{"id":137908,"date":"2026-03-11T09:23:26","date_gmt":"2026-03-11T13:23:26","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/"},"modified":"2026-04-13T17:55:45","modified_gmt":"2026-04-13T21:55:45","slug":"how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/","title":{"rendered":"How to use pre-trade data to better target automation on Rule Builder"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c38e8d6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How to use pre-trade data to better target automation on Rule Builder<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"799\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.54.40%E2%80%AFAM.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Office buildings\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c39b38a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">March 11, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c39ebf5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3a0c14'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Harry Street, Global Head of Credit Electronic Trading, and Christopher Clodius, Global Head of Trade Automation, at Bloomberg. It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<p>As bond markets continue their rapid evolution toward electronic trading, automation is no longer considered optional\u2014it\u2019s becoming a strategic necessity.<\/p>\n<p>Automation is known to boost trading desk productivity, but it can also improve performance through better execution, reducing the implicit costs that affect overall fund performance. A <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/exploring-automated-trading-performance-in-sovereign-and-credit-markets\/\">Bloomberg study<\/a> of anonymized trades in sovereign and credit markets found automation outperformed manual traders in both the US and Europe.<i><br \/>\n<\/i><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3a2eb1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_5673655617489274308\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/#overview\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"TSOX\"\n        >\n                      TSOX\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_8386544827674902518\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"#\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Terminal\"\n        >\n                      Bloomberg Terminal\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_7643678983660969709\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/#overview\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Trading Solutions\"\n        >\n                      Trading Solutions\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Increasingly, traders recognize that the effectiveness of rules-based execution is determined not only by the sophistication of the rules themselves but also by the market signals feeding them. Automation is most successful when it\u2019s powered by high-quality, timely, and interpretable pre-trade data.<\/p>\n<p>One key tool for buy-side companies automating trading workflows is Bloomberg\u2019s Rule Builder (RBLD). RBLD lets you create rules that automate alerting and routing actions on orders in the Fixed Income Execution Management (TSOX) system. By turning pre-trade intelligence into systematic and repeatable decision frameworks, RBLD enables traders to automate confidently while maintaining control over execution outcomes.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3a7462'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3965988366322760386\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3ad59e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Across asset managers, hedge funds, private banks and wealth managers, the objectives driving automation are consistent. Traders want to adhere to best-execution policies without expanding their manual workload, to minimize slippage versus a benchmark and to obtain price-back certainty\u2014that is, confidence that a contributed price will be honored at execution.<\/p>\n<p>They want to balance market impact against certainty of execution, ensuring a trade gets done. They want to get access to reliable quotes and sufficient size without overexposing trading intent. They want to maintain low execution costs and consistent trading quality. Traders at private banks also want to achieve or beat limit levels, which are predefined caps on exposure to certain risks.<\/p>\n<p>Meeting such objectives with automation, however, requires credible, structured pre-trade signals.<\/p>\n<p>Why? For one thing, the ecosystem that provides liquidity for fixed-income trading has become more diverse and fragmented in recent years.<\/p>\n<p>Liquidity today appears in axes, dealer inventories, algorithmic liquidity providers, streaming markets, request-for-quote protocols and nontraditional participants. Each layer has its own impact profile and behavioral characteristics. To help traders navigate such \u00addisparate sources of liquidity, pre-trade data can provide a map.