade Services</a> </footer> </div> </div> </div> </div> <div class="inside__box"> <div class="inside__box--container"> <div class="heading h1-demi">Request a demo.</div> <div class="inside__box--body"> <div class="subscribe"> <a class="cta-large" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/request-demo/?mpam-page=27415&tactic-page=280443" data-element="interstitial" data-description="button" data-element-position="2" data-page-position="121" data-label="Contact us">Contact us</a> </div> </div> </div> </div> <div id="regulated-venues" data-jump-index="6" class="outer-container carousel-jump-link-section no-border-bottom"> <div class="inner-container"> <div class="cols-2"> <div class="side-title h3-regular-8-demi"> Regulated venues </div> <div class="side-content"> <p>As a partner to both the sell side and the buy side, Bloomberg is uniquely positioned to help clients navigate the regulatory maze and stay ahead of market structure changes.</p> <p><strong>Swap Execution Facility — SEF</strong><br/> Bloomberg SEF is registered with the Commodity Futures Trading Commission (CFTC) to operate a multi-asset swap execution facility (SEF). Bloomberg SEF provides all participants access to multiple execution styles and liquidity across numerous asset classes including rates, credit, currency and commodity derivatives.</p> <p><strong>Multilateral Trading Facility — MTF</strong><br/> Bloomberg Trading Facility Limited’s multilateral trading facility, BMTF, is a robust trading platform for trading credit default swaps (CDS) and interest rate swaps (IRS). Bloomberg has examined and built upon its existing end-to-end trading workflows to offer an efficient trading platform to ensure a seamless transition into the MiFID II regulatory environment.</p> <footer class="footnote font-small decoration"> <strong>How we help our clients</strong> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/multilateral-trading-facility/">Multilateral Trading Facility (MTF)</a> <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/product/swap-execution-facility/">Swap Execution Facility (SEF)</a> </footer> </div> </div> </div> </div> <div class="bbg-row bbg-row--white outer-container cta-icon 0"> <div class="inner-container"> <div class="inter-1 h2-regular"> View the latest upcoming and on-demand Bloomberg webinars. <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/webinars/all/?mpam-page=27415&tactic-page=280443" data-element="interstitial" data-description="text" data-element-position="3" data-page-position="122" data-label="Learn more">Learn more <i class="icon-arrow-right-blue"></i></a> </div> </div> </div> <div id="insights" data-jump-index="7" class="carousel-jump-link-section"> </div> <div id="jump-links"> <span class="on-this-page">ON THIS PAGE</span> <section class="jump-links-carousel"> <img alt="Scroll left" class="arrow left" src="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/themes/professional/public/images/jumplink-arrow.png"> <div> <a href="#tools-for-competitive-advantage" data-element="jumplinks" data-description="jumplinks" data-element-position="1" data-page-position="123" data-label="Tools for competitive advantage"> Tools for competitive advantage </a> <a href="#complete-asset-class-coverage" data-element="jumplinks" data-description="jumplinks" data-element-position="2" data-page-position="124" data-label="Complete asset class coverage"> Complete asset class coverage </a> <a href="#trade-and-order-management" data-element="jumplinks" data-description="jumplinks" data-element-position="3" data-page-position="125" data-label="Trade and order management"> Trade and order management </a> <a href="#tradebook" data-element="jumplinks" data-description="jumplinks" data-element-position="4" data-page-position="126" data-label="Tradebook"> Tradebook </a> <a href="#post-trade-services" data-element="jumplinks" data-description="jumplinks" data-element-position="5" data-page-position="127" data-label="Post-trade services"> Post-trade services </a> <a href="#regulated-venues" data-element="jumplinks" data-description="jumplinks" data-element-position="6" data-page-position="128" data-label="Regulated venues"> Regulated venues </a> <a href="#insights" data-element="jumplinks" data-description="jumplinks" data-element-position="7" data-page-position="129" data-label="Insights"> Insights </a> </div> <img alt="Scroll right" class="arrow right" src="https://web.archive.org/web/20210427102351im_/https://www.bloomberg.com/professional/content/themes/professional/public/images/jumplink-arrow.png"> </section> </div> </div> <div class="aside-section-wrapper"> <div class="aside-section"> <div class="related-content" id="related-content" data-page="42181" data-loaded="69558,68944,59701,58776,58783,58756,58591,58586,58583,59186,59181,59175,59221,60264,60277,60261,60828,62267,62604,62283,62604,64332,64347,64471,65186,65194,66488,68342,68349,68351,68346, 68944, 71032, 71040, 71042, 71067, 71073, 71080, 71693, 71740"> <div class="__loader dot-loader load-container"> <div class="__loader__animation loader">Sending...