{"id":3659,"date":"2016-09-21T20:22:18","date_gmt":"2016-09-22T00:22:18","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-launches-new-foreign-exchange-solution-philippines\/"},"modified":"2019-08-23T04:24:03","modified_gmt":"2019-08-23T08:24:03","slug":"bloomberg-launches-new-foreign-exchange-solution-philippines","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-launches-new-foreign-exchange-solution-philippines\/","title":{"rendered":"Bloomberg Launches New Foreign Exchange Solution in the Philippines"},"content":{"rendered":"
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Tri-party ticketing system for brokers and banks will enhance market transparency and trade execution <\/em><\/strong><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n

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Manila, September 22, 2016 \u2014 Bloomberg today announced that it has launched its tri-party ticketing system for the interbank community in the Philippines, providing real-time access to brokered foreign exchange (FX) forward transactions to market participants. \u00a0The new system allows brokers to seamlessly trade with clients and report their trades, hence improving operational workflow and enhancing market transparency.<\/p>\n

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Photographer: Nana Buxani\/Bloomberg News<\/p>\n<\/div>\n

This adds to a previous milestone when Bloomberg was selected by the Bankers Association of the Philippines (BAP) to be the official calculating agent for the Philippines interbank reference rate (PHIREF) and provider of the FX forwards trading platform.<\/p>\n

The foreign exchange community in the Philippines comprises 28 member banks of the BAP, central bank Bangko Sentral ng Pilipinas (BSP) and four interbank brokers. \u00a0According to the 2016 Bank for International Settlements Triennial Central Bank Survey, the daily average foreign exchange market turnover for the Philippines is approximately US$3 billion.<\/p>\n

Marcel Ferreria, Director of FX Swaps, Tradition Financial Services Philippines Inc. said, \u201cWe are excited that the tri-party ticketing system is now available on Bloomberg.\u00a0 Instead of having to manually confirm each trade, I now have complete visibility of trades captured electronically with the necessary confirmations sent to counterparties and relevant trade reporting authorities, which significantly enhances our workflow.\u201d<\/p>\n

Previously, any FX transactions conducted through brokers were reported to BSP and the market sometime after the trade was done.\u00a0 The delay meant that transactional data was not available in a timely manner, hindering price discovery and execution of trades at fair value.\u00a0 The Bloomberg tri-party ticketing system solves this by capturing the trade and sending confirmations to all three parties involved (bank-broker-bank) in real-time, in addition to the BSP.<\/p>\n

\u201cThe tri-party ticketing system will be an integral tool for the FX community in the Philippines as it allows real-time reporting of trades to all counterparties in an efficient and transparent manner,\u201d said Grant Coombe, APAC FX Sales Strategy, Bloomberg LP.\u00a0 \u201cIt is also a testament of our commitment to providing solutions that fit within local market conventions, so our clients can attain best execution.\u201d<\/p>\n

An added advantage of the system is its integration with the Bloomberg Professional service, which allows market participants to access, analyze, trade and report seamlessly and in real-time on a single platform.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\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 Professional service. 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 www.bloomberg.com<\/a> or request a demo<\/a>.<\/p>\n

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