The second phase of FX Auctions facility now including FX spots and forwards has been released on the Bloomberg Professional terminal.

An auction ticket is an extension of an RFQ ticket, allowing users to request prices from multiple counterparties and take prices on various amounts over a period of time.

Philip Brittan, head of FX at Bloomberg, said in a statement, "The flexibility of this format has led to its adoption by a wide range of users - from asset managers and corporations to central banks. The Auctions can offer users considerable depth of liquidity from a wide range of sell side firms."

With the new facility, auction initiators can be specific or open about the amounts they are seeking bids on and can define details such as time parameters for receiving bids and for concluding the auction.

Liquidity providers can therefore define the full amount they wish to offer their buy side customers.

The expanded capabilities build on the launch of FX Deposits functionality released earlier this year on Bloomberg Professional. Auction tickets are accessed through the FX Execution Manger, Bloomberg's central buy side trading function.