</div> </div> </div> </div> </div> </div>  <footer id="footer" class="site-footer"> <div class="site-footer__container"> <div class="site-footer__about"> <div class="site-footer__sitemap"> <ul> <li class="site-footer__sitemap__item"> <h3>Contact</h3> <ul id="menu-contact-footer" class="menu"><li id="menu-item-48229" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48229"><a href="https://web.archive.org/web/20210427102351/tel:+1%20212%20318%202000" data-element="menu-main" data-description="Americas <em> +1 212 318 2000 </em>" data-element-position="119" data-page-position="130" data-label="Americas <em> +1 212 318 2000 </em>">Americas <em> +1 212 318 2000 </em></a></li> <li id="menu-item-48230" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48230"><a href="https://web.archive.org/web/20210427102351/tel:+44%2020%207330%207500" data-element="menu-main" data-description="EMEA <em>+44 20 7330 7500 </em>" data-element-position="120" data-page-position="131" data-label="EMEA <em>+44 20 7330 7500 </em>">EMEA <em>+44 20 7330 7500 </em></a></li> <li id="menu-item-48231" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48231"><a href="https://web.archive.org/web/20210427102351/tel:+65%206212%201000%20" data-element="menu-main" data-description="Asia Pacific <em> +65 6212 1000 </em>" data-element-position="121" data-page-position="132" data-label="Asia Pacific <em> +65 6212 1000 </em>">Asia Pacific <em> +65 6212 1000 </em></a></li> </ul> </li> <li class="site-footer__sitemap__item"> <h3>Customer Support</h3> <ul id="menu-customer-support-footer" class="menu"><li id="menu-item-48235" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48235"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/software-updates/" data-element="menu-main" data-description="Software Updates" data-element-position="122" data-page-position="133" data-label="Software Updates">Software Updates</a></li> <li id="menu-item-50258" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-50258"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://service.blpprofessional.com/portal/sessions/new?utm_source=bps-nav&utm_medium=bps" data-element="menu-main" data-description="Manage Products and <em>Account Information</em>" data-element-position="123" data-page-position="134" data-label="Manage Products and <em>Account Information</em>">Manage Products and <em>Account Information</em></a></li> <li id="menu-item-49508" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-49508"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/b-unit/" data-element="menu-main" data-description="B-Unit Setup" data-element-position="124" data-page-position="135" data-label="B-Unit Setup">B-Unit Setup</a></li> <li id="menu-item-50257" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-50257"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/api-library/" data-element="menu-main" data-description="API Library" data-element-position="125" data-page-position="136" data-label="API Library">API Library</a></li> <li id="menu-item-48236" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48236"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/documentation/" data-element="menu-main" data-description="Documentation" data-element-position="126" data-page-position="137" data-label="Documentation">Documentation</a></li> <li id="menu-item-48237" class="menu-item menu-item-type-post_type menu-item-object-help menu-item-48237"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/support/faq/" data-element="menu-main" data-description="FAQ" data-element-position="127" data-page-position="138" data-label="FAQ">FAQ</a></li> </ul> </li> <li class="site-footer__sitemap__item"> <h3>Client Access</h3> <ul id="menu-client-access-footer" class="menu"><li id="menu-item-48232" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48232"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://bba.bloomberg.net/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Bloomberg Anywhere" data-element-position="128" data-page-position="139" data-label="Bloomberg Anywhere">Bloomberg Anywhere</a></li> <li id="menu-item-53701" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-53701"><a href="https://web.archive.org/web/20210427102351/https://lei.bloomberg.com/users/login/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Bloomberg LEI" data-element-position="129" data-page-position="140" data-label="Bloomberg LEI">Bloomberg LEI</a></li> <li id="menu-item-48233" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48233"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloombergvault.com/vault/login/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Bloomberg Vault" data-element-position="130" data-page-position="141" data-label="Bloomberg Vault">Bloomberg Vault</a></li> <li id="menu-item-66729" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-66729"><a href="https://web.archive.org/web/20210427102351/https://console.bloomberg.com/#/" data-element="menu-main" data-description="Enterprise