Philippines eases derivatives rules
Central bank move to liberalise markets welcomed by dealers
The central bank of the Philippines has made it easier for banks to trade foreign exchange and interest rate derivatives as well as certain types of structured products through the issuance of circular 594, which took effect on January 30.
The new rules allow dealers to trade foreign exchange forwards, swaps and currency swaps with tenors of up to three years, and interest rate forwards and swaps of up to 10-year maturities, without prior central bank approval. The central bank also added
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