Tag: FXGO

FXGO

Bloomberg Announces Philippines FX Initiatives

The Bankers Association of the Philippines (BAP) and Bloomberg have announced a series of new initiatives aimed at furthering the growth of the FX market in the Philippines.

The BAP has appointed Bloomberg as the new calculation agent for the USD/PHP spot reference rate. The spot reference rate is frequently used as a benchmark by onshore and offshore banks, corporations and asset managers in the Philippines for trade execution, valuation and benchmarking of portfolios.

“We are pleased to partner with Bloomberg to provide enhanced solutions to the FX community in the Philippines,” says BAP’s managing director, Benjamin Castillo. “These new initiatives will support the Bangko Sentral ng Pilipinas’ (BSP) financial market development reforms to better organise and deepen the country’s FX market. We look forward to execution efficiency, increased market liquidity and transparency leveraging Bloomberg’s technology platform and industry best practices.”

Indian Public Sector Firms Adopt FXGO

Bloomberg is reporting growing penetration of the Indian market, with corporations such as Gas Authority of India (GAIL), Rural Electrification Corporation (REC) and ONGC Videsh (OVL) adopting its e-FX platform, FXGO.

GAIL is the largest state-owned natural gas processing and distribution company in India, REC is a leading public infrastructure finance company in India’s power sector and OVL is India’s second largest oil company.

The corporate treasury desks at GAIL, REC and OVL are using Bloomberg FXGO to analyse trade ideas, request quotes, execute, and perform post trade analysis, all on a single electronic platform.

Bloomberg Launches Streaming NDFs

Bloomberg has launched executable streaming non-deliverable forwards (NDFs) on FXGO, its global foreign exchange trading platform.

Standard Chartered Bank (StanChart) will be the first liquidity provider to participate. Bloomberg says that the new offering will allow the bank to contribute executable pricing across a wide range of Asian and Latin American non-deliverable currencies to meet the needs of its corporate and institutional clients.

The solution integrates Bloomberg’s FX execution and straight-through processing (STP) tools with StanChart’s liquidity. It’s designed to offer end-to-end workflow for NDF trading to the bank’s clients that wish to execute via the Bloomberg Terminal.