CINXE.COM

<!doctype html>  <html lang="en"> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_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="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.bloomberg.com/professional/swap-execution-facility/?utm_source=bloomberg-menu","20160323021236","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1458699156"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />   <meta charset="utf-8"><script type="text/javascript">(window.NREUM||(NREUM={})).loader_config={xpid:"VgYFUVJRGwACU1RVBAI="};window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o||e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o<n.length;o++)r(n[o]);return r}({QJf3ax:[function(t,e){function n(){}function r(t){function e(t){return t&&t instanceof n?t:t?a(t,i,o):o()}function u(n,r,o){t&&t(n,r,o);for(var i=e(o),a=l(n),s=a.length,f=0;s>f;f++)a[f].apply(i,r);var u=c[v[n]];return u&&u.push([w,n,r,i]),i}function d(t,e){m[t]=l(t).concat(e)}function l(t){return m[t]||[]}function p(t){return f[t]=f[t]||r(u)}function h(t,e){s(t,function(t,n){e=e||"feature",v[n]=e,e in c||(c[e]=[])})}var m={},v={},w={on:d,emit:u,get:p,listeners:l,context:e,buffer:h};return w}function o(){return new n}var i="nr@context",a=t("gos"),s=t(1),c={},f={},u=e.exports=r();u.backlog=c},{1:24,gos:"7eSDFh"}],ee:[function(t,e){e.exports=t("QJf3ax")},{}],3:[function(t){function e(t){try{i.console&&console.log(t)}catch(e){}}var n,r=t("ee"),o=t(1),i={};try{n=localStorage.getItem("__nr_flags").split(","),console&&"function"==typeof console.log&&(i.console=!0,-1!==n.indexOf("dev")&&(i.dev=!0),-1!==n.indexOf("nr_dev")&&(i.nrDev=!0))}catch(a){}i.nrDev&&r.on("internal-error",function(t){e(t.stack)}),i.dev&&r.on("fn-err",function(t,n,r){e(r.stack)}),i.dev&&(e("NR AGENT IN DEVELOPMENT MODE"),e("flags: "+o(i,function(t){return t}).join(", ")))},{1:24,ee:"QJf3ax"}],4:[function(t){function e(t,e,n,i,a){try{f?f-=1:r("err",[a||new UncaughtException(t,e,n)])}catch(c){try{r("ierr",[c,(new Date).getTime(),!0])}catch(u){}}return"function"==typeof s?s.apply(this,o(arguments)):!1}function UncaughtException(t,e,n){this.message=t||"Uncaught error with no additional information",this.sourceURL=e,this.line=n}function n(t){r("err",[t,(new Date).getTime()])}var r=t("handle"),o=t(6),i=t("ee"),a=t("loader"),s=window.onerror,c=!1,f=0;a.features.err=!0,t(5),window.onerror=e;try{throw new Error}catch(u){"stack"in u&&(t(1),t(2),"addEventListener"in window&&t(3),a.xhrWrappable&&t(4),c=!0)}i.on("fn-start",function(){c&&(f+=1)}),i.on("fn-err",function(t,e,r){c&&(this.thrown=!0,n(r))}),i.on("fn-end",function(){c&&!this.thrown&&f>0&&(f-=1)}),i.on("internal-error",function(t){r("ierr",[t,(new Date).getTime(),!0])})},{1:10,2:9,3:7,4:11,5:3,6:25,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],5:[function(t){t("loader").features.ins=!0},{loader:"G9z0Bl"}],6:[function(t){function e(){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var n=t("ee"),r=t("handle"),o=t(1),i=t(2);t("loader").features.stn=!0,t(3);var a=NREUM.o.EV;n.on("fn-start",function(t){var e=t[0];e instanceof a&&(this.bstStart=Date.now())}),n.on("fn-end",function(t,e){var n=t[0];n instanceof a&&r("bst",[n,e,this.bstStart,Date.now()])}),o.on("fn-start",function(t,e,n){this.bstStart=Date.now(),this.bstType=n}),o.on("fn-end",function(t,e){r("bstTimer",[e,this.bstStart,Date.now(),this.bstType])}),i.on("fn-start",function(){this.bstStart=Date.now()}),i.on("fn-end",function(t,e){r("bstTimer",[e,this.bstStart,Date.now(),"requestAnimationFrame"])}),n.on("pushState-start",function(){this.time=Date.now(),this.startPath=location.pathname+location.hash}),n.on("pushState-end",function(){r("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),"addEventListener"in window.performance&&(window.performance.clearResourceTimings?window.performance.addEventListener("resourcetimingbufferfull",function(){r("bstResource",[window.performance.getEntriesByType("resource")]),window.performance.clearResourceTimings()},!1):window.performance.addEventListener("webkitresourcetimingbufferfull",function(){r("bstResource",[window.performance.getEntriesByType("resource")]),window.performance.webkitClearResourceTimings()},!1)),document.addEventListener("scroll",e,!1),document.addEventListener("keypress",e,!1),document.addEventListener("click",e,!1)}},{1:10,2:9,3:8,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],7:[function(t,e){function n(t){for(var e=t;e&&!e.hasOwnProperty("addEventListener");)e=Object.getPrototypeOf(e);e&&r(e)}function r(t){a.inPlace(t,["addEventListener","removeEventListener"],"-",o)}function o(t){return t[1]}var i=t("ee").get("events"),a=t(1)(i),s=t("gos");e.exports=i,r(window),"getPrototypeOf"in Object?(n(document),n(XMLHttpRequest.prototype)):XMLHttpRequest.prototype.hasOwnProperty("addEventListener")&&r(XMLHttpRequest.prototype),i.on("addEventListener-start",function(t){if(t[1]){var e=t[1];if("function"==typeof e){var n=s(e,"nr@wrapped",function(){return a(e,"fn-",null,e.name||"anonymous")});this.wrapped=t[1]=n}else"function"==typeof e.handleEvent&&a.inPlace(e,["handleEvent"],"fn-")}}),i.on("removeEventListener-start",function(t){var e=this.wrapped;e&&(t[1]=e)})},{1:26,ee:"QJf3ax",gos:"7eSDFh"}],8:[function(t,e){var n=t("ee").get("history"),r=t(1)(n);e.exports=n,r.inPlace(window.history,["pushState","replaceState"],"-")},{1:26,ee:"QJf3ax"}],9:[function(t,e){var n=t("ee").get("raf"),r=t(1)(n);e.exports=n,r.inPlace(window,["requestAnimationFrame","mozRequestAnimationFrame","webkitRequestAnimationFrame","msRequestAnimationFrame"],"raf-"),n.on("raf-start",function(t){t[0]=r(t[0],"fn-")})},{1:26,ee:"QJf3ax"}],10:[function(t,e){function n(t,e,n){t[0]=i(t[0],"fn-",null,n)}function r(t,e,n){this.method=n,this.timerDuration="number"==typeof t[1]?t[1]:0,t[0]=i(t[0],"fn-",this,n)}var o=t("ee").get("timer"),i=t(1)(o);e.exports=o,i.inPlace(window,["setTimeout","setImmediate"],"setTimer-"),i.inPlace(window,["setInterval"],"setInterval-"),i.inPlace(window,["clearTimeout","clearImmediate"],"clearTimeout-"),o.on("setInterval-start",n),o.on("setTimer-start",r)},{1:26,ee:"QJf3ax"}],11:[function(t,e){function n(t,e){e=e||this;var n=i.context(e);e.readyState>3&&!n.resolved&&(n.resolved=!0,i.emit("xhr-resolved",[],e));try{c.inPlace(e,l,"fn-",r)}catch(o){}}function r(t,e){return e}function o(t,e){for(var n in t)e[n]=t[n];return e}var i=t("ee").get("xhr"),a=t(1),s=t(2),c=s(i),f=s(a),u=NREUM.o,d=u.XHR,l=["onload","onerror","onabort","onloadstart","onloadend","onprogress","ontimeout","onreadystatechange"];e.exports=i,window.XMLHttpRequest=function(t){var e=new d(t);try{i.emit("new-xhr",[e],e),e.hasOwnProperty("addEventListener")&&f.inPlace(e,["addEventListener","removeEventListener"],"-",r),e.addEventListener("readystatechange",n,!1)}catch(o){try{i.emit("internal-error",[o])}catch(a){}}return e},o(d,XMLHttpRequest),XMLHttpRequest.prototype=d.prototype,c.inPlace(XMLHttpRequest.prototype,["open","send"],"-xhr-",r),i.on("send-xhr-start",n),i.on("open-xhr-start",n)},{1:7,2:26,ee:"QJf3ax"}],12:[function(t){function e(t){var e=this.params,r=this.metrics;if(!this.ended){this.ended=!0;for(var o=0;u>o;o++)t.removeEventListener(f[o],this.listener,!1);if(!e.aborted){if(r.duration=(new Date).getTime()-this.startTime,4===t.readyState){e.status=t.status;var i=n(t,this.lastSize);if(i&&(r.rxSize=i),this.sameOrigin){var s=t.getResponseHeader("X-NewRelic-App-Data");s&&(e.cat=s.split(", ").pop())}}else e.status=0;r.cbTime=this.cbTime,c.emit("xhr-done",[t],t),a("xhr",[e,r,this.startTime])}}}function n(t,e){var n=t.responseType;if("json"===n&&null!==e)return e;var o="arraybuffer"===n||"blob"===n||"json"===n?t.response:t.responseText;return r(o)}function r(t){if("string"==typeof t&&t.length)return t.length;if("object"!=typeof t)return void 0;if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if("undefined"!=typeof FormData&&t instanceof FormData)return void 0;try{return JSON.stringify(t).length}catch(e){return void 0}}function o(t,e){var n=s(e),r=t.params;r.host=n.hostname+":"+n.port,r.pathname=n.pathname,t.sameOrigin=n.sameOrigin}var i=t("loader");if(i.xhrWrappable){var a=t("handle"),s=t(2),c=t("ee"),f=["load","error","abort","timeout"],u=f.length,d=t(1),l=t(3),p=window.XMLHttpRequest;i.features.xhr=!0,t(5),t(4),c.on("new-xhr",function(t){var n=this;n.totalCbs=0,n.called=0,n.cbTime=0,n.end=e,n.ended=!1,n.xhrGuids={},n.lastSize=null,l&&(l>34||10>l)||window.opera||t.addEventListener("progress",function(t){n.lastSize=t.loaded},!1)}),c.on("open-xhr-start",function(t){this.params={method:t[0]},o(this,t[1]),this.metrics={}}),c.