You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

NEW YORK, Nov. 23, 2020 /PRNewswire/ --Bloomberg today announced a new tool to help calculate the full cost of foreign exchange trades on FXGO, its electronic trading platform on the Bloomberg Terminal. Pictet Asset Management, a leading independent asset manager, is one of the first Bloomberg clients to use the tool. Accuracy in pricing is a key goal for participants in the over-the-counter FX market that transacts more than $6 trillion daily around the world. Regulations often require asset managers, pension funds and hedge funds to show they are providing the best execution for their investors. Buy-side firms also want detail so they know the total cost that affects their firm's bottom line. FX trades may often be associated with additional costs such as prime broker fees, custodial fees and banking charges, which traders may not be fully aware of until after the trade has been executed and settled. Now, with Bloomberg's new tool, traders can more easily determine if they are achieving best execution for their clients, as well as the most cost-effective trading decision for their firm. The supplementary cost analysis tool on FXGO calculates the best overall price in real-time, quickly and easily for the trader, before execution, taking into account any extraneous costs as a direct consequence of the execution. Traders have the ability to specify their own unique pricing inputs for different scenarios. This provides faster and more accurate decision-making on spot, forwards and derivatives, which is integrated directly into the workflow on the Bloomberg Terminal. Tod Van Name, Bloomberg's Global Head of FX Electronic Trading, said, "Trying to determine the total cost of a trade involves detailed and time-consuming mathematical calculations. We are taking that burden off the client and helping them see the total cost at the point of execution. Moving that capability into the traders' hands ensures that they have all the information they need to consider from the beginning." "We are pleased with how well the new FXGO supplementary cost tool integrates with our existing Bloomberg FX trading workflow. This electronic solution reflects the true cost of trading, which helps us provide our clients with best execution. We also found the tool easy to set up and use," said Pictet Asset Management's Head of Trading Innovation, Pierre-Emmanuel Charlier, and Senior Trader, Jerome Chavaillaz. Bloomberg's Foreign Exchange electronic trading platform FXGO and the new supplementary cost tool are available on the Bloomberg Terminal, used by the world's leading asset managers, pension funds, corporate treasuries, government agencies and regional and global banks. FXGO is a leading multi-bank FX trading platform, connecting more than 5,000 firms across 140 countries to more than 800 major and regional liquidity providers worldwide. It covers: spot, swaps, NDFs, outrights deposits and options, for regulated and unregulated markets. FXGO provides access to Instant Bloomberg (IB) chat and chat-based dealing (IBD), to Request-for-Quote (RFQ), RFS, streaming, auctions, batches, algorithmic trading and voice confirmations. It also provides a suite of FX functionality, the ability to read global and regional FX news, data, analytics, price discovery and position keeping. About BloombergBloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company's strength delivering data, news and analytics through innovative technology, quickly and accurately is at the core of the Bloomberg Terminal. Bloomberg's enterprise solutions build on the company's core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/companyor request a demo. SOURCE Bloomberg Related Links http://www.bloomberg.com

Answer: Bloomberg FXGO adds Supplementary Cost Analysis Tool Pictet Asset Management using new calculator to determine true cost of trades