Following an open tender for procurement of a new electronic system for the collection and transmission of tender bids for the issue of Commonwealth Government Securities (CGS), the AOFM selected the Bloomberg Auction System. Tenders for the issue of CGS, such as Treasury Bonds and Treasury Notes, are currently conducted on behalf of the AOFM by the Reserve Bank of Australia. The Bloomberg Auction System for CGS is expected to be in place in late 2006.
The Bloomberg Auction System is integrated into the Bloomsburg Professional service. The Bloomberg Auction System allows the issuer to use the Bloomsburg Professional service to perform their auction tenders with selected dealers, who will submit their bids and obtain tender results from the issuer via the Bloomberg Professional service.
The Bloomberg Auction System was selected over the existing mechanism due to its accessibility by dealers, improved features for risk, redundancy, compliance and audit purposes, improvements in issuing terms (transparency, distribution & access) and faster calculation and publication of tender results & allocations, said Gerard Francis of Bloomberg.
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