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid)}),c.on("send-xhr-start",function(t,e){var n=this.metrics,o=t[0],i=this;if(n&&o){var a=r(o);a&&(n.txSize=a)}this.startTime=(new Date).getTime(),this.listener=function(t){try{"abort"===t.type&&(i.params.aborted=!0),("load"!==t.type||i.called===i.totalCbs&&(i.onloadCalled||"function"!=typeof e.onload))&&i.end(e)}catch(n){try{c.emit("internal-error",[n])}catch(r){}}};for(var s=0;u>s;s++)e.addEventListener(f[s],this.listener,!1)}),c.on("xhr-cb-time",function(t,e,n){this.cbTime+=t,e?this.onloadCalled=!0:this.called+=1,this.called!==this.totalCbs||!this.onloadCalled&&"function"==typeof n.onload||this.end(n)}),c.on("xhr-load-added",function(t,e){var n=""+d(t)+!!e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),c.on("xhr-load-removed",function(t,e){var n=""+d(t)+!!e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),c.on("addEventListener-end",function(t,e){e instanceof p&&"load"===t[0]&&c.emit("xhr-load-added",[t[1],t[2]],e)}),c.on("removeEventListener-end",function(t,e){e instanceof p&&"load"===t[0]&&c.emit("xhr-load-removed",[t[1],t[2]],e)}),c.on("fn-start",function(t,e,n){e instanceof p&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=(new Date).getTime()))}),c.on("fn-end",function(t,e){this.xhrCbStart&&c.emit("xhr-cb-time",[(new Date).getTime()-this.xhrCbStart,this.onload,e],e)})}},{1:"XL7HBI",2:13,3:15,4:11,5:7,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],13:[function(t,e){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]?"443":"80"),r.hostname=e.hostname||n.hostname,r.pathname=e.pathname,r.protocol=o[0],"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname);var i=!e.protocol||":"===e.protocol||e.protocol===n.protocol,a=e.hostname===document.domain&&e.port===n.port;return r.sameOrigin=i&&(!e.hostname||a),r}},{}],14:[function(t,e){function n(t,e){return function(){r(t,[(new Date).getTime()].concat(i(arguments)),null,e)}}var r=t("handle"),o=t(1),i=t(2);"undefined"==typeof window.newrelic&&(newrelic=NREUM);var a=["setPageViewName","addPageAction","setCustomAttribute","finished","addToTrace","inlineHit"],s=["addPageAction"],c="api-";o(a,function(t,e){newrelic[e]=n(c+e,"api")}),o(s,function(t,e){newrelic[e]=n(c+e)}),e.exports=newrelic,newrelic.noticeError=function(t){"string"==typeof t&&(t=new Error(t)),r("err",[t,(new Date).getTime()])}},{1:24,2:25,handle:"D5DuLP"}],15:[function(t,e){var n=0,r=navigator.userAgent.match(/Firefox[\/\s](\d+\.\d+)/);r&&(n=+r[1]),e.exports=n},{}],gos:[function(t,e){e.exports=t("7eSDFh")},{}],"7eSDFh":[function(t,e){function n(t,e,n){if(r.call(t,e))return t[e];var o=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(t,e,{value:o,writable:!0,enumerable:!1}),o}catch(i){}return t[e]=o,o}var r=Object.prototype.hasOwnProperty;e.exports=n},{}],handle:[function(t,e){e.exports=t("D5DuLP")},{}],D5DuLP:[function(t,e){function n(t,e,n,o){r.buffer([t],o),r.emit(t,e,n)}var r=t("ee").get("handle");e.exports=n,n.ee=r},{ee:"QJf3ax"}],XL7HBI:[function(t,e){function n(t){var e=typeof t;return!t||"object"!==e&&"function"!==e?-1:t===window?0:i(t,o,function(){return r++})}var r=1,o="nr@id",i=t("gos");e.exports=n},{gos:"7eSDFh"}],id:[function(t,e){e.exports=t("XL7HBI")},{}],G9z0Bl:[function(t,e){function n(){if(!h++){var t=p.info=NREUM.info,e=f.getElementsByTagName("script")[0];if(t&&t.licenseKey&&t.applicationID&&e){s(d,function(e,n){t[e]||(t[e]=n)});var n="https"===u.split(":")[0]||t.sslForHttp;p.proto=n?"https://":"http://",a("mark",["onload",i()],null,"api");var r=f.createElement("script");r.src=p.proto+t.agent,e.parentNode.insertBefore(r,e)}}}function r(){"complete"===f.readyState&&o()}function o(){a("mark",["domContent",i()],null,"api")}function i(){return(new Date).getTime()}var a=t("handle"),s=t(1),c=window,f=c.document;NREUM.o={ST:setTimeout,XHR:c.XMLHttpRequest,REQ:c.Request,EV:c.Event,PR:c.Promise,MO:c.MutationObserver},t(2);var u=(""+location).split("?")[0],d={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-885.min.js"},l=window.XMLHttpRequest&&XMLHttpRequest.prototype&&XMLHttpRequest.prototype.addEventListener&&!/CriOS/.test(navigator.userAgent),p=e.exports={offset:i(),origin:u,features:{},xhrWrappable:l};f.addEventListener?(f.addEventListener("DOMContentLoaded",o,!1),c.addEventListener("load",n,!1)):(f.attachEvent("onreadystatechange",r),c.attachEvent("onload",n)),a("mark",["firstbyte",i()],null,"api");var h=0},{1:24,2:14,handle:"D5DuLP"}],loader:[function(t,e){e.exports=t("G9z0Bl")},{}],24:[function(t,e){function n(t,e){var n=[],o="",i=0;for(o in t)r.call(t,o)&&(n[i]=e(o,t[o]),i+=1);return n}var r=Object.prototype.hasOwnProperty;e.exports=n},{}],25:[function(t,e){function n(t,e,n){e||(e=0),"undefined"==typeof n&&(n=t?t.length:0);for(var r=-1,o=n-e||0,i=Array(0>o?0:o);++r<o;)i[r]=t[e+r];return i}e.exports=n},{}],26:[function(t,e){function n(t){return!(t&&"function"==typeof t&&t.apply&&!t[i])}var r=t("ee"),o=t(1),i="nr@original",a=Object.prototype.hasOwnProperty,s=!1;e.exports=function(t){function e(t,e,r,a){function nrWrapper(){var n,i,s,c;try{i=this,n=o(arguments),s="function"==typeof r?r(n,i):r||{}}catch(u){d([u,"",[n,i,a],s])}f(e+"start",[n,i,a],s);try{return c=t.apply(i,n)}catch(l){throw f(e+"err",[n,i,l],s),l}finally{f(e+"end",[n,i,c],s)}}return n(t)?t:(e||(e=""),nrWrapper[i]=t,u(t,nrWrapper),nrWrapper)}function c(t,r,o,i){o||(o="");var a,s,c,f="-"===o.charAt(0);for(c=0;c<r.length;c++)s=r[c],a=t[s],n(a)||(t[s]=e(a,f?s+o:o,i,s))}function f(e,n,r){if(!s){s=!0;try{t.emit(e,n,r)}catch(o){d([o,e,n,r])}s=!1}}function u(t,e){if(Object.defineProperty&&Object.keys)try{var n=Object.keys(t);return n.forEach(function(n){Object.defineProperty(e,n,{get:function(){return t[n]},set:function(e){return t[n]=e,e}})}),e}catch(r){d([r])}for(var o in t)a.call(t,o)&&(e[o]=t[o]);return e}function d(e){try{t.emit("internal-error",e)}catch(n){}}return t||(t=r),e.inPlace=c,e.flag=i,e}},{1:25,ee:"QJf3ax"}]},{},["G9z0Bl",4,12,6,5]);</script> <meta name="viewport" content="initial-scale=1,user-scalable=no,maximum-scale=1">  <title>SWAP EXECUTION FACILITY (SEF)</title> <meta name="description" content="SWAP EXECUTION FACILITY (SEF)"/> <meta name="robots" content="noindex,nofollow,noodp,noydir"/> <link rel="canonical" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/swap-execution-facility/"/> <meta property="og:locale" content="en_US"/> <meta property="og:type" content="article"/> <meta property="og:title" content="SWAP EXECUTION FACILITY (SEF)"/> <meta property="og:description" content="SWAP EXECUTION FACILITY (SEF)"/> <meta property="og:url" content="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/swap-execution-facility/"/> <meta property="og:site_name" content="Bloomberg Professional service"/> <meta property="article:publisher" content="https://www.facebook.com/bloomberglp"/> <meta property="og:image" content="https://web.archive.org/web/20160323021236im_/http://www.bloomberg.com/professional/content/uploads/sites/4/bloomberg-terminal-og.png"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:description" content="SWAP EXECUTION FACILITY (SEF)"/> <meta name="twitter:title" content="SWAP EXECUTION FACILITY (SEF)"/> <meta name="twitter:site" content="@theterminal"/> <meta name="twitter:image" content="https://web.archive.org/web/20160323021236im_/http://www.bloomberg.com/professional/content/uploads/sites/4/bloomberg-terminal-og.png"/> <meta name="twitter:creator" content="@theterminal"/>  <link rel="shortcut icon" href="https://web.archive.org/web/20160323021236im_/http://www.bloomberg.com/professional/content/plugins/bloomberg-favicon/favicons/black.ico" type="image/x-icon"> <link rel="stylesheet" id="that-data-css" href="//web.archive.org/web/20160323021236cs_/http://www.bbthat.com/assets/v1.2.0/that.css" type="text/css" media="all"/> <link rel="stylesheet" id="bloomberg-scroll-popup-css-front-css" href="https://web.archive.org/web/20160323021236cs_/http://www.bloomberg.com/professional/content/plugins/bloomberg-scroll-popup/css/front-end.css?ver=4.2.4" type="text/css" media="all"/> <link rel="stylesheet" id="js_composer_front-css" href="https://web.archive.org/web/20160323021236cs_/http://www.bloomberg.com/professional/content/plugins/wpbakery-visual-composer/assets/css/js_composer.css?ver=4.7.4" type="text/css" media="all"/> <link