<\/p>\n<p>Consider axes, indications from a dealer of special interest in buying or selling particular bonds. Axes are a strong signal of the availability of liquidity for both line traders\u2014those who handle a particular slice of the market\u2014and algo desks. They provide directional insight and urgency and can help reduce market impact. In effect, such pre-trade information can act as a proxy for dealer engagement. A dealer providing timely prices, axes and executable quotes is demonstrating real liquidity\u2014making them more suitable for automated routing.<\/p>\n<p>Dealer algos increasingly serve as real-time liquidity providers. Their pricing adapts instantly to client activity, market volatility and inventory. It\u2019s important to note that algos often provide higher price-back ratios compared with traditional line traders, making them valuable partners for automated workflows.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><strong>How Rule Builder uses pre-trade intelligence<\/strong><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Bloomberg delivers a pre-trade feed that includes pricing, axes, dealer performance metrics and executable price qualifications. You can then use RBLD to translate this data into a structured decision hierarchy. Here\u2019s a quick overview of how.<\/p>\n<p>To start, Bloomberg Terminal subscribers can access this via {RBLD &lt;GO&gt;}. Although we\u2019re focusing here on fixed income, Rule Builder is a multiasset tool that can also be used for equities, futures, options and foreign exchange. Once you\u2019ve created autorouting rules to convert an order into a trade, you can display them by clicking on the Automation tab.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3><strong>Figure 1: Rule Builder enables alerting and routing automation for TSOX orders<\/strong><\/h3>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1303\" height=\"796\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"RBLD 1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1.png 1303w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1-552x337.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1-800x489.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1-100x60.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1-768x469.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-1-177x108.png 177w\" sizes=\"auto, (max-width: 1303px) 100vw, 1303px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>To set up a rule, click the &#8220;Create Rule&#8221; button on the red toolbar and select &#8220;Sort Best&#8221; or &#8220;Autorouting&#8221; for example. Use the &#8220;Asset Class&#8221; drop-down to select &#8220;Fixed Income.&#8221; Then use the &#8220;Dealer Selection&#8221; drop-down to select &#8220;Create New Rule.&#8221;<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3><strong>Figure 2: Rule Builder enables users to define a sequence of criteria used to prioritize dealers<\/strong><\/h3>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1303\" height=\"794\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"RBLD 2\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2.png 1303w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2-552x336.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2-800x487.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2-100x60.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2-768x468.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/RBLD-2-177x108.png 177w\" sizes=\"auto, (max-width: 1303px) 100vw, 1303px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Here, users can define a sequence of criteria, and RBLD will fill dealer slots according to that order or priority. If a criterion can\u2019t fill all slots, the engine moves to the next. Once slots are full, remaining criteria act as tiebreakers.<\/p>\n<p>In addition, Bloomberg subscribers can incorporate Bloomberg Bridge, an \u00adanonymous intermediated all-to-all trading service for corporate and emerging-market bonds, as another liquidity source and mix criteria to select dealers from different pre-trade buckets.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Pre-trade signals for Rule Builder automation include:<\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h4><strong>Price<\/strong><\/h4>\n<p>Dealers providing the most competitive pricing relative to market or a reference are prioritized.<\/p>\n<h4><strong>Axe<\/strong><\/h4>\n<p>Dealers axed in the direction of the trade receive preference. Specifying All as the source of your axes will include quotes from your Runs Manager (RUNZ) worksheet and from ERUN, which are real-time FIX-based axes.<\/p>\n<h4><strong>Size<\/strong><\/h4>\n<p>Dealers quoting size at or above the order amount, including axe size, receive preference.<\/p>\n<h4><strong>Custom Dealer Ranking<\/strong><\/h4>\n<p>Rank as many as five dealers based on relationships, liquidity tendencies or strategic alignment.<\/p>\n<h4><strong>Firm Price<\/strong><\/h4>\n<p>Dealers with a firm-price honor rate greater than or equal to 95% (measured over two weeks) move higher in selection.<\/p>\n<h4><strong>Price Contribution Time<\/strong><\/h4>\n<p>Staleness matters; dealers with the most up-to-date contributions win tie situations.<\/p>\n<h4><strong>Dealer Performance<\/strong><\/h4>\n<p>This suite of past-execution key performance indicators can help you target the dealers most likely to execute efficiently. Among these metrics are responsiveness, hit ratio and slippage.