Bloomberg has introduced new functionality for leaving orders in the FX market. The new capability, part of the FX function, allows users to electronically send order types with stops, triggers or limits to a sell-side institution of their choice for handling.
As part of this offering, Bloomberg has introduced a new, unique order type that allows for electronic submission of "work orders" - those orders that need special handling. These working orders, which can be sent with multiple instructions, have traditionally been handled manually and over the phone. The new work orders function means that market participants can send orders to a counterparty of choice electronically with the added benefit of being able to see the progress and status of the order in real-time.