rel="stylesheet" id="bps-styles-css" href="https://web.archive.org/web/20160323021236cs_/http://www.bloomberg.com/professional/content/themes/bps/stylesheets/style.2f07904ede9c7317312248ce9dcbad03.css" type="text/css" media="all"/> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/wp-includes/js/jquery/jquery.js?ver=4.2.4"></script> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/content/plugins/bloomberg-comscore/js/bloomberg-comscore.js?ver=2.1.1"></script> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/content/plugins/bloomberg-scroll-popup/js/front-end.min.js?ver=4.2.4"></script> <style>span.field-bloomberg_site_field{ display:none !important; }</style><script>var form_site_url = 'https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional';</script><style type="text/css">.bloomberg-terminal,body.bloomberg-terminal a.blog-link,body.bloomberg-terminal .bps-heading>h3,body.bloomberg-terminal .overview a,body.bloomberg-terminal .popover-content a,body.bloomberg-terminal .rss a,body.bloomberg-terminal .bps-downloads .description a,body.bloomberg-terminal .downloads .description a,body.bloomberg-terminal .product .wpb_text_column a,body.bloomberg-terminal .blog .wpb_text_column a,body.bloomberg-terminal .downloads .wpb_text_column a,body.bloomberg-terminal .nav-next a,body.bloomberg-terminal .nav-prev a,body.bloomberg-terminal .nav-next .fa,body.bloomberg-terminal .nav-prev .fa,body.bloomberg-terminal .load-more,.level-2 a:focus,.dropdown-menu .bloomberg-terminal a:focus,.dropdown-menu .bloomberg-terminal.current-menu-ancestor > a,.dropdown-menu .bloomberg-terminal.current-menu-parent > a,.dropdown-menu .bloomberg-terminal.current-menu-item > a,.dropdown-menu .bloomberg-terminal:hover > a,.dropdown-menu .bloomberg-terminal .level-2 li.current-menu-item > a,.dropdown.bloomberg-terminal .level-1 li.current-menu-item > a,.no-touch body.bloomberg-terminal a.bps-link:hover,.no-touch body.bloomberg-terminal .bps-downloads ul li>a:hover,.no-touch body.bloomberg-terminal #interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal #interstitial .vc_column_container:hover,.no-touch body.bloomberg-terminal .bps_product_related_posts a:hover,.no-touch body.bloomberg-terminal .bps-junk-drawer a:hover,.no-touch .dropdown-menu .bloomberg-terminal a:hover,.no-touch .dropdown-menu .bloomberg-terminal a:focus,.no-touch .dropdown-menu .bloomberg-terminal:hover > a,.no-touch .dropdown-menu .bloomberg-terminal .level-2 li > a:hover,.no-touch .dropdown.bloomberg-terminal .level-1 li > a:hover,.no-touch .blog-list .post .content.bloomberg-terminal a:hover{color:#16aacd;}body.bloomberg-terminal .bps_downloads_by_category .modal-body>.button a,.no-touch body.bloomberg-terminal #interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal #interstitial .vc_column_container:hover,.no-touch body.bloomberg-terminal .interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.bloomberg-terminal .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.bloomberg-terminal .tooltip .tooltip-inner a{color: #16aacd;}body.bloomberg-terminal .tooltip .tooltip-inner:after{border-left-color: #16aacd;}.bloomberg-terminal-app,body.bloomberg-terminal-app a.blog-link,body.bloomberg-terminal-app .bps-heading>h3,body.bloomberg-terminal-app .overview a,body.bloomberg-terminal-app .popover-content a,body.bloomberg-terminal-app .rss a,body.bloomberg-terminal-app .bps-downloads .description a,body.bloomberg-terminal-app .downloads .description a,body.bloomberg-terminal-app .product .wpb_text_column a,body.bloomberg-terminal-app .blog .wpb_text_column a,body.bloomberg-terminal-app .downloads .wpb_text_column a,body.bloomberg-terminal-app .nav-next a,body.bloomberg-terminal-app .nav-prev a,body.bloomberg-terminal-app .nav-next .fa,body.bloomberg-terminal-app .nav-prev .fa,body.bloomberg-terminal-app .load-more,.level-2 a:focus,.dropdown-menu .bloomberg-terminal-app a:focus,.dropdown-menu .bloomberg-terminal-app.current-menu-ancestor > a,.dropdown-menu .bloomberg-terminal-app.current-menu-parent > a,.dropdown-menu .bloomberg-terminal-app.current-menu-item > a,.dropdown-menu .bloomberg-terminal-app:hover > a,.dropdown-menu .bloomberg-terminal-app .level-2 li.current-menu-item > a,.dropdown.bloomberg-terminal-app .level-1 li.current-menu-item > a,.no-touch body.bloomberg-terminal-app a.bps-link:hover,.no-touch body.bloomberg-terminal-app .bps-downloads ul li>a:hover,.no-touch body.bloomberg-terminal-app #interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal-app #interstitial .vc_column_container:hover,.no-touch body.bloomberg-terminal-app .bps_product_related_posts a:hover,.no-touch body.bloomberg-terminal-app .bps-junk-drawer a:hover,.no-touch .dropdown-menu .bloomberg-terminal-app a:hover,.no-touch .dropdown-menu .bloomberg-terminal-app a:focus,.no-touch .dropdown-menu .bloomberg-terminal-app:hover > a,.no-touch .dropdown-menu .bloomberg-terminal-app .level-2 li > a:hover,.no-touch .dropdown.bloomberg-terminal-app .level-1 li > a:hover,.no-touch .blog-list .post .content.bloomberg-terminal-app a:hover{color:#16aacd;}body.bloomberg-terminal-app .bps_downloads_by_category .modal-body>.button a,.no-touch body.bloomberg-terminal-app #interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal-app #interstitial .vc_column_container:hover,.no-touch body.bloomberg-terminal-app .interstitial .background-light-gray:hover,.no-touch body.bloomberg-terminal-app .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.bloomberg-terminal-app .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.bloomberg-terminal-app .tooltip .tooltip-inner a{color: #16aacd;}body.bloomberg-terminal-app .tooltip .tooltip-inner:after{border-left-color: #16aacd;}.help,body.help a.blog-link,body.help .bps-heading>h3,body.help .overview a,body.help .popover-content a,body.help .rss a,body.help .bps-downloads .description a,body.help .downloads .description a,body.help .product .wpb_text_column a,body.help .blog .wpb_text_column a,body.help .downloads .wpb_text_column a,body.help .nav-next a,body.help .nav-prev a,body.help .nav-next .fa,body.help .nav-prev .fa,body.help .load-more,.level-2 a:focus,.dropdown-menu .help a:focus,.dropdown-menu .help.current-menu-ancestor > a,.dropdown-menu .help.current-menu-parent > a,.dropdown-menu .help.current-menu-item > a,.dropdown-menu .help:hover > a,.dropdown-menu .help .level-2 li.current-menu-item > a,.dropdown.help .level-1 li.current-menu-item > a,.no-touch body.help a.bps-link:hover,.no-touch body.help .bps-downloads ul li>a:hover,.no-touch body.help #interstitial .background-light-gray:hover,.no-touch body.help #interstitial .vc_column_container:hover,.no-touch body.help .bps_product_related_posts a:hover,.no-touch body.help .bps-junk-drawer a:hover,.no-touch .dropdown-menu .help a:hover,.no-touch .dropdown-menu .help a:focus,.no-touch .dropdown-menu .help:hover > a,.no-touch .dropdown-menu .help .level-2 li > a:hover,.no-touch .dropdown.help .level-1 li > a:hover,.no-touch .blog-list .post .content.help a:hover{color:#14b380;}body.help .bps_downloads_by_category .modal-body>.button a,.no-touch body.help #interstitial .background-light-gray:hover,.no-touch body.help #interstitial .vc_column_container:hover,.no-touch body.help .interstitial .background-light-gray:hover,.no-touch body.help .interstitial .vc_column_container:hover{background-color:#14b380 !important;}body.help .bps.popover .popover-content:after{border-color:transparent #14b380;}body.help .tooltip .tooltip-inner a{color: #14b380;}body.help .tooltip .tooltip-inner:after{border-left-color: #14b380;}.markets,body.markets a.blog-link,body.markets .bps-heading>h3,body.markets .overview a,body.markets .popover-content a,body.markets .rss a,body.markets .bps-downloads .description a,body.markets .downloads .description a,body.markets .product .wpb_text_column a,body.markets .blog .wpb_text_column a,body.markets .downloads .wpb_text_column a,body.markets .nav-next a,body.markets .nav-prev a,body.markets .nav-next .fa,body.markets .nav-prev .fa,body.markets .load-more,.level-2 a:focus,.dropdown-menu .markets a:focus,.dropdown-menu .markets.current-menu-ancestor > a,.dropdown-menu .markets.current-menu-parent > a,.dropdown-menu .markets.current-menu-item > a,.dropdown-menu .markets:hover > a,.dropdown-menu .markets .level-2 li.current-menu-item > a,.dropdown.markets .level-1 li.current-menu-item > a,.no-touch body.markets a.bps-link:hover,.no-touch body.markets .bps-downloads ul li>a:hover,.no-touch body.markets #interstitial .background-light-gray:hover,.no-touch body.markets #interstitial .vc_column_container:hover,.no-touch body.markets .bps_product_related_posts a:hover,.no-touch body.markets .bps-junk-drawer a:hover,.no-touch .dropdown-menu .markets a:hover,.no-touch .dropdown-menu .markets a:focus,.no-touch .dropdown-menu .markets:hover > a,.no-touch .dropdown-menu .markets .level-2 li > a:hover,.no-touch .dropdown.markets .level-1 li > a:hover,.no-touch .blog-list .post .content.markets a:hover{color:#16aacd;}body.markets .bps_downloads_by_category .modal-body>.button a,.no-touch body.markets #interstitial .background-light-gray:hover,.no-touch body.markets #interstitial .vc_column_container:hover,.no-touch body.markets .interstitial .background-light-gray:hover,.no-touch body.markets .