Tokyo – October 04, 2026 -- Bloomberg has completed the first fully automated Japanese Government Bond (JGB) Market-on-Close trade, executed through a new workflow aligned to BB3P (Hikene Trading), the reference rate for JGB closing prices.

New workflow combines Bid/Offer List Trading with Rule Builder automation

The automated workflow is available through Bloomberg Electronic Markets and merges Bid/Offer List Trading functionality with Rule Builder, Bloomberg's trade automation tool. Clients can define execution criteria and automate order routing based on predefined conditions, within an integrated order and execution management workflow delivered through TSOX.

BlackRock calls the protocol a step forward for JGB market efficiency

Yudhveer Chaudhry, Head of Emerging Markets, FX, Commodities & Digital Assets at BlackRock, said combining Market-on-Close execution with rule-based automation accelerates time to market and enables more systematic execution at the BB3P reference rate. He said the workflow will help minimize transaction costs, reduce manual intervention and deliver more consistent outcomes for investors, particularly during high-volume trading periods, in what he described as one of the highest-volume bond markets in Asia. BlackRock collaborated with Bloomberg on introducing the protocol.

Bloomberg extends global Market-on-Close automation beyond Japan

Norman Tweeboom, Japan Enterprise Sales Head at Bloomberg, said the firm continues to enhance global Market-on-Close capabilities to bring greater automation and efficiency to Fixed Income trading for global clients. The JGB workflow expands a capability already supporting U.S. Treasuries, Canadian government bonds, U.K. Gilts and European government bonds.