Console" data-element-position="131" data-page-position="142" data-label="Enterprise Console">Enterprise Console</a></li> <li id="menu-item-48234" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48234"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://ee.bloomberg.com/cp/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Entity Exchange" data-element-position="132" data-page-position="143" data-label="Entity Exchange">Entity Exchange</a></li> <li id="menu-item-66722" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-66722"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/stayconnected/" data-element="menu-main" data-description="Stay Connected" data-element-position="133" data-page-position="144" data-label="Stay Connected">Stay Connected</a></li> <li id="menu-item-104655" class="menu-item menu-item-type-taxonomy menu-item-object-webinars menu-item-104655"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/blog/webinars/all/" data-element="menu-main" data-description="Webinars" data-element-position="134" data-page-position="145" data-label="Webinars">Webinars</a></li> </ul> </li> <li class="site-footer__sitemap__item"> <h3>Regions</h3> <ul id="menu-regions-footer" class="menu"><li id="menu-item-48240" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48240"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com.br/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Brazil" data-element-position="135" data-page-position="146" data-label="Brazil">Brazil</a></li> <li id="menu-item-48241" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48241"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloombergchina.com/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="China" data-element-position="136" data-page-position="147" data-label="China">China</a></li> <li id="menu-item-48242" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48242"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/solution/access-india/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="India" data-element-position="137" data-page-position="148" data-label="India">India</a></li> <li id="menu-item-48243" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48243"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://about.bloomberg.co.jp/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Japan" data-element-position="138" data-page-position="149" data-label="Japan">Japan</a></li> <li id="menu-item-48244" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48244"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.co.kr/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Korea" data-element-position="139" data-page-position="150" data-label="Korea">Korea</a></li> <li id="menu-item-48278" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48278"><a target="_blank" rel="noopener noreferrer" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/latam/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Latin America" data-element-position="140" data-page-position="151" data-label="Latin America">Latin America</a></li> </ul> </li> </ul> </div> <div class="site-footer__description"> <aside><p>Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/request-demo/" aria-label="Request a demo for the Bloomberg Terminal (opens a new window)">Request a demo</a>.</p> <div id="bbgfb-6087e63ebc641" class="bbgfb bbg-form-builder-styles -oneline" data-tracking-field="bbgsum" data-tracking-field-mpam="mpam" data-tracking-field-tactic="tactic"> <form method="POST" id="bbgfb-6087e63ebc641-form" class="bbgfb__form bbgform-builder"> <fieldset class="bbgfb__fields"> <legend class="bbgfb__heading">Get insights delivered to your inbox</legend> <input class="bbgfb_hidden" type="hidden" name="post_id" value="42181"> <input class="bbgfb_hidden" type="hidden" name="form_id" value="60955"> <input class="bbgfb_hidden" type="hidden" name="action" value="bbg_form_builder"> <input type="hidden" id="prospectNumber1" name="prospectNumber1" value=""> <input type="hidden" id="contactNumber1" name="contactNumber1" value=""> <input type="hidden" id="_wpnonce" name="_wpnonce" value="7316822833"/><input type="hidden" name="_wp_http_referer" value="/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=apps-prod&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu"/> <span class="bbgfb__fields__field bbgfb__fields__field--disclaimer bbgfb__fields__field--position-above"> <p>By submitting my information, I agree to the <a style="color: #0d9ddb;" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/privacy/" target="_blank" rel="noopener">privacy policy</a> and to learn more about products and services from Bloomberg.