Bloomberg Launches New Forex Tri-Party Ticketing System in the Philippines

The newly launched system for brokers and banks will enhance market transparency and trade execution.

Bloomberg, a global business, financial information and news provider, announced today that it has launched its tri-party ticketing system for the interbank community in the Philippines.

The system provides real-time access to brokered foreign exchange forward transactions to market participants and allows brokers to seamlessly trade with clients and report their trades, thus improving operational workflow and enhancing market transparency.

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Today’s news adds to a previous milestone in Bloomberg’s achievements after the company was selected by the Bankers Association of the Philippines (BAP) to be the official calculating agent for the Philippines interbank reference rate (PHIREF) and provider of the FX forwards trading platform.

The foreign exchange community in the Philippines comprises 28 member banks of the BAP, central bank Bangko Sentral ng Pilipinas (BSP) and four interbank brokers.

According to the 2016 Bank for International Settlements Triennial Central Bank Survey, the daily average foreign exchange market turnover for the Philippines is approximately US$3 billion.

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Marcel Ferreria, Director of FX Swaps, Tradition Financial Services, Philippines Inc. said: “We are excited that the tri-party ticketing system is now available on Bloomberg. 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.”

Previously, any FX transactions conducted through brokers were reported to BSP and the market at some point after the trade was done.  The delay meant that transactional data was not available in a timely manner, hindering price discovery and execution of trades at fair value.

The tri-party ticketing system will be an integral tool for the FX community in the Philippines.

The Bloomberg tri-party ticketing system solves this issue by capturing the trade and sending confirmations to all three parties involved (bank-broker-bank) in real-time, in addition to the BSP. An added advantage of the system is its integration with the Bloomberg Professional service which allows market participants to access, analyse, trade and report seamlessly and in real-time on a single platform.

Grant Coombe, APAC FX Sales Strategy, Bloomberg added: “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. It is also a testament of our commitment to providing solutions that fit within local market conventions, so our clients can attain best execution.”

Finance Magnates last reported on Bloomberg after it teamed up with State Street Corporation to launch an upgraded utility that enhances the fixed income exchange-traded fund (ETF) market, assisting users in the processing and settling of ETF orders in a more streamlined and automated fashion.

 

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