{"id":3511,"date":"2018-04-01T20:47:56","date_gmt":"2018-04-02T00:47:56","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-announce-new-initiatives-foreign-exchange-market-philippines\/"},"modified":"2019-08-23T03:29:16","modified_gmt":"2019-08-23T07:29:16","slug":"bloomberg-announce-new-initiatives-foreign-exchange-market-philippines","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-announce-new-initiatives-foreign-exchange-market-philippines\/","title":{"rendered":"The Bankers Association of the Philippines and Bloomberg Announce New Initiatives for Foreign Exchange Market"},"content":{"rendered":"
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Bloomberg to provide spot fixing calculation and trading on its FX electronic platform<\/em><\/p>\n

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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.<\/p>\n

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.<\/p>\n

\u201cWe are pleased to partner with Bloomberg to provide enhanced solutions to the FX community in the Philippines,\u201d said BAP\u2019s Managing Director Benjamin P. Castillo. \u201cThese new initiatives will support the Bangko Sentral ng Pilipinas\u2019 (BSP) financial market development reforms to better organize and deepen the country\u2019s FX market. We look forward to execution efficiency, increased market liquidity and transparency leveraging Bloomberg\u2019s technology platform and industry best practices.\u201d<\/p>\n

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\u2019s website (https:\/\/bap.org.ph<\/a>) as well as on the Bloomberg Terminal.<\/p>\n

As part of the partnership, USD\/PHP spot trading will be conducted by BAP member banks on Bloomberg\u2019s FX electronic trading and communication platform, FXGO<\/a> where regulators will have real-time visibility of market activity and greater oversight of the FX market.<\/p>\n

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\u2019s 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.<\/p>\n

\u201cBloomberg is excited to extend our ongoing partnership with the Bankers Association of the Philippines by improving transparency and efficiency in the Philippines FX market,\u201d said Andrea Mosconi, Bloomberg\u2019s Head of Sales, ASEAN. \u201cAs the Philippines undergoes economic transformation, we will continue to bring best-in-class technology to advance one of the world\u2019s fastest-growing countries.\u201d<\/p>\n

Bloomberg is also the official calculating agent for the Philippines interbank reference rate<\/a>, and more commonly known as the \u201cPHIREF\u201d.<\/p>\n

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About Bloomberg<\/strong><\/p>\n

Bloomberg, 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\u2019s strength \u2013 delivering data, news and analytics through innovative technology, quickly and accurately \u2013 is at the core of the Bloomberg Terminal. Bloomberg\u2019s enterprise solutions build on the company\u2019s 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\u00a0www.bloomberg.com or request a demo<\/a>.<\/p>\n

Media Contacts<\/strong><\/p>\n