<\/p>\n<h4><strong>Random<\/strong><\/h4>\n<p>This criterion allows you to select a subset of dealers from a list so you can rotate among them.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The underlying assumption here is that the majority of workflows will include the most active dealers in the market. RBLD simply allows those dealers to be ordered statistically, based on their likelihood of providing high-quality execution.<\/p>\n<p>Systematic dealer selection creates consistency, reduces noise and improves execution outcomes. It reduces human bias and variability. Clear pre-trade signals ensure automation doesn\u2019t compromise execution quality.<\/p>\n<p>Pre- and post-trade analytics let you build a continuous improvement loop. Combining pricing with axes has been shown to increase price-back ratios. RBLD enables desks to scale execution without adding head count, preserving performance.<\/p>\n<p>In fixed income, automation is no longer about simplifying workflows; it\u2019s about amplifying intelligence. Pre-trade data can give you a detailed picture of liquidity, intent and execution potential. RBLD then converts that picture into an actionable, repeatable strategy. Treating pre-trade data as the engine of an automation strategy will only become more crucial as markets become more electronic.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69f4e2c3b409a]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3b409a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <script>\n    window.feed = window.feed || {};\n    window.feed['69f4e2c3b76f7'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":{},\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":{},\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":{},\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"post_format\",\"terms\":[{\"term_id\":33,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":33,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":12,\"filter\":\"raw\"},{\"term_id\":666,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":666,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":2,\"filter\":\"raw\"}]},{\"taxonomy\":\"post_series\",\"terms\":{\"0\":{\"term_id\":3751,\"name\":\"Asia Centric\",\"slug\":\"asia-centric\",\"term_group\":0,\"term_taxonomy_id\":3751,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":51,\"filter\":\"raw\"},\"1\":{\"term_id\":3741,\"name\":\"Bloomberg Expert Access\",\"slug\":\"bloomberg-expert-access\",\"term_group\":0,\"term_taxonomy_id\":3741,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":10,\"filter\":\"raw\"},\"2\":{\"term_id\":3739,\"name\":\"Bloomberg Pro Tips\",\"slug\":\"bloomberg-pro-tips\",\"term_group\":0,\"term_taxonomy_id\":3739,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":58,\"filter\":\"raw\"},\"4\":{\"term_id\":3743,\"name\":\"Functions for the Market\",\"slug\":\"ffm\",\"term_group\":0,\"term_taxonomy_id\":3743,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":7,\"filter\":\"raw\"},\"5\":{\"term_id\":3770,\"name\":\"Market Dialogues\",\"slug\":\"market-dialogues\",\"term_group\":0,\"term_taxonomy_id\":3770,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":11,\"filter\":\"raw\"},\"6\":{\"term_id\":3742,\"name\":\"Need to Know\",\"slug\":\"need-to-know\",\"term_group\":0,\"term_taxonomy_id\":3742,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":15,\"filter\":\"raw\"},\"7\":{\"term_id\":3798,\"name\":\"Pricing Insights\",\"slug\":\"pricing-insights\",\"term_group\":0,\"term_taxonomy_id\":3798,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"},\"8\":{\"term_id\":3740,\"name\":\"Terminal Essentials\",\"slug\":\"terminal-essentials\",\"term_group\":0,\"term_taxonomy_id\":3740,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"}}},{\"taxonomy\":\"type\",\"terms\":{\"0\":{\"term_id\":3762,\"name\":\"Article\",\"slug\":\"article\",\"term_group\":0,\"term_taxonomy_id\":3762,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":1639,\"filter\":\"raw\"},\"1\":{\"term_id\":3763,\"name\":\"Case Study\",\"slug\":\"case-study\",\"term_group\":0,\"term_taxonomy_id\":3763,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":41,\"filter\":\"raw\"},\"3\":{\"term_id\":3765,\"name\":\"Podcast\",\"slug\":\"podcast\",\"term_group\":0,\"term_taxonomy_id\":3765,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":504,\"filter\":\"raw\"},\"4\":{\"term_id\":3815,\"name\":\"Press Release\",\"slug\":\"press-release\",\"term_group\":0,\"term_taxonomy_id\":3815,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":81,\"filter\":\"raw\"},\"5\":{\"term_id\":3766,\"name\":\"Q&amp;A\",\"slug\":\"qa\",\"term_group\":0,\"term_taxonomy_id\":3766,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":101,\"filter\":\"raw\"},\"6\":{\"term_id\":3767,\"name\":\"Report\",\"slug\":\"report\",\"term_group\":0,\"term_taxonomy_id\":3767,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":74,\"filter\":\"raw\"},\"8\":{\"term_id\":3768,\"name\":\"Video\",\"slug\":\"video\",\"term_group\":0,\"term_taxonomy_id\":3768,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":134,\"filter\":\"raw\"}}}],\"excluded_taxonomies\":{\"\":[]},\"post_id\":137908};\n<\/script>\n<div class=\"feed\" data-id=\"69f4e2c3b76f7\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--margin-top-normal bbg-row--margin-bottom-normal bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c3b8d53'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground:#e6f3ff;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:black;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Get insights delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for Bloomberg Professional Services newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_222064247392577870\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.