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Bloomberg launches Indonesian overnight index swaps platform

14 December 2004  |  482 views  |  0 Source: Bloomberg

Bloomberg, the leading provider of business and financial news and data around the globe, today announced the opening of the first Overnight Index Swaps market in Indonesia. Bloomberg has created the first and only fixing and valuation platform for this new market.

Fifteen banks are participating in the Bloomberg Indonesian Overnight Index Swaps fixing, each contributing daily rates. The Bloomberg Indonesian Overnight Index Swaps function is accessible on the Bloomberg terminal at SWPM (GO).

According to Alex Bruce at Bloomberg, "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 markets grow."

Also in the Asia-Pacific region, The Monetary Authority of Singapore recently chose Bloomberg as the sole inter-dealer trading platform for the Singapore Government Bond.

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 Bloomberg Indonesian Overnight Index Swaps platform took place on December 7th with Deutsche Bank Jakarta swapping obligations between the overnight fixing of Indonesian Rupiah with the counter-party HSBC Jakarta.

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