</p> </span> <span class="bbgfb__fields__field bbgform_field bbgfb_text field-emailAddress required bbgfb_email bbgfb__fields__field--email"> <label class="bbgfb__fields__field__label bbgfield_label bbgfb__fields__field__label--required" for="bbgfb-6087e63ebc641-emailAddress">Email</label> <input class="bbgfb__fields__field__input" type="email" required id="bbgfb-6087e63ebc641-emailAddress" name="emailAddress" value="" placeholder="Enter your email"> </span> <input class="bbgfb_hidden bbgfb_campaign" type="hidden" name="bbgsum" value="DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu"> <input class="bbgfb_hidden bbgfb_campaign_tactic" type="hidden" name="tactic" value=""> <style>.bbgfb__fields__valid_field{ display: none !important; }</style> <span class="bbgfb__fields__valid_field"> <input type="text" name="website_bloomberg_uid" value="" tabindex="-1" autocomplete="off"> <input type="hidden" name="bloomberg_tid" value="1619519038"> </span> <span class="bbgfb__fields__field bbgfb__fields__field--submit bbgform_field bbgfb-submit"> <button class="bbgfb__fields__field__button" type="submit">SUBMIT</button> <div class="bbgfb__loader dot-loader load-container"> <div class="bbgfb__loader__animation loader">Sending...</div> </div> </span> </fieldset> </form> <div class="bbgfb__message bbgform-message" style="display: none;"></div> </div> </aside> </div> </div> <div class="social-icons"> <a rel="noopener" target="_blank" href="https://web.archive.org/web/20210427102351/https://www.linkedin.com/company/bloomberg-professional-service" aria-label="Follow us on Linkedin (opens a new window)" data-element="social-follow" data-description="Linkedin" data-element-position="1" data-page-position="159" data-label=""><i class="social-icons__linkedin"></i>LinkedIn</a> <a rel="noopener" target="_blank" href="https://web.archive.org/web/20210427102351/https://twitter.com/theterminal" aria-label="Follow us on Twitter (opens a new window)" data-element="social-follow" data-description="Twitter" data-element-position="2" data-page-position="160" data-label=""><i class="social-icons__twitter"></i> Twitter</a> <a rel="noopener" target="_blank" href="https://web.archive.org/web/20210427102351/https://www.facebook.com/bloomberglp/" aria-label="Follow us on Facebook (opens a new window)" data-element="social-follow" data-description="Facebook" data-element-position="3" data-page-position="161" data-label=""><i class="social-icons__facebook"></i> Facebook</a> <a rel="noopener" target="_blank" href="https://web.archive.org/web/20210427102351/https://www.instagram.com/bloomberg/" aria-label="Follow us on Instagram (opens a new window)" data-element="social-follow" data-description="Instagram" data-element-position="4" data-page-position="162" data-label=""><i class="social-icons__instagram"></i> Instagram</a> <a rel="noopener" target="_blank" href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/feed/" aria-label="Follow us on RSS (opens a new window)" data-element="social-follow" data-description="RSS" data-element-position="5" data-page-position="163" data-label=""><i class="social-icons__rss"></i> RSS</a> </div> <div class="site-footer__footnote"> <aside> <p>© 2021 Bloomberg Finance L.P. All rights reserved.</p> <ul id="menu-footer-footnote" class="menu"><li id="menu-item-48249" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48249"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/privacy/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Privacy" data-element-position="141" data-page-position="152" data-label="Privacy">Privacy</a></li> <li id="menu-item-48250" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48250"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/tos/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Terms" data-element-position="142" data-page-position="153" data-label="Terms">Terms</a></li> <li id="menu-item-50243" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-50243"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/tradebook-compliance/" data-element="menu-main" data-description="Tradebook Compliance" data-element-position="143" data-page-position="154" data-label="Tradebook Compliance">Tradebook Compliance</a></li> <li id="menu-item-48252" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48252"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Company" data-element-position="144" data-page-position="155" data-label="Company">Company</a></li> <li id="menu-item-48253" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48253"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/announcements/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Press" data-element-position="145" data-page-position="156" data-label="Press">Press</a></li> <li id="menu-item-48254" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-48254"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/company/what-we-do/?utm_source=bps-footer&utm_medium=bps" data-element="menu-main" data-description="Careers" data-element-position="146" data-page-position="157" data-label="Careers">Careers</a></li> <li id="menu-item-84929" class="bbg-adchoices-menu menu-item menu-item-type-custom menu-item-object-custom menu-item-84929"><a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/privacy/#advertisements" data-element="menu-main" data-description="AdChoices" data-element-position="147" data-page-position="158" data-label="AdChoices">AdChoices</a></li> </ul> </aside> <div