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.markets .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.markets .tooltip .tooltip-inner a{color: #16aacd;}body.markets .tooltip .tooltip-inner:after{border-left-color: #16aacd;}.news,body.news a.blog-link,body.news .bps-heading>h3,body.news .overview a,body.news .popover-content a,body.news .rss a,body.news .bps-downloads .description a,body.news .downloads .description a,body.news .product .wpb_text_column a,body.news .blog .wpb_text_column a,body.news .downloads .wpb_text_column a,body.news .nav-next a,body.news .nav-prev a,body.news .nav-next .fa,body.news .nav-prev .fa,body.news .load-more,.level-2 a:focus,.dropdown-menu .news a:focus,.dropdown-menu .news.current-menu-ancestor > a,.dropdown-menu .news.current-menu-parent > a,.dropdown-menu .news.current-menu-item > a,.dropdown-menu .news:hover > a,.dropdown-menu .news .level-2 li.current-menu-item > a,.dropdown.news .level-1 li.current-menu-item > a,.no-touch body.news a.bps-link:hover,.no-touch body.news .bps-downloads ul li>a:hover,.no-touch body.news #interstitial .background-light-gray:hover,.no-touch body.news #interstitial .vc_column_container:hover,.no-touch body.news .bps_product_related_posts a:hover,.no-touch body.news .bps-junk-drawer a:hover,.no-touch .dropdown-menu .news a:hover,.no-touch .dropdown-menu .news a:focus,.no-touch .dropdown-menu .news:hover > a,.no-touch .dropdown-menu .news .level-2 li > a:hover,.no-touch .dropdown.news .level-1 li > a:hover,.no-touch .blog-list .post .content.news a:hover{color:#16aacd;}body.news .bps_downloads_by_category .modal-body>.button a,.no-touch body.news #interstitial .background-light-gray:hover,.no-touch body.news #interstitial .vc_column_container:hover,.no-touch body.news .interstitial .background-light-gray:hover,.no-touch body.news .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.news .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.news .tooltip .tooltip-inner a{color: #16aacd;}body.news .tooltip .tooltip-inner:after{border-left-color: #16aacd;}.solutions,body.solutions a.blog-link,body.solutions .bps-heading>h3,body.solutions .overview a,body.solutions .popover-content a,body.solutions .rss a,body.solutions .bps-downloads .description a,body.solutions .downloads .description a,body.solutions .product .wpb_text_column a,body.solutions .blog .wpb_text_column a,body.solutions .downloads .wpb_text_column a,body.solutions .nav-next a,body.solutions .nav-prev a,body.solutions .nav-next .fa,body.solutions .nav-prev .fa,body.solutions .load-more,.level-2 a:focus,.dropdown-menu .solutions a:focus,.dropdown-menu .solutions.current-menu-ancestor > a,.dropdown-menu .solutions.current-menu-parent > a,.dropdown-menu .solutions.current-menu-item > a,.dropdown-menu .solutions:hover > a,.dropdown-menu .solutions .level-2 li.current-menu-item > a,.dropdown.solutions .level-1 li.current-menu-item > a,.no-touch body.solutions a.bps-link:hover,.no-touch body.solutions .bps-downloads ul li>a:hover,.no-touch body.solutions #interstitial .background-light-gray:hover,.no-touch body.solutions #interstitial .vc_column_container:hover,.no-touch body.solutions .bps_product_related_posts a:hover,.no-touch body.solutions .bps-junk-drawer a:hover,.no-touch .dropdown-menu .solutions a:hover,.no-touch .dropdown-menu .solutions a:focus,.no-touch .dropdown-menu .solutions:hover > a,.no-touch .dropdown-menu .solutions .level-2 li > a:hover,.no-touch .dropdown.solutions .level-1 li > a:hover,.no-touch .blog-list .post .content.solutions a:hover{color:#16aacd;}body.solutions .bps_downloads_by_category .modal-body>.button a,.no-touch body.solutions #interstitial .background-light-gray:hover,.no-touch body.solutions #interstitial .vc_column_container:hover,.no-touch body.solutions .interstitial .background-light-gray:hover,.no-touch body.solutions .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.solutions .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.solutions .tooltip .tooltip-inner a{color: #16aacd;}body.solutions .tooltip .tooltip-inner:after{border-left-color: #16aacd;}.tools,body.tools a.blog-link,body.tools .bps-heading>h3,body.tools .overview a,body.tools .popover-content a,body.tools .rss a,body.tools .bps-downloads .description a,body.tools .downloads .description a,body.tools .product .wpb_text_column a,body.tools .blog .wpb_text_column a,body.tools .downloads .wpb_text_column a,body.tools .nav-next a,body.tools .nav-prev a,body.tools .nav-next .fa,body.tools .nav-prev .fa,body.tools .load-more,.level-2 a:focus,.dropdown-menu .tools a:focus,.dropdown-menu .tools.current-menu-ancestor > a,.dropdown-menu .tools.current-menu-parent > a,.dropdown-menu .tools.current-menu-item > a,.dropdown-menu .tools:hover > a,.dropdown-menu .tools .level-2 li.current-menu-item > a,.dropdown.tools .level-1 li.current-menu-item > a,.no-touch body.tools a.bps-link:hover,.no-touch body.tools .bps-downloads ul li>a:hover,.no-touch body.tools #interstitial .background-light-gray:hover,.no-touch body.tools #interstitial .vc_column_container:hover,.no-touch body.tools .bps_product_related_posts a:hover,.no-touch body.tools .bps-junk-drawer a:hover,.no-touch .dropdown-menu .tools a:hover,.no-touch .dropdown-menu .tools a:focus,.no-touch .dropdown-menu .tools:hover > a,.no-touch .dropdown-menu .tools .level-2 li > a:hover,.no-touch .dropdown.tools .level-1 li > a:hover,.no-touch .blog-list .post .content.tools a:hover{color:#16aacd;}body.tools .bps_downloads_by_category .modal-body>.button a,.no-touch body.tools #interstitial .background-light-gray:hover,.no-touch body.tools #interstitial .vc_column_container:hover,.no-touch body.tools .interstitial .background-light-gray:hover,.no-touch body.tools .interstitial .vc_column_container:hover{background-color:#16aacd !important;}body.tools .bps.popover .popover-content:after{border-color:transparent #16aacd;}body.tools .tooltip .tooltip-inner a{color: #16aacd;}body.tools .tooltip .tooltip-inner:after{border-left-color: #16aacd;}</style><meta name="generator" content="Powered by Visual Composer - drag and drop page builder for WordPress."/>  <script type="text/javascript"> var bb_author = ""; var clientid = "3005059"; var sitezone = ""; var ns_site = "bloomberg-professional"; var bb_brand = ""; var bb_attributor = ""; </script> <script type="text/javascript"> function comScore(t){var b="comScore",o=document,f=o.location,a="",e="undefined",g=2048,s,k,p,h,r="characterSet",n="defaultCharset",m=(typeof encodeURIComponent!=e?encodeURIComponent:escape);if(o.cookie.indexOf(b+"=")!=-1){p=o.cookie.split(";");for(h=0,f=p.length;h<f;h++){var q=p[h].indexOf(b+"=");if(q!=-1){a="&"+unescape(p[h].substring(q+b.length+1))}}}t=t+"&ns__t="+(new Date().getTime());t=t+"&ns_c="+(o[r]?o[r]:(o[n]?o[n]:""))+"&c8="+m(o.title)+a+"&c7="+m(f&&f.href?f.href:o.URL)+"&c9="+m(o.referrer);if(t.length>g&&t.indexOf("&")>0){s=t.substr(0,g-8).lastIndexOf("&");t=(t.substring(0,s)+"&ns_cut="+m(t.substring(s+1))).substr(0,g)}if(o.images){k=new Image();if(typeof ns_p==e){ns_p=k}k.src=t}else{o.write(["<","p","><",'img src="',t,'" height="1" width="1" alt="*"',"><","/p",">"].join(""))}}; function readCookie(name) { var nameEQ = name + "="; var ca = document.cookie.split(';'); for(var i=0;i < ca.length;i++) { var c = ca[i]; while (c.charAt(0)==' ') c = c.substring(1,c.length); if (c.indexOf(nameEQ) == 0) return c.substring(nameEQ.length,c.length); } return null; } jQuery( document ).ready(function( $ ) { comScore('http'+(document.location.href.charAt(4)=='s'?'s://sb':'://b')+ '.scorecardresearch.com/p?c1=2&c2='+clientid+ '&name='+sitezone+ '&ns_site='+ns_site+ '&bb_author='+bb_author+ '&bb_brand='+bb_brand+ '&bb_userid='+readCookie('bdfpc')+ '&bb_cg_3=' + encodeURIComponent(document.title) + '&bb_focus=' + theDocumentIsVisible() + '&bb_c_type='+ $('main').data('pagetype') + '&bb_screensize=' + window.screen.availWidth + 'x' + window.screen.availHeight + '&bb_viewport=' + $(window).width() + 'x' + $(window).height() + '&bb_attributor='+bb_attributor ); }); function theDocumentIsVisible() { if (typeof document !