A Terminal in London, a Trade on NDS-OM: India's Bond Market Gets a Foreign Front Door

Article summary

Bloomberg announced on 9 July 2026 that it had executed its first electronic trade in Indian Government Bonds, introducing a workflow that lets Foreign Portfolio Investors place, monitor, execute and allocate IGB trades entirely electronically from the Bloomberg Terminal while accessing liquidity from both international and domestic banks. The workflow connects directly to the Negotiated Dealing System – Order Matching platform, the anonymous screen-based order-matching system launched by the Reserve Bank of India in 2005 for secondary market trading in government securities, which is managed and operated by Clearcorp Dealing Systems (India) Limited. NDS-OM covers central government securities, state development loans and treasury bills, with settlement on a T+1 basis guaranteed by the Clearing Corporation of India Limited. The development follows the inclusion of India's Fully Accessible Route bonds in the Bloomberg Emerging Market Local Currency Government Index in 2025, part of a broader sequence of index inclusions that began with JP Morgan's emerging-market government bond index in June 2024. The significance is infrastructural rather than dramatic: index inclusion creates the mandate to hold Indian debt, but a foreign fund still needs a familiar way to trade it, and that missing link is what this workflow supplies.