class="logo"> <svg width="124" height="26" xmlns="http://www.w3.org/2000/svg" class="logo__image" role="img" aria-labelledby="footer-logo-title"> <title id="footer-logo-title">Bloomberg</title> <g fill="#000" fill-rule="evenodd"> <path d="M3.284 10.896h3.13c2.64 0 3.882.672 3.882 2.588 0 2.406-2.33 2.69-4.011 2.69H3.284v-5.278zM.023 18.97H6.62c3.467 0 6.935-1.241 6.935-5.227 0-2.353-1.656-4.166-3.96-4.424v-.053c1.89-.568 3.184-1.939 3.184-4.01C12.78 1.917 9.933.65 7.165.65H.023v18.32zm3.26-15.525h2.691c2.459 0 3.545.776 3.545 2.355 0 1.371-1.086 2.303-3.26 2.303H3.284V3.444zM15.685 18.97h3.105V.215h-3.105zM20.866 12.759c0 3.908 3.001 6.521 6.754 6.521 3.751 0 6.752-2.613 6.752-6.521 0-3.907-3.001-6.52-6.752-6.52-3.753 0-6.754 2.613-6.754 6.52zm3.105 0c0-1.94 1.37-3.726 3.649-3.726 2.276 0 3.647 1.785 3.647 3.726s-1.37 3.726-3.647 3.726c-2.278 0-3.65-1.785-3.65-3.726zM35.776 12.759c0 3.908 3.002 6.521 6.754 6.521 3.751 0 6.753-2.613 6.753-6.521 0-3.907-3.002-6.52-6.753-6.52-3.752 0-6.754 2.613-6.754 6.52zm3.105 0c0-1.94 1.372-3.726 3.649-3.726s3.648 1.785 3.648 3.726-1.371 3.726-3.648 3.726-3.65-1.785-3.65-3.726zM51.178 6.549h2.95v1.94h.051c.544-1.163 1.734-2.25 3.804-2.25 1.915 0 3.235.75 3.882 2.303.905-1.58 2.224-2.304 4.087-2.304 3.313 0 4.477 2.355 4.477 5.33v7.401h-3.105v-7.037c0-1.553-.466-2.899-2.303-2.899-1.94 0-2.665 1.604-2.665 3.208v6.728H59.25v-7.4c0-1.527-.621-2.536-2.122-2.536-2.044 0-2.845 1.501-2.845 3.157v6.78h-3.106V6.548M72.946 18.97h2.95v-1.864h.051c.906 1.5 2.536 2.174 4.27 2.174 3.829 0 6.132-2.846 6.132-6.521 0-3.673-2.458-6.52-6.003-6.52-2.329 0-3.571 1.087-4.217 1.888h-.078V.216h-3.105v18.753zm10.298-6.211c0 1.941-1.372 3.726-3.648 3.726-2.277 0-3.649-1.785-3.649-3.726 0-1.94 1.372-3.726 3.649-3.726 2.276 0 3.648 1.785 3.648 3.726zM100.328 13.845v-.853c0-4.32-2.354-6.754-5.822-6.754-3.752 0-6.754 2.614-6.754 6.521 0 3.908 3.002 6.521 6.754 6.521 1.966 0 3.803-.7 5.252-2.485l-2.225-1.68c-.775.957-1.785 1.68-3.337 1.68-1.734 0-3.131-1.11-3.339-2.95h9.471zm-9.47-2.327c.233-1.786 1.371-2.95 3.208-2.95 1.94 0 3.131 1.138 3.156 2.95h-6.365zM102.353 6.549h3.104v1.966h.053c.672-1.422 2.043-2.277 3.674-2.277.388 0 .75.079 1.112.182v3.002c-.518-.13-1.01-.233-1.5-.233-2.924 0-3.34 2.458-3.34 3.13v6.65h-3.103V6.55M120.916 6.549v1.864h-.052c-.905-1.502-2.535-2.175-4.27-2.175-3.83 0-6.131 2.848-6.131 6.521 0 3.519 2.458 6.366 6.183 6.366 1.553 0 3.157-.595 4.063-1.811h.051v.906c0 2.458-.931 4.164-3.932 4.164-1.734 0-3.027-.646-4.27-1.785l-1.863 2.536c1.76 1.553 3.856 2.044 6.159 2.044 4.838 0 7.012-2.846 7.012-7.322V6.549h-2.95zm-3.674 2.484c2.251 0 3.674 1.501 3.674 3.648 0 2.072-1.397 3.65-3.7 3.65-2.096 0-3.648-1.63-3.648-3.597 0-2.2 1.5-3.701 3.674-3.701z"/> </g> </svg> </div> </div> </div> </footer> <div id="cookie-consent" role="dialog" aria-live="polite" aria-label="cookieconsent" aria-describedby="cookieconsent_desc" class="cookie-consent" style="background-color: " data-isindustrygroup="false" data-geolocation="true" data-countries="us, gb, at, be, bg, hr, cy, cz, dk, ee, fi, fr, de, gr, hu, ie, it, lv, lt, lu, mt, nl, po, pt, ro, sk, sl, es, se" data-prefix=""> <div class="cookie-consent__wrapper"> <div class="cookie-consent__description"> <span class="cookie-consent__banner-title"></span> <span class="cookie-consent__banner-text">We, and third parties, use cookies to improve your user experience. For more information, see our <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/privacy/" target="_blank">Privacy Policy</a> By clicking "Accept", you agree to the use of cookies. Change your settings anytime using our <a href="#" aria-label="change your preferences" tabindex="0" id="cookie-consent-link" role="button" data-element="cookie-banner" data-description="cookie preferences"> Cookies Preferences.</a> </span> </div> <div class="cookie-consent__accept-wrapper"> <a aria-label="Open Cookie Preference Modal" role="button" tabindex="0" class="cookie-consent__button" id="open-cookie-preferences" data-element="cookie-banner" data-description="cookie preferences">Manage Preferences</a> <a aria-label="Accept cookies" role="button" tabindex="0" class="cookie-consent__button" id="cookie-consent-optin" data-element="cookie-banner" data-description="Accept Cookies">ACCEPT</a> </div> </div> </div> <div id="cookie-settings" class="cookie-settings"> <div class="cookie-settings__wrapper"> <div aria-label="Close Window" role="button" tabindex="0" class="cookie-settings__xbutton" id="cookie-settings-xbutton" data-element="cookie-banner" data-description="Close Window"></div> <p class="cookie-settings__description"> We, and third parties, use cookies and other electronic tools to enhance your experience, analyze site usage, and deliver advertisements tailored to your interests. For more information, please read our <a href="https://web.archive.org/web/20210427102351/https://www.bloomberg.com/notices/privacy/" target="_blank">Privacy Policy</a> By clicking "Save Settings", you agree to the use of these tools. </p> <h3 class="cookie-settings__title"> Your choice regarding cookies on this website: </h3> <h4 class="cookie-settings__category"> Required <input type="checkbox" id="cookie-settings-option-required" name="cookie-settings-option-required" data-cookie-optin="required" data-cookie-default-optin="" class="cookie-settings-option__checkbox cookie-settings__category__checkbox"><label for="cookie-settings-option-required" class="cookie-settings__category__label" data-element="cookie-banner" data-description="Toggle Required"></label> </h4><p class="cookie-settings__category-description">These cookies are required to enable core site functionality.