<\/p>\n","protected":false},"author":2062,"featured_media":137982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"444","footnotes":""},"categories":[457,3661,444],"tags":[531,3835,3847],"series":[],"class_list":["post-137908","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-technology","category-trading","tag-electronic-trading","tag-ets","tag-ets_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-11T13:23:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-13T21:55:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/buildings.png\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"ajacob84\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ajacob84\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\"},\"author\":{\"name\":\"ajacob84\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/1a400071fdafcd1aa45f4cac5171d9a8\"},\"headline\":\"How to use pre-trade data to better target automation on Rule Builder\",\"datePublished\":\"2026-03-11T13:23:26+00:00\",\"dateModified\":\"2026-04-13T21:55:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\"},\"wordCount\":\"1624\",\"publisher\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\"},\"keywords\":[\"Electronic Trading\",\"ETS\",\"ETS_2026\"],\"articleSection\":[\"Financial Services\",\"Technology\",\"Trading\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\",\"name\":\"How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website\"},\"datePublished\":\"2026-03-11T13:23:26+00:00\",\"dateModified\":\"2026-04-13T21:55:45+00:00\",\"description\":\"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/1a400071fdafcd1aa45f4cac5171d9a8\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services","description":"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/","og_locale":"en_US","og_type":"article","og_title":"How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services","og_description":"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.","og_url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2026-03-11T13:23:26+00:00","article_modified_time":"2026-04-13T21:55:45+00:00","og_image":[{"width":900,"height":600,"url":"https:\/\/assets.bbhub.io\/professional\/sites\/41\/buildings.png","type":"image\/png"}],"author":"ajacob84","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"ajacob84","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/#article","isPartOf":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/"},"author":{"name":"ajacob84","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/1a400071fdafcd1aa45f4cac5171d9a8"},"headline":"How to use pre-trade data to better target automation on Rule Builder","datePublished":"2026-03-11T13:23:26+00:00","dateModified":"2026-04-13T21:55:45+00:00","mainEntityOfPage":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/"},"wordCount":"1624","publisher":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization"},"keywords":["Electronic Trading","ETS","ETS_2026"],"articleSection":["Financial Services","Technology","Trading"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/","name":"How to use pre-trade data to better target automation on Rule Builder | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website"},"datePublished":"2026-03-11T13:23:26+00:00","dateModified":"2026-04-13T21:55:45+00:00","description":"As fixed income markets become increasingly electronic, automation is helping improve performance. Learn how Bloomberg\u2019s Rule Builder (RBLD) enables trading desks to systematize dealer selection and routing decisions to drive more consistent execution outcomes.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/how-to-use-pre-trade-data-to-better-target-automation-on-rule-builder\/"]}]},{"@type":"WebSite","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/1a400071fdafcd1aa45f4cac5171d9a8","name":"Bloomberg Professional Services","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023"}]}},"_links":{"self":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/137908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/users\/2062"}],"replies":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/comments?post=137908"}],"version-history":[{"count":10,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/137908\/revisions"}],"predecessor-version":[{"id":138908,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/137908\/revisions\/138908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/media\/137982"}],"wp:attachment":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/media?parent=137908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/categories?post=137908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/tags?post=137908"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/series?post=137908"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/type?post=137908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}