Philippines launches new interest rate swap market
Central bank says platform could boost trading and liquidity in domestic bonds
The Philippines has today (November 18) launched a peso interest rate swap market anchored to a newly established benchmark rate.
In a statement, the Bankers Association of the Philippines (BAP), the country’s leading banking association, said the market was now open to market participants.
The International Swaps and Derivatives Association, a trade organisation that sets best practice for the derivatives markets, last week recognised the Philippine Overnight Reference Rate (ORR) – a benchmark
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