Bloomberg Launches MYQ Chat-Based Pre-Trade FX Price Discovery Tool

Bloomberg has launched a pre-trade foreign exchange tool that uses natural language processing to extract pricing information from Instant Bloomberg chat messages and consolidate it into a unified view of FX quotes. The company said on Monday that the new tool, called MYQ, is intended to deepen its pre-trade price discovery capabilities in institutional FX.

According to Bloomberg, MYQ reads quotes negotiated over its chat network and displays them in a curve-style layout. Prices are organized by currency pair, tenor, and bid/offer level, providing traders with a structured snapshot of liquidity that is currently dispersed across multiple chat threads. The feature is designed to feed into FXGO, Bloomberg's multi-bank FX trading platform, rather than replace existing execution workflows.

A substantial portion of FX pricing in the interbank and dealer-to-client markets continues to move over chat, and Bloomberg noted that traders often have to move between windows and chat rooms to compare quotes from different counterparties. By treating chat as a price-discovery layer, MYQ aims to reduce this fragmentation and streamline how users access and compare executable prices ahead of trading.

Bloomberg said MYQ includes a history log of recent chat-based quotes, a click-to-navigate function that takes users directly to the originating chat room, and filters by currencies and chat rooms. The company did not disclose how many FX clients it is targeting with the tool, its pricing, or whether MYQ will be bundled with an existing Bloomberg Terminal subscription.

"FX market participants often need to sift through massive quantities of fragmented pricing data across dozens of applications just to source the right liquidity to meet their objectives," said Ed Loftus, Head of FX Relative Value and Applications at Bloomberg. He added that the company is "transforming how clients quickly find prices and streamline FX trade negotiation."

The launch extends a series of enhancements Bloomberg has made around FXGO over the years. The platform has attracted central bank and corporate adoption in markets including Malaysia and has more recently added FX options trading via a request-for-quote workflow. Bloomberg has not published standalone volume figures for FXGO in recent years.

MYQ enters a competitive segment in both messaging and pre-trade data. On the messaging side, Symphony has positioned itself as a lower-cost alternative to Instant Bloomberg since its launch in 2015 and has built workflow integrations with providers such as Dow Jones and the former Thomson Reuters Eikon. Bloomberg previously cut the price of a standalone chat subscription in response to competitive pressure.

On the pre-trade data side, platforms including LSEG's Refinitiv, 360T, and FXSpotStream have invested in order-book transparency and low-latency feeds. Refinitiv, for example, has launched an enhanced low-latency FX market data feed aimed at helping Spot Matching clients improve price discovery. While MYQ focuses on unstructured quotes within chat threads rather than order-book data, the underlying objective is similar: to provide traders with a clearer view of executable prices before they enter the market.

Institutional FX volumes have fluctuated sharply through 2025 across major platforms, and the impact of a chat-surfacing layer such as MYQ on liquidity sourcing is likely to depend on the pace at which major counterparties adopt the tool.