Bloomberg launches RI swap platform

Bloomberg launches RI swap platform

JAKARTA: Financial news agency Bloomberg has launched the
first overnight index swaps market in Indonesia.

It said in a statement on Tuesday that 15 banks were
participating in the Bloomberg Indonesian Overnight Index Swaps
fixing, with each contributing daily rates.

"Bloomberg is extremely proud to have helped Indonesia to
develop this brand new market. The Bloomberg Indonesian Overnight
Index Swaps platform underlines Bloomberg's vision, capability
and commitment to helping the Asia-Pacific capital market grow,"
said Alex Bruce of Bloomberg.

Overnight Index Swaps are a well-established and efficient
tool for companies, banks and other financial institutions to
hedge against short-term interest rate risk and fluctuations.

The first transaction on the platform took place on Dec. 7
with Deutsche Bank's branch in Jakarta swapping obligations
between the overnight fixing of the rupiah with HSBC's branch in
Jakarta. -- JP