Bloomberg expands collaboration

Bloomberg and General Index (GX), one of the world’s first technology-led benchmark providers, last week announced the expansion of their strategic collaboration which builds on the foundational commodities market information available via the Bloomberg Terminal function, Bloomberg Spot Oil {BOIL<GO>}. All Bloomberg Terminal customers can now access GX’s pricing for the world’s commodity markets, including the most important oil and refined products prices.

Bloomberg says GX pricing data further strengthens {BOIL<GO>} so that Bloomberg Terminal users can access a comprehensive view of spot oil and refined product price assessments that span from the spot market to OTC curves. The expanded dataset aggregates over 400 energy prices, including 160 new benchmarks provided by GX, so that customers can see a full view of market activity for key crudes and refined products across geographies. The benchmarks are calculated by GX using trade information from over 150 data providers and are externally audited to IOSCO standards. GX is also authorized by the UK’s FCA as a benchmark administrator.

Emilie Gallagher, global head of commodities, FX and macroeconomics at Bloomberg, said: “In the current era of the macro investor, corporations and institutions will need access to global commodities market information and analytics to navigate economic uncertainty, upcoming geo-political events and an energy sector that’s in transition. Our strategic collaboration with General Index will provide Bloomberg Terminal customers with a transparent view of spot oil and refined product benchmarks and build on the foundational aspects of their investment strategy across critical asset classes.”

The GX-powered {BOIL<GO>} prices reflect both evolving trading patterns and well-established commodity pricing points that can be used in contracts and for trading, added Bloomberg. The 160 new benchmarks utilize market-relevant pricing and span key crudes in the Middle East, Europe and Canada, as well as other oil products in Europe, the Middle East and various Asian markets like Singapore, South Korea, and Japan. Tickers align with specific regional market closures and follow a tech-based methodology backed by expert oversight. This offers market participants a transparent data solution for their commodities exposure, Bloomberg continued. In addition to the price assessments on the Bloomberg Terminal, customers can access GX data for enterprise use via Bloomberg Data License and Bloomberg’s real-time market data feed, B-PIPE.

Neil Bradford, founder and CEO of General Index, said: “We are delighted to continue our strategic partnership with Bloomberg by bringing GX powered energy benchmarks to all Bloomberg Terminal customers through the refreshed and expanded BOIL function. The GX ethos is fair and affordable access to commodity price data, and having Bloomberg share in this vision further strengthens the market’s ability to better utilize the world’s resources.”