The Bankers Association of the Philippines (BAP) has launched a new dollar-peso cross currency swap market, allowing major domestic and international banks to conduct transactions. Market makers in this new market include BDO Unibank Inc., Bank of the Philippine Islands, Metropolitan Bank & Trust Co., Philippine National Bank, Security Bank, Citibank, Deutsche Bank, HSBC, ING Bank, JP Morgan, and Standard Chartered.
BAP’s currency swaps aim to help banks and clients mitigate risks associated with foreign debts and other transactions. The market will be supported by Bloomberg’s fixed-income trading platform, limiting trading access to qualified participants and Bloomberg subscribers.
The BAP’s open market committee led this project, which has been in development since last year. It is one of the major initiatives under the leadership of BAP president Jose Teodoro “TG” Limcaoco.
The Bangko Sentral ng Pilipinas (BSP) stated that this initiative will enable its members to better manage foreign exchange and interest rate risks.
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