Cadence is also the first blockchain-based economic instrument to have gotten a Financial Instrument Global Identifier (FIGI).
With FIGI, researching and trading Cadence has become a much easier task for the group of finance professionals working with the terminal. This is definitely one of the reasons why Bloomberg Terminal has planned to add Cadence to its platform. It is important to note that Cadence works closely with debt businesses required to cover up short-term gaps in cash flow.
Bloomberg Terminal is a top computer software system that enables professionals to monitor and analyze financial market data in real-time.
Cadence looking to improve transparency and efficiency
Founder of Cadence, Nelson Chu, expressed his opinions about the inclusion plan. He stated that the industry has had to make use of phone calls and Excel spreadsheets to carry out its operation, and both tools were unreliable and non-transparent to a large extent. He further stated that Cadence was “creating an immutable ledger that houses all asset-level performance data at every stage of its lifecycle, from inception through maturity. This creates an oracle of asset performance data that every counterparty in a private credit transaction can reference to accurately price, structure and invest.”
He also pointed out that they were looking to create a level of efficiency and transparency that was impossible before. Currently, the firm has eight issuances to its credit with maturities of 1-month, 3-month, and 9-month duration. Every single FIGI record will include metadata with the likes of instrument type, maturity schedule, and interest rate.
All Cadence’s issuance will be available and accessible on the Bloomberg Terminal under the ticker symbol CDGRP, it will also be visible on the Ethereum blockchain.