Medibank Selects Bloomberg’s Foreign Exchange Trading Platform
by admin on Dec.01, 2011, under Travel insurance
MELBOURNE, Australia & NEW YORK, Nov 29, 2011 (BUSINESS WIRE) — Medibank Private Limited, Australia’s largest private health insurer, has chosen Bloomberg’s Foreign Exchange (FX) trading platform to manage the exchange rate risk associated with its $2.5 billion global equity portfolio, Bloomberg L.P. announced today.
Medibank Private Ltd. uses the Bloomberg Professional service to research global news, data and analytics to hedge their interest-rate risk. Now, Medibank will also use the system’s FXGO function to manage their foreign-exchange risk, execute FX trades and get requests for quotes (RFQs) in spot, forwards, swaps, options and deposits.
“Bloomberg’s FXGO is the most efficient way of managing our FX risk. Like a lot of other companies, we were using the phone to trade and waiting for the confirmation call. In the meantime, the markets could move significantly. FXGO ensures that trades happen immediately, the confirmation goes to our back office and sends it to our custodian, all in one step,” said Graeme Sala, Medibank’s Treasurer.
Tod Van Name, global head of Bloomberg’s Foreign Exchange business, said, “Corporate executives all over the world are discovering that the Bloomberg Professional services’ FXGO makes managing foreign exchange risk intuitive, seamless and cost-effective. They can get prices from their preferred banks, execute trades and integrate with their order management, risk management and back office systems all on one platform.”
Amanda Dobbie, Bloomberg’s head of sales for Australia and New Zealand, said, “Companies are hanging up the phone and getting on FXGO because it’s simple and they do not have to pay a commission. FXGO is free to both the sellers and buyers of currencies and provides comprehensive pricing.”
For more information on Bloomberg FXGO or the Bloomberg Professional service, go to www.bloomberg.com or contact sales: AMERICAS - Kellie Coyne at kcoyne3@bloomberg.net or +1-212-617-4217; APAC - where FXGO is offered via Bloomberg Tradebook, Brett Taylor at btaylor57@bloomberg.net or +61-410-812-020; EMEA - Nicolas Pierrel at npierrel@blomberg.net or +44-20-7073-3291.
Medibank Private Limited is an integrated private health insurance and health services group. It is Australia’s largest private health insurer, incorporating the Medibank Private and ahm health funds. Across our two separate brands almost 3.4 million people are covered, representing almost a third of the private health insurance market. Medibank operates over 100 stores and agents and 50 clients Australia wide. We provide occupational and travel health services to government and corporate Australia. Medibank offers private health cover for hospital and ancillary services, workplace health and rehabilitation solutions and specialised travel health advice and services. We provide access to life insurance, pet insurance, travel insurance and a suite of corporate health cover and wellbeing products.
Bloomberg, a leader in global business and financial information and news, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength — delivering data, news and analytics through innovative technology, quickly and accurately — is at the core of the Bloomberg Professional service, which provides real time financial information to 310,000 subscribers globally.
For Bloomberg Australia Amy Mihalakis, +61 4 (0) 14 643 446 amy.mihalakis@cognitomedia.com or Singapore Anne Karumo, +65-811-264-09 anne.karumo@cognitomedia.com or Bloomberg L.P., Beijing Stella Xu, +86-10-6649-7551 sx43@bloomberg.net or Bloomberg L.P. Pam Snook, +212-617-7652 pamsnook@bloomberg.net or U.S. Sophie Fischman, +1-646-395-6300 Bloomberg@cognitomedia.com or EMEA Charlie Morrow, +44-20-7438-1100 BloombergEMEA@cognitomedia.com
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