Philippines OIS watchdog tussle resolved, says SEC

Securities regulator – not central bank – will be overseer for long-planned new swap market

philippines-cb
The Philippines central bank has given up its claims to control the OIS market

The Philippines could see its long-awaited overnight indexed swap (OIS) market launched within months, after a tug-of-war between the country's regulators was settled in favour of its securities watchdog.

The Central Bank of the Philippines (BSP) first announced the creation of an OIS benchmark in July 2013 but local banking industry sources say progress has been slowed by "very sensitive" discussions about whether the market should be overseen by the BSP or the Securities and Exchange

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