Bloomberghas launched a pre-trade tool that uses natural language processing to pick FXquotes out of a user's Instant Bloomberg chat messages and group them into asingle price view, the company said Monday.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!)The tool, called MYQ, reads quotes negotiated overBloomberg's chat network and displays them in a curve-style layout organized bycurrency pair, tenor, and bid/offer level, according to Bloomberg. The companysaid the feature is meant to feed into FXGO, its multi-bank FX tradingplatform, rather than replace it. A big chunk of FX pricing in the interbank anddealer-to-client markets still moves over chat, and Bloomberg said traderscurrently have to hop between windows and chat rooms to compare whatcounterparties are showing them.Chat as a price-discovery layerBloomberg said MYQ includes a history log of recentchat-based quotes, a click-to-navigate function that jumps users to the chatroom where a quote originated, and filters for currencies and chat rooms. Thecompany did not disclose how many FX clients it is targeting, what the toolwill cost, or whether it is bundled with an existing Bloomberg Terminalsubscription."FX market participants often need to sift throughmassive quantities of fragmented pricing data across dozens of applicationsjust to source the right liquidity to meet their objectives," Ed Loftus,Head of FX Relative Value and Applications at Bloomberg, said in the statement.He said the company is "transforming how clientsquickly find prices and streamline FX trade negotiation."The launch extends a series of additions Bloomberg has madearound FXGO over the years, which has picked up centralbank and corporate adoption in markets including Malaysia and more recentlyadded FXoptions trading through a request-for-quote workflow. Bloomberg has notpublished standalone volume figures for FXGO in recent years.Competition in the chat-to-execution raceMYQ lands in a segment where Bloomberg already haswell-established competition on the messaging side. Symphony, the bank-backedcommunications platform launched in 2015, has spent years positioning itself asa lower-cost alternative to Instant Bloomberg and has built out workflowintegrations with the likes of Dow Jones and the former Thomson Reuters Eikon.Bloomberg cutthe price of a standalone chat subscription in response to that pressureseveral years ago.On the pre-trade data side, the likes of LSEG's Refinitiv,360T, and FXSpotStream have been investing in order-book transparency andlow-latency feeds. Refinitiv, for example, launchedan enhanced low-latency FX market data feed aimed at helping Spot Matchingclients sharpen price discovery. MYQ tackles a different piece of the workflow,the unstructured quotes that sit inside chat threads, but the end goal issimilar: give traders a cleaner view of where executable prices actually arebefore they hit the market.. InstitutionalFX volumes have fluctuated sharply through 2025 across the major platforms,and whether a chat-surfacing layer changes how dealers and buy-side deskssource liquidity is likely to depend on how quickly major counterparties optin.This article was written by Damian Chmiel at www.financemagnates.com.