Bankers group, Bloomberg announce new initiatives for foreign exchange market

THE Bankers Association of the Philippines (BAP) and Bloomberg announced several initiatives to further the growth of the foreign exchange (FX) market in the Philippines.

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

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