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Philippines bankers partner Bloomberg on FX initiatives
Bloomberg has been selected as the calculation agent for USD/PHP and bankers will use FXGO for spot trading
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The Bankers Association of the Philippines has appointed Bloomberg as the new calculation agent for the dollar/peso spot reference rate – one of several initiatives the two will undertake to expand the country’s foreign exchange market.
The firms announced the partnership on April 2, stating Bloomberg will calculate the USD/PHP spot reference rate, based on trades carried out by BAP member banks. The results will be available on the BAP website and Bloomberg Terminal.
Prior to Bloomberg, BAP members used the Philippine Dealing System, which ended its publication of USD/PHP spot summary on April 1.
The USD/PHP spot reference rate is an important benchmark used by on- and offshore banks, corporations and asset managers for trade execution and valuation, as well as the benchmarking of portfolios.
“We are pleased to partner with Bloomberg to provide enhanced solutions to the FX community in the Philippines,” says Benjamin Castillo, managing director of BAP.
“These new initiatives will support the Bangko Sentral ng Pilipinas financial market development reforms to better organise and deepen the country’s FX market. We look forward to execution efficiency, increased market liquidity and transparency, leveraging Bloomberg’s technology platform and industry best practices,” he adds.
We look forward to execution efficiency, increased market liquidity and transparency, leveraging Bloomberg’s technology platform and industry best practices
Benjamin Castillo, BAP
As part of the partnership, BAP member banks will execute their USD/PHP spot-trading activities on FXGO, Bloomberg’s FX electronic trading and communications platform, where regulators can gain a real-time view of market activity and greater oversight of the currency space.
This move will bring the liquidity in the Philippines’s spot FX and forwards markets on to a single platform. FX forwards have been traded and reported on Bloomberg’s electronic platform since 2015.
“Bloomberg is excited to extend our ongoing partnership with the Bankers Association of the Philippines by improving transparency and efficiency in the Philippines FX market,” says Andrea Mosconi, head of sales for the Association of Southeast Asian Nations at Bloomberg.
“As the Philippines undergoes economic transformation, we will continue to bring best-in-class technology to advance one of the world’s fastest-growing countries,” he adds.
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