Philippines Bankers Association Partners With Bloomberg to Boost FX Market

[kreslik.news]

In a bid to accelerate the foreign exchange market in the Philippines, the Bankers Association of the Philippines (BAP) joined hands with Bloomberg to launch a number of new initiatives.

Bloomberg will be responsible for calculating the spot reference rate of USD/PHP, an important benchmark used by both onshore and offshore banks along with corporations and asset managers for trade execution, valuation, and benchmarking of portfolios.

The calculation will be done based on all trades carried out by BAP member banks. The results will be published on both the BAP website and the Bloomberg Terminal, a go-to platform for traders ... (read more)