== "undefined" && "hidden" in document) { return !document.hidden; } return true; } </script> <noscript><p><img src="https://web.archive.org/web/20160323021236im_/http://b.scorecardresearch.com/p?c1=2&c2=3005059&&bb_author=native&alcmpid" height="1" width="1" alt="*"></p></noscript>  <script type="text/javascript"> var _elqQ = _elqQ || []; _elqQ.push(['elqSetSiteId', "522772699"]); _elqQ.push(['elqTrackPageView']); (function () { function async_load() { var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = '//web.archive.org/web/20160323021236/http://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, false); else if (window.attachEvent) window.attachEvent('onload', async_load); })(); </script> <script> (function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20160323021236/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', "723668127746601"]); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20160323021236im_/https://www.facebook.com/tr?id=723668127746601&ev=PixelInitialized"/></noscript> <script src="//web.archive.org/web/20160323021236js_/http://platform.twitter.com/oct.js" type="text/javascript"></script> <script type="text/javascript"> 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/20160323021236im_/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="//web.archive.org/web/20160323021236im_/http://t.co/i/adsct?txn_id=l5w34&p_id=Twitter&tw_sale_amount=0&tw_order_quantity=0"/> </noscript> <script type="text/javascript">(function(){ var s = document.createElement("script"); s.async = true; s.type = "text/javascript"; s.src = "//web.archive.org/web/20160323021236/http://analytics.newscred.com/analytics_d4f13577de2048c8bbac003cb54ff6c9.js"; (document.getElementsByTagName("head")[0] || document.getElementsByTagName("script")[0] || document.getElementsByTagName("body")[0]).appendChild(s); })(); </script> <script>var min_px_to_scroll = 99999999;var min_pct_to_scroll = 75;var max_pct_to_scroll = 90;var scroll_diapason = 450;</script>  <noscript><style> .wpb_animate_when_almost_visible { opacity: 1; }</style></noscript></head> <body class="page page-id-18504 page-template page-template-page-product page-template-page-product-php wpb-js-composer js-comp-ver-4.7.4 vc_responsive fixed-income markets"> <script> dataLayer = [{ 'gtm.whitelist': ['google', 'lcl', 'fsl'] }]; </script>  <noscript><iframe src="//web.archive.org/web/20160323021236if_/http://www.googletagmanager.com/ns.html?id=GTM-MF8X5B" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <script>(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/20160323021236/http://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-MF8X5B');</script>  <div id="bb-that"> <nav class="bb-that"> <header class="bb-that-header bb-that--container"> <a class="bb-that-header__link bb-that-header--sitemap-trigger" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg the Company & Its Products</a><a class="bb-that-header__link" href="https://web.archive.org/web/20160323021236/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=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/20160323021236/http://bloom.bg/dg-ws-core-bbgmenu-demo?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Terminal Demo Request</a> </header> <div class="bb-that__sitemap bb-that--container"> <div class="bb-that__close"></div> <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"> <h2 class="bb-that-category__title">Bloomberg</h2> <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"> <h2 class="bb-that-category__title">Customer Support</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Americas<br/> +1 212 318 2000</p><p class="bb-that-category__text">Europe, Middle East, & Africa<br/> +44 20 7330 7500</p><p class="bb-that-category__text">Asia Pacific<br/> +65 6212 1000</p></div></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Company</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=terminal">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=terminal">Diversity & Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&utm_medium=terminal">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/technology/?utm_source=bloomberg-menu&utm_medium=terminal">Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/bloomberg-facts/?utm_source=bloomberg-menu&utm_medium=terminal">History & Facts</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=terminal">Philanthropy & Engagement</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Communications</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=terminal">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=terminal">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Follow Us</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://instagram.com/bloomberg" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Financial Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-CORE-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergtradebook.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-02-13-TBOOK-bbgmenu">Bloomberg Tradebook</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergbriefs.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Briefs</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergindexes.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-05-13-INDEXES-bbgmenu">Bloomberg Indices</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergsef.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-08-13-SEF-bbgmenu">Bloomberg SEF</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bloomberginstitute.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Institute</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Bloomberg Customers</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=terminal">Download Software</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=terminal">Service Center</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Enterprise Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/enterprise/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-ES-bbgmenu">Enterprise Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/trading-solutions/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-TS-bbgmenu">Trading Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/vault/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-ES-BVAULT-bbgmenu">Bloomberg Vault</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergpolarlake.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg PolarLake</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Industry Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bna.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Law/BNA</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/https://bol.bna.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Big Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg New Energy Finance</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Business</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergview.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg View</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/gadfly/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Gadfly</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/radio/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/mobile/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Mobile Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=terminal">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media Services</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/content-service/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Content Service</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=terminal">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"> <h2 class="bb-that-category__title">Bloomberg</h2> <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"> <h2 class="bb-that-category__title">Customer Support</h2> <div class="bb-that-category__content"><p class="bb-that-category__text">Americas<br/> +1 212 318 2000</p><p class="bb-that-category__text">Europe, Middle East, & Africa<br/> +44 20 7330 7500</p><p class="bb-that-category__text">Asia Pacific<br/> +65 6212 1000</p></div></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Communications</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=terminal">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=terminal">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Follow Us</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20160323021236/https://instagram.com/bloomberg" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Company</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=terminal">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=terminal">Diversity & Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=terminal">Philanthropy & Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/bcause/?utm_source=bloomberg-menu&utm_medium=terminal">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/technology/?utm_source=bloomberg-menu&utm_medium=terminal">Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/bloomberg-facts/?utm_source=bloomberg-menu&utm_medium=terminal">History & Facts</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Business</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergview.