The Bankers Association of the Philippines is launching its enhanced peso interest rate swap swap market today, November 18, with an initial 16 banks that have committed to be market makers for the overnight reference rate .The Peso IRS ORR is based on the variable overnight reverse repurchase rate , and is set to ensure that there will be prices for swaps of various maturities for 30 days up to 10 years, providing a new way to hedge or take positions.
Also included are the Union Bank of the Philippines, Australia and New Zealand Banking Group, Citi, Deutsche Bank, Hongkong and Shanghai Banking Corp. , ING Bank, JP Morgan Chase, and Standard Chartered Bank.Five banks will also serve as regular participants: BDO Private Bank, Maybank, Mizuho, MUFG, and SMBC.