</p><ul class="cookie-settings__items"><li>PerimeterX Bot Detection</li><li>PerimeterX Pixel</li><li>Google Tag Manager</li></ul><h4 class="cookie-settings__category"> Performance <input type="checkbox" id="cookie-settings-option-performance" name="cookie-settings-option-performance" data-cookie-optin="performance" data-cookie-default-optin="" class="cookie-settings-option__checkbox cookie-settings__category__checkbox"><label for="cookie-settings-option-performance" class="cookie-settings__category__label" data-element="cookie-banner" data-description="Toggle Performance"></label> </h4><p class="cookie-settings__category-description">These cookies allow us to analyze site usage so we can measure and improve performance. In order to opt-out, please click on the link(s) below.</p><ul class="cookie-settings__items"><li><a href="https://web.archive.org/web/20210427102351/https://tools.google.com/dlpage/gaoptout" target="_blank" rel="noopener" data-element="cookie-banner" data-description="Google Analytics">Google Analytics</a></li></ul><h4 class="cookie-settings__category cookie-settings__category-optional"> Advertising <input type="checkbox" id="cookie-settings-option-advertising" name="cookie-settings-option-advertising" data-cookie-optin="advertising" data-cookie-default-optin="1" class="cookie-settings-option__checkbox cookie-settings__category__checkbox"><label for="cookie-settings-option-advertising" class="cookie-settings__category__label" data-element="cookie-banner" data-description="Toggle Advertising"></label> </h4><p class="cookie-settings__category-description">These cookies are used by advertising companies to tailor content.</p><ul class="cookie-settings__items"><li><input type="checkbox" id="cookie-settings-option-adwords" name="cookie-settings-option-adwords" data-cookie-optin="adwords" data-cookie-category="advertising" class="cookie-settings__items__checkbox cookie-settings-option__checkbox"> <label for="cookie-settings-option-adwords"><a href="https://web.archive.org/web/20210427102351/https://policies.google.com/technologies/ads?hl=en-US" target="_blank" rel="noopener" data-element="cookie-banner" data-description="Google Ads">Google Ads</a></label></li><li><input type="checkbox" id="cookie-settings-option-demandbase" name="cookie-settings-option-demandbase" data-cookie-optin="demandbase" data-cookie-category="advertising" class="cookie-settings__items__checkbox cookie-settings-option__checkbox"> <label for="cookie-settings-option-demandbase"><a href="https://web.archive.org/web/20210427102351/https://www.demandbase.com/privacy-policy/" target="_blank" rel="noopener" data-element="cookie-banner" data-description="Demandbase">Demandbase</a></label></li><li><input type="checkbox" id="cookie-settings-option-linkedin-insights" name="cookie-settings-option-linkedin-insights" data-cookie-optin="linkedin-insights" data-cookie-category="advertising" class="cookie-settings__items__checkbox cookie-settings-option__checkbox"> <label for="cookie-settings-option-linkedin-insights"><a href="https://web.archive.org/web/20210427102351/https://www.linkedin.com/legal/cookie-policy" target="_blank" rel="noopener" data-element="cookie-banner" data-description="LinkedIn Insights">LinkedIn Insights</a></label></li><li><input type="checkbox" id="cookie-settings-option-media-shop" name="cookie-settings-option-media-shop" data-cookie-optin="media-shop" data-cookie-category="advertising" class="cookie-settings__items__checkbox cookie-settings-option__checkbox"> <label for="cookie-settings-option-media-shop"><a href="https://web.archive.org/web/20210427102351/http://themediashop.asia/" target="_blank" rel="noopener" data-element="cookie-banner" data-description="Media Shop">Media Shop</a></label></li></ul> <div class="cookie-settings__save-wrapper"> <a aria-label="Save Settings" role="button" tabindex="0" class="cookie-consent__button" id="cookie-settings-save" data-element="cookie-banner" data-description="Save Settings">Accept</a> <a aria-label="Reject Settings" role="button" tabindex="0" class="cookie-consent__button" id="cookie-settings-reject" data-description="Reject Settings">REJECT</a> </div> <p class="cookie-settings__thankyou"> Thank you. You can change your settings at anytime using the Cookies