Bloomberg has launched its new tri-party ticketing system, which now allows interbank foreign exchange dealers and clients in the Philippines to trade and report FX forwards automatically.
The Bankers Association of the Philippines (BAP) - which is made up of 28 financial institutions, Bangko Sentral ng Pilipinas (BSP) and four other interbank dealers - handpicked Bloomberg to oversee the new trading venue.
Under the previous system, FX transactions on the Philippine interbank market had to be manually confirmed and reported to the Bangko Sentral ng Pilipinas, a cumbersome process that impeded price discovery and transparency. Bloomberg’s tri-party ticketing system allows for real-time market data to be accessible by all market participants.
The new facility has received plenty of praise from industry leaders, “Instead of having to manually confirm each trade, I now have complete visibility of trades captured electronically with the necessary confirmations sent to counterparties and relevant trade reporting authorities, which significantly enhances our workflow,” said Marcel Ferreria, Director of FX Swaps at Tradition Financial Services.
Bloomberg’s tri-party system automates the trading process by sending confirmations to both parties of the trade, the dealer, and the BSP. Additionally, the new system feeds into Bloomberg Professional(the terminal).
Grant Coombe, Senior Manager of Global & Asia Pacific Key Accounts for Bloomberg, said:
“The tri-party ticketing system will be an integral tool for the FX community in the Philippines as it allows real-time reporting of trades to all counterparties in an efficient and transparent manner.”According to figures released in the 2016 Triennial Survey, which is conducted every three years by the Bank for International Settlements, the Philippine peso has a 0.1 percent share of the daily global FX market, which has an average daily turnover of $5.1 trillion.