Bloomberg launches RI swap platform

Wed, 15 Dec 2004 | Source: BLOOMBERG

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

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