Preferences link in the footer of this website. </p> <p class="cookie-settings__reject"> Thank you. You can change your settings at anytime using the Cookies Preferences link in the footer of this website. </p> <p class="cookie-settings__disclosure"> By saving your settings you are agreeing to the use of these tools. You can change your settings at anytime using the Cookies Preferences link in the footer of this website. </p> </div> </div> <div class="cookie-consent-footer__li" data-cookie-footer="menu-footer-footnote" id="cookie-consent-link-footer" data-element="cookie-banner" data-description="Footer Link Click"> <a href="#" class="cookie-consent-footer__link" data-element="menu-footer" data-label="Cookie Preferences">Cookie Preferences</a> </div> <script> window.__COUNTRY__ = "us"; </script><script type="text/javascript"> /* <![CDATA[ */ var bbgfb_cookies = {"host":"www.bloomberg.com","path":"\/professional","per_page":"bbgsum-page","campaign":"bbgsum","per_page_mpam":"mpam-page","campaign_mpam":"mpam","per_page_tactic":"tactic-page","campaign_tactic":"tactic","additional_persistent_tracking":"gclid","additional_persistent_tracking_addendums":"","expires":"0.0208"}; /* ]]> */ </script> <script>window.BBGLoadScripts.push('https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/dist/cookies.js?rel=b0199bb85b');</script><script type="text/javascript"> /* <![CDATA[ */ var bbg = {"rest_url":"https:\/\/web.archive.org\/web\/20210427102351\/https:\/\/www.bloomberg.com\/professional\/wp-json\/"}; /* ]]> */ </script> <script type="text/javascript"> window.__SITE_URL__ = "/professional"; window.__WEBINAR_PUBLIC_PATH__ = "https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/content/plugins/bloomberg-webinars//dist/"; !function(e){function r(r){for(var n,l,i=r[0],f=r[1],a=r[2],c=0,s=[];c<i.length;c++)l=i[c],Object.prototype.hasOwnProperty.call(o,l)&&o[l]&&s.push(o[l][0]),o[l]=0;for(n in f)Object.prototype.hasOwnProperty.call(f,n)&&(e[n]=f[n]);for(p&&p(r);s.length;)s.shift()();return u.push.apply(u,a||[]),t()}function t(){for(var e,r=0;r<u.length;r++){for(var t=u[r],n=!0,i=1;i<t.length;i++){var f=t[i];0!==o[f]&&(n=!1)}n&&(u.splice(r--,1),e=l(l.s=t[0]))}return e}var n={},o={0:0},u=[];function l(r){if(n[r])return n[r].exports;var t=n[r]={i:r,l:!1,exports:{}};return e[r].call(t.exports,t,t.exports,l),t.l=!0,t.exports}l.m=e,l.c=n,l.d=function(e,r,t){l.o(e,r)||Object.defineProperty(e,r,{enumerable:!0,get:t})},l.r=function(e){"undefined"!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:"Module"}),Object.defineProperty(e,"__esModule",{value:!0})},l.t=function(e,r){if(1&r&&(e=l(e)),8&r)return e;if(4&r&&"object"==typeof e&&e&&e.__esModule)return e;var t=Object.create(null);if(l.r(t),Object.defineProperty(t,"default",{enumerable:!0,value:e}),2&r&&"string"!=typeof e)for(var n in e)l.d(t,n,function(r){return e[r]}.bind(null,n));return t},l.n=function(e){var r=e&&e.__esModule?function(){return e.default}:function(){return e};return l.d(r,"a",r),r},l.o=function(e,r){return Object.prototype.hasOwnProperty.call(e,r)},l.p="dist/";var i=window.webpackJsonp=window.webpackJsonp||[],f=i.push.bind(i);i.push=r,i=i.slice();for(var a=0;a<i.length;a++)r(i[a]);var p=f;t()}([]); </script> <script type="text/javascript" src="https://web.archive.org/web/20210427102351js_/https://www.bloomberg.com/professional/content/plugins/bloomberg-webinars/dist/main-3.76693731.js"></script> <script type="text/javascript" src="https://web.archive.org/web/20210427102351js_/https://www.bloomberg.com/professional/wp-includes/js/jquery/jquery.js?ver=1.12.4-wp"></script> <script defer type="text/javascript"> window.__SITE_URL__ = "/professional"; window.__PUBLIC_PATH__ = "https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/content/themes/professional/dist/"; !function(e){function t(t){for(var f,c,a=t[0],o=t[1],u=t[2],i=0,l=[];i<a.length;i++)c=a[i],Object.prototype.hasOwnProperty.call(d,c)&&d[c]&&l.push(d[c][0]),d[c]=0;for(f in o)Object.prototype.hasOwnProperty.call(o,f)&&(e[f]=o[f]);for(b&&b(t);l.length;)l.shift()();return n.push.apply(n,u||[]),r()}function r(){for(var e,t=0;t<n.length;t++){for(var r=n[t],f=!0,c=1;c<r.length;c++){var o=r[c];0!==d[o]&&(f=!1)}f&&(n.splice(t--,1),e=a(a.s=r[0]))}return e}var f={},c={10:0},d={10:0},n=[];function a(t){if(f[t])return f[t].exports;var r=f[t]={i:t,l:!1,exports:{}};return e[t].call(r.exports,r,r.exports,a),r.l=!0,r.exports}a.e=function(e){var t=[];c[e]?t.push(c[e]):0!==c[e]&&{29:1,30:1,31:1,32:1,33:1,34:1,35:1,36:1,37:1,38:1,39:1,40:1,41:1,42:1,43:1,44:1,45:1,46:1,47:1,48:1,49:1,50:1,51:1,52:1,53:1,54:1,55:1,56:1,57:1,58:1,59:1,60:1}[e]&&t.push(c[e]=new Promise((function(t,r){for(var f=({0:"fb7d5399",1:"29107295",2:"0df2afdd",9:"f8516779",12:"546dce3a",13:"ff39441c"}[e]||e)+"-"+e+"."