The Bankers Association of the Philippines (BAP) and Bloomberg today announced several initiatives to further the growth of the foreign exchange (FX) market in the Philippines.
The BAP has appointed Bloomberg as the new calculation agent for the USD/PHP spot reference rate. An important benchmark, the USD/PHP spot reference rate is extensively used by onshore and offshore banks, corporations and asset managers for trade execution, valuation and benchmarking of portfolios.
“We are pleased to partner with Bloomberg to provide enhanced solutions to the FX community in the Philippines,” said BAP’s Managing Director Benjamin P. Castillo. “These new initiatives will support the Bangko Sentral ng Pilipinas’ (BSP) financial market development reforms to better organize 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.”
Bloomberg will calculate the USD/PHP spot reference rate based on trades carried out by BAP member banks. An accurate representation of the market and each fix will be available as trades are captured across a deep and broad pool of FX market participants. Results will be published on BAP’s website (https://bap.org.ph) as well as on the Bloomberg Terminal.
As part of the partnership, USD/PHP spot trading will be conducted by BAP member banks on Bloomberg’s FX electronic trading and communication platform, FXGO where regulators will have real-time visibility of market activity and greater oversight of the FX market.
Liquidity of the FX spot and forwards markets in the Philippines is also pooled onto a single platform since FX forwards are being traded and reported on Bloomberg’s electronic platform since 2015. FX traders can also tap on news, data and analytics to monitor markets, analyze trends and generate trading ideas on the Bloomberg Terminal.
“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,” said Andrea Mosconi, Bloomberg’s Head of Sales, ASEAN. “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.”
Bloomberg is also the official calculating agent for the Philippines interbank reference rate, and more commonly known as the “PHIREF”.
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- ASEAN, Grace Ngoh, firstname.lastname@example.org, +65-6231-3690
- U.S., Alyssa Gilmore, email@example.com, +1-212-617-4901
- EMEA, Anna Schoeffler, firstname.lastname@example.org, +44-20-3525-0776
- Latin America, Pam Snook,email@example.com, +1-212-617-7652