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg View</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/radio/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/mobile/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Mobile Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=terminal">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Media Services</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=terminal">Advertising</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/content-service/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Content Service</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Live Conferences</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h2 class="bb-that-category__title">Financial Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-CORE-bbgmenu">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergtradebook.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-02-13-TBOOK-bbgmenu">Bloomberg Tradebook</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergbriefs.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Briefs</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergindexes.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-05-13-INDEXES-bbgmenu">Bloomberg Indices</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergsef.com/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-08-13-SEF-bbgmenu">Bloomberg SEF</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bloomberginstitute.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Institute</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Enterprise Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/enterprise/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-ES-bbgmenu">Enterprise Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/trading-solutions/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-TS-bbgmenu">Trading Solutions</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/vault/?utm_source=bloomberg-menu&utm_medium=terminal&bbgsum=DG-WS-09-13-ES-BVAULT-bbgmenu">Bloomberg Vault</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloombergpolarlake.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg PolarLake</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Industry Products</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bna.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Law/BNA</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/https://bol.bna.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Big Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg New Energy Finance</a></li></ul></section> <section class="bb-that-category"> <h2 class="bb-that-category__title">Bloomberg Customers</h2> <ul class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=terminal">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=terminal">Download Software</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20160323021236/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=terminal">Service Center</a></li></ul></section> </li> </ul> </div> </nav> </div><header> <nav class="navbar" role="navigation"> <div class="container"> <div class="navbar-header"> <a class="navbar-brand" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/"><img src="https://web.archive.org/web/20160323021236im_/http://www.bloomberg.com/professional/content/themes/bps/images/bloomberg-professional-logo.svg" alt="Bloomberg Professional service"></a> <button type="button" class="navbar-toggle" data-toggle="collapse" data-target=".navbar-collapse"> <span class="sr-only">Menu</span> <span class="fa fa-bars"></span> </button> </div> <div class="collapse navbar-collapse"><ul id="navigation" class="nav navbar-nav navbar-right"><li class="mobile-search visible-xs visible-sm"><a title="Search" href="#">Search</a></li> <li class="current-menu-ancestor dropdown"><a title="Products" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">Products <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-1"> <li class="markets"><a title="Overview" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/products-solutions/">Overview</a></li> <li class="markets current-menu-ancestor dropdown"><a title="Markets" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">Markets <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-2"> <li><a title="Commodities" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/commodities/">Commodities</a></li> <li><a title="Derivatives" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/derivatives/">Derivatives</a></li> <li><a title="Equities" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/equities/">Equities</a></li> <li class="current-menu-ancestor current-menu-parent current_page_parent current_page_ancestor dropdown"><a title="Fixed Income" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/fixed-income/">Fixed Income <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-3"> <li><a title="Multilateral Trading Facility" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/multilateral-trading-facility/">Multilateral Trading Facility</a></li> <li class="current-menu-item current_page_item active"><a title="Swap Execution Facility (SEF)" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/swap-execution-facility/">Swap Execution Facility (SEF)</a></li> </ul> </li> <li><a title="Foreign Exchange" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/foreign-exchange/">Foreign Exchange</a></li> </ul> </li> <li class="solutions dropdown"><a title="Solutions" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">Solutions <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-2"> <li><a title="Asset Management" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/asset-management/">Asset Management</a></li> <li><a title="Credit Analyst" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/credit-analyst/">Credit Analyst</a></li> <li><a title="Education" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/education/">Education</a></li> <li><a title="Emerging Markets" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/emerging-markets/">Emerging Markets</a></li> <li><a title="Family Offices" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/family-offices/">Family Offices</a></li> <li><a title="Hedge Funds" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/hedge-funds/">Hedge Funds</a></li> <li><a title="Investment Banking" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/investment-banking/">Investment Banking</a></li> <li><a title="Investor Relations" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/investor-relations/">Investor Relations</a></li> <li><a title="Private Equity" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/private-equity/">Private Equity</a></li> <li><a title="Regulation" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/regulation/">Regulation</a></li> <li><a title="Risk" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/risk/">Risk</a></li> <li><a title="Straight Through Processing" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/bloombergstp/">Straight Through Processing</a></li> <li><a title="Sustainable Finance" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/sustainable-finance/">Sustainable Finance</a></li> <li><a title="Syndicated Loans" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/syndicated-loans/">Syndicated Loans</a></li> <li><a title="Treasury and Risk Management" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/treasury-and-risk/">Treasury and Risk Management</a></li> </ul> </li> <li class="tools dropdown"><a title="Tools" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">Tools <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-2"> <li><a title="Charts" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/charts/">Charts</a></li> <li><a