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BAP launches dollar-peso cross currency swap market

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Major domestic and international banks can now undertake transactions using a new dollar-peso cross currency swap market that was recently rolled out by the Bankers Association of the Philippines. | miguelrcamusINQ /PDI

The dollar-peso cross currency swap market will be supported by the fixed-income trading platform of Bloomberg, the US-based financial technology and media giant. This means trading is only allowed for qualified participants and subscribers of Bloomberg.

This project was led by the BAP’s open market committee, which has been working on the program since last year. It is one of the major projects being implemented under the term of BAP president Jose Teodoro “TG” Limcaoco, who was named chief of the influential banker’s organization last March. The BSP said in a statement the initiative will allow its members to better manage foreign exchange and interest rate risks.Subscribe to our daily newsletter

 

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