Indonesia Commodity & Derivatives Exchange (ICDX) announced April 18 that it implemented Bloomberg’s Global Identifiers (BBGID) and supports Bloomberg’s Open Symbology (BSYM) to promote transparency and lower data management costs for its customers.
ICDX will distribute BSYM through its data feeds and web sites to ensure optimum availability and access to its global customer base. This allows market participants to benefit from the flexibility of choice and relieves them of the burden of mapping between global and local security identifiers.
“Adopting Bloomberg’s 0pen Symbology will reduce our operational costs and improve data transparency,” said Megain Widjaja, Chief Executive Officer of ICDX. “These factors could drive market growth by lowering barriers to entry and building confidence in the efficiency of the Indonesian commodities markets.”
“Today’s market participants often have to license several proprietary symbologies to manage trading operations in multiple markets, across asset classes and financial instruments,” said Peter Warms, head of Bloomberg’s Open Symbology group. “BYSM was released in response to market demand for open systems and symbology, and its ongoing adoption reflects the industry’s focus on promoting transparency and lowering data management costs.”