Bloomberg is shutting Tradebook FX, one of its foreign exchange trading platforms, from the start of March, according to two sources familiar with its operations. The platform was unable to make headway against rivals in an increasingly competitive market.

The venue, launched in 2008, has struggled to competed with alternatives like Bats Global Markets’ Hotspot, Thomson Reuters FXall and FastMatch to attract business from investors who want to trade currencies electronically and anonymously. Bloomberg declined to comment.

Bloomberg’s FX Tradebook acted as an agency broker, directing trades in more than 40 currencies to the investor offering the best price. Even in spite of its competitive pricing – it charged no trading commission to subscribers to its ubiquitous terminal – it was unable to make headway.

“It is slightly strange. On the face of it you would have thought this product was a winner because it was on the desktop of a lot of people but it never really created any waves,” said Lee Oliver, founder of Cotio Consulting, a currency consultancy.

Bloomberg said its other FX trading venue, FXGO, which supplies quotes on request to traders in the forex market, would continue to operate. It accounts for the bulk of Bloomberg’s market share, which stands at around 11 per cent of the total global currency trading market. It will also continue to offer agency brokerage services.

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