+{0:"31d6cfe0",1:"31d6cfe0",2:"31d6cfe0",3:"31d6cfe0",4:"31d6cfe0",5:"31d6cfe0",6:"31d6cfe0",7:"31d6cfe0",8:"31d6cfe0",9:"31d6cfe0",11:"31d6cfe0",12:"31d6cfe0",13:"31d6cfe0",14:"31d6cfe0",15:"31d6cfe0",16:"31d6cfe0",17:"31d6cfe0",18:"31d6cfe0",19:"31d6cfe0",20:"31d6cfe0",21:"31d6cfe0",22:"31d6cfe0",23:"31d6cfe0",24:"31d6cfe0",25:"31d6cfe0",29:"523a2eec",30:"8e6bdf7a",31:"ef105c58",32:"d3b859d7",33:"64c6a566",34:"8ce1faf4",35:"07d53816",36:"d7930b8c",37:"f1c22746",38:"9bce813f",39:"c770b3d3",40:"d54f8a43",41:"7db233dd",42:"387ca839",43:"12699292",44:"62b09ffb",45:"66a14970",46:"460ed6e3",47:"a6418254",48:"cd2a6725",49:"13f7f6c3",50:"6532c8f3",51:"82c9a42e",52:"661778b5",53:"11e4739e",54:"4daf09e6",55:"9389212b",56:"c32544db",57:"b5f294c1",58:"267d2c61",59:"a57a554a",60:"cd2a6725",61:"31d6cfe0",62:"31d6cfe0",63:"31d6cfe0",64:"31d6cfe0",65:"31d6cfe0"}[e]+".css",d=a.p+f,n=document.getElementsByTagName("link"),o=0;o<n.length;o++){var u=(b=n[o]).getAttribute("data-href")||b.getAttribute("href");if("stylesheet"===b.rel&&(u===f||u===d))return t()}var i=document.getElementsByTagName("style");for(o=0;o<i.length;o++){var b;if((u=(b=i[o]).getAttribute("data-href"))===f||u===d)return t()}var l=document.createElement("link");l.rel="stylesheet",l.type="text/css",l.onload=t,l.onerror=function(t){var f=t&&t.target&&t.target.src||d,n=new Error("Loading CSS chunk "+e+" failed.\n("+f+")");n.code="CSS_CHUNK_LOAD_FAILED",n.request=f,delete c[e],l.parentNode.removeChild(l),r(n)},l.href=d,document.getElementsByTagName("head")[0].appendChild(l)})).then((function(){c[e]=0})));var r=d[e];if(0!==r)if(r)t.push(r[2]);else{var f=new Promise((function(t,f){r=d[e]=[t,f]}));t.push(r[2]=f);var n,o=document.createElement("script");o.charset="utf-8",o.timeout=120,a.nc&&o.setAttribute("nonce",a.nc),o.src=function(e){return a.p+""+({0:"fb7d5399",1:"29107295",2:"0df2afdd",9:"f8516779",12:"546dce3a",13:"ff39441c"}[e]||e)+"-"+e+"."+{0:"5ec9dfab",1:"1b9a3c03",2:"51a5ab04",3:"62c2385b",4:"7fc455fb",5:"5c3f68e1",6:"b3a3e291",7:"ff366e59",8:"275fb311",9:"24632a65",11:"b3f81313",12:"de4e07b4",13:"77b985e8",14:"b4be031e",15:"f6e25d88",16:"dd18c120",17:"e2ce7c2c",18:"2763db8b",19:"64fc9a6e",20:"5af372fd",21:"a965f607",22:"9c92649d",23:"d2d61085",24:"513d4d04",25:"c911209a",29:"9f7cb241",30:"2d81176a",31:"776a525f",32:"33495deb",33:"e3fdd903",34:"58bfe15e",35:"1d98bc29",36:"9b6a1a41",37:"ad57d303",38:"dfc8f4e8",39:"e57dd642",40:"aba569bb",41:"549fccd0",42:"45838fa1",43:"a94899af",44:"c591492d",45:"fdf89488",46:"d52c9299",47:"b7b28c27",48:"fae8be25",49:"6bdd63cd",50:"6f8cb6ea",51:"21f8fdc7",52:"8790d712",53:"f9648762",54:"0454b42b",55:"c9a5c766",56:"5b8571e4",57:"8c401ce3",58:"2fade35a",59:"c6730545",60:"818c0198",61:"798034a6",62:"bbc06c8b",63:"40721eae",64:"bb78f22d",65:"5fb6b3e7"}[e]+".js"}(e);var u=new Error;n=function(t){o.onerror=o.onload=null,clearTimeout(i);var r=d[e];if(0!==r){if(r){var f=t&&("load"===t.type?"missing":t.type),c=t&&t.target&&t.target.src;u.message="Loading chunk "+e+" failed.\n("+f+": "+c+")",u.name="ChunkLoadError",u.type=f,u.request=c,r[1](u)}d[e]=void 0}};var i=setTimeout((function(){n({type:"timeout",target:o})}),12e4);o.onerror=o.onload=n,document.head.appendChild(o)}return Promise.all(t)},a.m=e,a.c=f,a.d=function(e,t,r){a.o(e,t)||Object.defineProperty(e,t,{enumerable:!0,get:r})},a.r=function(e){"undefined"!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:"Module"}),Object.defineProperty(e,"__esModule",{value:!0})},a.t=function(e,t){if(1&t&&(e=a(e)),8&t)return e;if(4&t&&"object"==typeof e&&e&&e.__esModule)return e;var r=Object.create(null);if(a.r(r),Object.defineProperty(r,"default",{enumerable:!0,value:e}),2&t&&"string"!=typeof e)for(var f in e)a.d(r,f,function(t){return e[t]}.bind(null,f));return r},a.n=function(e){var t=e&&e.__esModule?function(){return e.default}:function(){return e};return a.d(t,"a",t),t},a.o=function(e,t){return Object.prototype.hasOwnProperty.call(e,t)},a.p="dist/",a.oe=function(e){throw console.error(e),e};var o=window.webpackJsonp=window.webpackJsonp||[],u=o.push.bind(o);o.push=t,o=o.slice();for(var i=0;i<o.length;i++)t(o[i]);var b=u;r()}([]); </script> <script defer type="text/javascript" src="https://web.archive.org/web/20210427102351js_/https://www.bloomberg.com/professional/content/themes/professional/dist/main-28.da96316d.js"></script> <script type="text/javascript"> /* <![CDATA[ */ var bbgfb_data = {"ajax_url":"https:\/\/web.archive.org\/web\/20210427102351\/https:\/\/www.bloomberg.com\/professional\/wp-admin\/admin-ajax.php"}; /* ]]> */ </script> <script type="text/javascript" src="https://web.archive.org/web/20210427102351js_/https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/scripts.min.js?rel=99d13f8993"></script> <script>window.BBGLoadScripts.push('https://web.archive.org/web/20210427102351/https://www.bloomberg.com/professional/content/plugins/bloomberg-form-builder/assets/l.scripts.min.js?rel=6e59f87137');</script> <script type="text/javascript">window.NREUM||(NREUM={});NREUM.info={"beacon":"bam.nr-data.net","licenseKey":"cd0676da66","applicationID":"624466258","transactionName":"YQEHZRZXWkpVVhVbWlhLJFIQX1tXG0YIXFJaAUhCC1pBTV1aDw==","queueTime":0,"applicationTime":412,"atts":"TUYEE15NSUQ=","errorBeacon":"bam.nr-data.net","agent":""}</script></body>  </html>