title="Collaboration" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/collaboration/">Collaboration</a></li> <li><a title="Custom Desktop" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/custom-desktop/">Custom Desktop</a></li> <li><a title="Execution" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/execution/">Execution</a></li> <li><a title="Hardware" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/hardware/">Hardware</a></li> <li><a title="Microsoft Integration" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/microsoft-integration/">Microsoft Integration</a></li> <li><a title="Portfolio and Risk Analytics" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/portfolio-risk-analytics/">Portfolio and Risk Analytics</a></li> <li><a title="Remote Access and Mobile" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/remote-access-mobile/">Remote Access and Mobile</a></li> </ul> </li> <li class="news align-sub-menu dropdown"><a title="News and Research" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">News and Research <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-2"> <li><a title="Bloomberg Intelligence" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/bloomberg-intelligence/">Bloomberg Intelligence</a></li> <li><a title="Economics" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/economics/">Economics</a></li> <li><a title="News" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/news/">News</a></li> <li><a title="Research" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/research/">Research</a></li> </ul> </li> </ul> </li> <li><a title="Blog" href="/web/20160323021236/http://www.bloomberg.com/professional/blog/">Blog</a></li> <li><a title="Downloads" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/downloads/">Downloads</a></li> <li class="help dropdown"><a title="Help" href="#" data-toggle="dropdown" class="dropdown-toggle" aria-haspopup="true">Help <i class="fa fa-angle-down"></i></a> <ul role="menu" class=" dropdown-menu sub-menu level-1"> <li><a title="Service Center" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/customer-service-center/">Service Center</a></li> <li><a title="Customer Support" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/customer-support/">Customer Support</a></li> <li><a title="Documentation" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/documentation/">Documentation</a></li> <li><a title="FAQ" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/faq/">FAQ</a></li> </ul> </li> <li><a title="Client Login" href="https://web.archive.org/web/20160323021236/https://bba.bloomberg.net/?utm_source=bps">Client Login</a></li> <li class="demo"><a title="Request A Demo" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/request-demo/?bbgsum=DG-WS-CORE-sef">Request A Demo</a></li> <li class="search visible-md visible-lg"><a title="Search" href="#"><i class="fa fa-search"></i></a></li> </ul> <div class="social mobile"> <a href="https://web.archive.org/web/20160323021236/https://twitter.com/theterminal" target="_blank"><span class="twitter fa fa-twitter fa-lg"></span>Twitter</a> <a href="https://web.archive.org/web/20160323021236/https://www.linkedin.com/company/bloomberg-professional-service" target="_blank"><span class="linkedin fa fa-linkedin fa-lg"></span>LinkedIn</a> </div> <div class="company"><a href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/" target="_blank">About the Company</a></div></div> </div> </nav> </header> <section class="search-prompt"> <div class="wrapper"> <div class="container"> <div class="row"> <div class="col-sm-8 col-sm-offset-2 col-xs-10 col-xs-offset-1"> <p class="hidden-xs"> <strong>Use keywords to search</strong> for articles, videos, product information and documentation </p> <form role="search" method="get" class="search-form" action="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/"> <label> <span class="screen-reader-text">Search for:</span> <input type="search" class="search-field" placeholder="Search for a topic or product" value="" name="s" title="Search for:" data-mobile-placeholder="Search" maxlength="50"> </label> <button type="submit"><i class="fa fa-search"></i></button> </form> </div> </div> </div> </div> </section> <div class="product markets"> <div class="heading"> <div class="container"> <h2>Markets</h2> <h1>Swap Execution <br/>Facility (SEF)</h1> <div class="overview"></div> </div> </div> <div id="content" role="main" class="container"> <div id="section-headers" class="vc_row wpb_row row-fluid section-headers background-nav-gray" data-vc-full-width="true"><div class="vc_col-sm-3 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="bps-heading"><h3>Shortcuts<br/><span class="shortname">SEF</span></h3></div></div></div><div class="vc_col-sm-9 wpb_column vc_column_container"><div class="wpb_wrapper"><a class="bps-link " title="The Basics" href="#basics">The Basics</a><a class="bps-link " title="Features" href="#features">Features</a><a class="bps-link " title="Resources" href="#resources">Resources</a><a class="bps-link " title="Contact the Team" href="#contact">Contact the Team</a><a class="bps-link " title="Compliance Documentation" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/sef-compliance/">Compliance Documentation</a></div></div></div><div class="vc_row-full-width"></div> <div id="basics" class="vc_row wpb_row row-fluid"><div class="vc_col-sm-3 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="bps-heading"><h3>The<br/> Basics<br/><span class="shortname">SEF</span></h3></div></div></div><div class="vc_col-sm-9 wpb_column vc_column_container"><div class="wpb_wrapper"> <div class="wpb_text_column wpb_content_element section-body"> <div class="wpb_wrapper"> <p>Bloomberg has received approval from the Commodity Futures Trading Commission (CFTC) to operate a multi-asset swap execution facility (SEF) — earning us the distinction of being the first applicant to be approved.</p> <p>Bloomberg has been actively involved in ongoing discussions with clients, regulators and industry trade groups to assess and plan for the impact of Dodd-Frank, as well as other global regulatory reforms. Specifically, Bloomberg has examined and leveraged its existing end-to-end swaps trading workflows to ensure a seamless transition into the new regulatory environment.</p> <p>By building upon the core technology of Bloomberg’s existing derivative trading platforms — used by more than 1,000 global institutions — Bloomberg’s SEF will provide all Bloomberg Professional service subscribers access to multiple execution styles and liquidity across numerous asset classes including rates, credit, currency and commodity derivatives.</p> <p>Bloomberg’s solutions are integrated into one seamless workflow and are suitable for clients on the buy-side and sell-side. Clients can start SEF trading when the CFTC’s derivative compliance regulation takes effect on October 2nd.</p> </div> </div> </div></div></div><div class="vc_row-full-width"></div> <div id="interstitial" class="vc_row wpb_row row-fluid background-light-gray"><div class="vc_col-sm-6 wpb_column vc_column_container"><div class="wpb_wrapper"> <div class="bps_interstitial vc_call_to_action wpb_content_element vc_cta_btn_pos_bottom vc_cta_#565a5c vc_cta_square_outlined vc_txt_align_center"> <hgroup> <h3 class="wpb_heading">Compliance Documentation</h3> </hgroup> <p>Review all Bloomberg SEF related compliance documentation.</p> <div class="bps_cta_button_icon"><i class="fa fa-archive"></i> </div> <div class="vc_button-2-wrapper vc_button-2-align-inline"><a class="vc_btn vc_btn_#565a5c vc_btn-#565a5c vc_btn_square_outlined vc_cta_btn" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/professional/sef-compliance/" title="" target=""><span>Go to the library</span></a> </div> </div> </div></div><div class="vc_col-sm-6 wpb_column vc_column_container"><div class="wpb_wrapper"> <div class="bps_interstitial vc_call_to_action wpb_content_element vc_cta_btn_pos_bottom vc_cta_#565a5c vc_cta_square_outlined vc_txt_align_center"> <hgroup> <h3 class="wpb_heading">Historical Data</h3> </hgroup> <p>Historical data on price, trading volume and other trading data on swaps.