(Updates to add details about FXGO in paragraph 7)
By Elizabeth Dilts
NEW YORK, Sept 9 (Reuters) - Bloomberg LLP is teaming up with Goldman Sachs Group Inc to feature some of the investment bank's trading analytics on a new service the financial information company launched on Monday for foreign exchange trades made using algorithms.
Goldman is the first bank to have such a partnership with Bloomberg, and the tie-up will make its analytics visible on Bloomberg's terminal in FXGO, a global foreign exchange trading platform. Bloomberg is a competitor with Thomson Reuters for news and information services.
Trading clients are demanding greater access to decision-making tools like Goldman's analytics, as the industry faces increasing pressure to cut costs, increase speed and prove that every trade is executed in the most efficient way possible.
The new tool is aimed at breaking down barriers between companies that previously may not have worked together in this way, both companies said on Monday.
"Historically, Bloomberg and Goldman might have liked to own the whole process independently," said Damien Vanderwilt, global head of Goldman's FICC execution services.
The partnership comes six years after tension between Bloomberg and big Wall Street banks, including Goldman, over its journalists accessing client data. (reut.rs/YQR02H)
The service on FXGO's execution manager allows clients to manage incoming orders and then to route those orders to liquidity providers, like Goldman.
The benefit for Goldman this time around is that its trading clients who also use Bloomberg's terminal no longer have to log in to both systems to access both firms' analytics.
Vanderwilt called the new platform attractive to traders "trying to reduce the number of systems that they need to operate in (on) any given trading day."
Goldman, which also offers equities execution services to clients of Bloomberg's Tradebook product, expects to gain new clients as Bloomberg's sales team markets the terminal and these new analytics tools. The bank declined to comment on business targets.
Bloomberg said it is open to similar partnerships with other banks, and that FXGO is open to any liquidity providers.
Tod Van Name, global head of FX electronic trading at Bloomberg, said that including the new analytics service on FXGO will give traders access to Goldman's proprietary analytics on liquidity and order execution in real time.
Reporting By Elizabeth Dilts; editing by Edward Tobin