</p> <div class="bps_cta_button_icon"><i class="fa fa-database"></i> </div> <div class="vc_button-2-wrapper vc_button-2-align-inline"><a class="vc_btn vc_btn_#565a5c vc_btn-#565a5c vc_btn_square_outlined vc_cta_btn" href="https://web.archive.org/web/20160323021236/http://data.bloombergsef.com/" title="" target=" _blank"><span>Get it now</span></a> </div> </div> </div></div></div><div class="vc_row-full-width"></div> <div id="features" class="vc_row wpb_row row-fluid"><div class="vc_col-sm-3 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="vc_empty_space" style="height: 10px"><span class="vc_empty_space_inner"></span></div> <div class="bps-heading"><h3>Features<br/><span class="shortname">SEF</span></h3></div></div></div><div class="vc_col-sm-9 wpb_column vc_column_container"><div class="wpb_wrapper"> <div class="wpb_text_column wpb_content_element section-body"> <div class="wpb_wrapper"> <h4>The value of working with Bloomberg</h4> <p><strong>Advocacy: </strong>Bloomberg remains committed to increasing transparency in the financial markets and continues to share best practices and industry perspectives with customers, government officials and regulators</p> <p><strong>Multi-Asset Support: </strong>Bloomberg is one of very few SEFs to have a cross-asset solution</p> <p><strong>Electronic Trading: </strong>Bloomberg has a deep and proven history operating electronic trading platforms for clients and offers them efficient access to clearing</p> <h4>Historical data</h4> <p>Pursuant to Core Principle 9 applicable to swap execution facilities, Bloomberg SEF LLC is required to make available timely information on price, trading volume, and other trading data on swaps. View this information now.</p> </div> </div> </div></div></div><div class="vc_row-full-width"></div> <div class="vc_row wpb_row row-fluid"><div class="vc_col-sm-12 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="vc_separator wpb_content_element vc_separator_align_center vc_sep_width_100 vc_sep_pos_align_center vc_separator_no_text vc_sep_color_grey"><span class="vc_sep_holder vc_sep_holder_l"><span class="vc_sep_line"></span></span><span class="vc_sep_holder vc_sep_holder_r"><span class="vc_sep_line"></span></span> </div> </div></div></div><div class="vc_row-full-width"></div> <div id="contact" class="vc_row wpb_row row-fluid"><div class="vc_col-sm-3 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="bps-heading"><h3>Contact<br/> the Team<br/><span class="shortname">SEF</span></h3></div></div></div><div class="vc_col-sm-9 wpb_column vc_column_container"><div class="wpb_wrapper"> <div class="wpb_text_column wpb_content_element section-body"> <div class="wpb_wrapper"> <p>The Bloomberg SEF team is available 00:01-24:00 (ET), Sunday through Friday. In case of an emergency, call us at +1 212 617 1530.</p> </div> </div> </div></div></div><div class="vc_row-full-width"></div> <div id="resources" class="vc_row wpb_row row-fluid resources background-light-gray" data-vc-full-width="true"><div class="vc_col-sm-3 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="vc_empty_space" style="height: 50px"><span class="vc_empty_space_inner"></span></div> <div class="bps-heading"><h3>Resources<br/><span class="shortname">SEF</span></h3></div></div></div><div class="vc_col-sm-9 wpb_column vc_column_container"><div class="wpb_wrapper"><div class="bps-junk-drawer wpb_content_element "><a title="Risk & Compliance Smartbrief Sponsored By Bloomberg" href="https://web.archive.org/web/20160323021236/https://smartbrief.com/signupSystem/subscribe.action?pageSequence=1&briefName=sbrc&campaign=bz_bb_pro" target="_blank"><span>Risk & Compliance Smartbrief Sponsored By Bloomberg</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="Derivatives trading focus : CLOB vs RFQ : George Harrington" href="https://web.archive.org/web/20160323021236/http://www.bestexecution.net/derivatives-trading-focus-clob-vs-rfq-george-harrington/" target="_blank"><span>Derivatives trading focus : CLOB vs RFQ : George Harrington</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="SEF Consolidation Likely as Volumes Slowly Increase" href="https://web.archive.org/web/20160323021236/http://www.wallstreetandtech.com/trading-technology/sef-consolidation-likely-as-volumes-slowly-increase/d/d-id/1298193" target="_blank"><span>SEF Consolidation Likely as Volumes Slowly Increase</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="DFA Trade Reconstruction" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/enterprise/content/uploads/sites/2/2014/07/44293176-VAULT-DFA-Trade-Recon-US-DIG.pdf" target="_blank"><span>DFA Trade Reconstruction</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="The Global Implications Of Financial Regulation" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/regulation-2014-global-impact/" target="_blank"><span>The Global Implications Of Financial Regulation</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="Bloomberg Leads SEF Market Share" href="https://web.archive.org/web/20160323021236/http://marketsmedia.com/bloomberg-leads-sef-market-share/" target="_blank"><span>Bloomberg Leads SEF Market Share</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="Bloomberg Receives Swap Execution Facility Approval " href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/bloomberg-receives-swap-execution-facility-approval/" target="_blank"><span>Bloomberg Receives Swap Execution Facility Approval </span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="Bloomberg Files SEF and SDR Applications" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/bloomberg-files-sef-and-sdr-applications/" target="_blank"><span>Bloomberg Files SEF and SDR Applications</span><i class="fa fa-external-link"></i></a></div> <div class="bps-junk-drawer wpb_content_element "><a title="Citadel Uses Bloomberg For Derivatives Trading And Clearing Access" href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/company/announcements/citadel-uses-bloomberg-for-derivatives-trading-clearing-access/" target="_blank"><span>Citadel Uses Bloomberg For Derivatives Trading And Clearing Access</span><i class="fa fa-external-link"></i></a></div> </div></div></div><div class="vc_row-full-width"></div> </div> </div> <footer> <div class="container"> <span class="separator"><img class="logo" src="https://web.archive.org/web/20160323021236im_/http://www.bloomberg.com/professional/content/themes/bps/images/bloomberg-logo.svg"></span> <div class="tagline">Start putting knowledge into action and make more from the markets.</div> <div class="social"> <a href="https://web.archive.org/web/20160323021236/https://twitter.com/theterminal" target="_blank"><span class="twitter fa fa-twitter fa-lg"></span>Twitter</a> <a href="https://web.archive.org/web/20160323021236/https://www.linkedin.com/company/bloomberg-professional-service" target="_blank"><span class="linkedin fa fa-linkedin fa-lg"></span>LinkedIn</a> </div> <div class="additional-copy"> <p></p> <p class="copyright">© 2016 Bloomberg Finance L.P. All rights reserved. <a href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/privacy/">Privacy</a> and <a href="https://web.archive.org/web/20160323021236/http://www.bloomberg.com/tos/">Terms</a></p> </div> </div> </footer> <script type="text/javascript"> _bizo_data_partner_id = "612"; </script> <script type="text/javascript"> (function() { var s = document.getElementsByTagName("script")[0]; var b = document.createElement("script"); b.type = "text/javascript"; b.async = true; b.src = (window.location.protocol === "https:" ? "https://web.archive.org/web/20160323021236/https://sjs" : "https://web.archive.org/web/20160323021236/http://js") + ".bizographics.com/insight.min.js"; s.parentNode.insertBefore(b, s); })(); </script> <noscript><img height="1" width="1" alt="" style="display:none;" src="//web.archive.org/web/20160323021236im_/http://www.bizographics.com/collect/?pid=612&fmt=gif"></noscript><script type="text/javascript" src="//web.archive.org/web/20160323021236js_/http://www.bbthat.com/assets/v1.2.0/that.js"></script> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/content/plugins/bloomberg-forms/js/bloomberg-forms.min.js?ver=3.0"></script> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/content/themes/bps/javascripts/scripts.min.9a40dbf1df6b662001beabcf36a85f7c.js"></script> <script type="text/javascript" src="https://web.archive.org/web/20160323021236js_/http://www.bloomberg.com/professional/content/plugins/wpbakery-visual-composer/assets/js/js_composer_front.js?ver=4.7.4"></script> <script type="text/javascript">window.NREUM||(NREUM={});NREUM.info={"beacon":"bam.nr-data.net","licenseKey":"cd0676da66","applicationID":"3275733","transactionName":"YQEHZRZXWkpVVhVbWlhLJFIQX1tXG0UAVVAbFBdeAENXTQ==","queueTime":0,"applicationTime":360,"atts":"TUYEE15NSUQ=","errorBeacon":"bam.nr-data.net","agent":""}</script></body> </html>