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Bloomberg Provides Daily Rates for Malaysian Cross Currency Basis Swaps
New York (ots/PRNewswire) - Bloomberg, the leading global provider of business and financial news and data, today announced that it has been chosen as the fixing agent for Malaysian Cross Currency Basis Swaps. The Central Bank of Malaysia, Bank Negara Malaysia, along with the Financial Market Association of Malaysia, have mandated Bloomberg to provide the fixing rate, which is available on the Bloomberg(R) Terminal beginning this week.
The fixing rate is compiled and calculated by Bloomberg and is based on bid and ask rates for seven maturity points offered by 13 regional banks. The fixing is released to the market daily prior to 11:30 a.m. Malaysia time.
The new Malaysian fixing rate provides a stabilized rate for the basis swaps on three month Kuala Lumpur International Bank Offer Rate (KLIBOR) to three month US Libor. This tool allows swap traders to participate in the Malaysia Cross Currency Swap market with stable, reliable pricing and transparency.
Bloomberg is the fixing agent, and participating banks include ABN Amro Bank, AmMerchant Bank, Bumiputra-Commerce Bank, Citibank, Commerce International Merchant Bankers, Deutsche Bank, HSBC Bank, Hong Leong Bank, Malayan Banking, OCBC Bank, RHB Bank, Standard Chartered Bank and United Overseas Bank.
"Bloomberg is pleased to offer the new Malaysian fixing rate, which is an essential part of the Malaysian banking network," according to Alex Bruce of Bloomberg. "This is another step in Bloomberg's commitment to supporting the evolution of the Asian financial markets. As part of Bloomberg's ongoing strategy of continuous product enhancement, this tool is available to Bloomberg users at no additional cost."
Yeo Chin Tiong, chairman of the Market Development Committee of the Financial Market Association of Malaysia, added, "The Financial Market Association, supported by Bank Negara Malaysia, seeks to further develop the domestic derivative market by enhancing awareness and transparency. The launching of the Cross Currency Basis Swap fixing coincides with the increased participation of international institutions in the domestic Malaysian bond market."
The fixing can be found on the BLOOMBERG TERMINAL at BNMF
Bloomberg is the leading global provider of data, news and analytics. The BLOOMBERG(R) TERMINAL and Bloomberg's media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package to corporations, news organizations, financial and legal professionals and individuals around the world. Bloomberg's media services include BLOOMBERG NEWS(R), the global news service that includes more than 1,600 journalists in 103 bureaus worldwide; BLOOMBERG TELEVISION(R), the 24-hour business and financial network produced and distributed worldwide on 10 separate channels in seven languages; and BLOOMBERG RADIO(SM), which provides up-to-the-minute news on XM, Sirius and WorldSpace satellite radio around the world and on WBBR 1130AM in New York. In addition, Bloomberg Magazine Group and Bloomberg Press publish magazines and books for investment professionals. For more information please visit http://www.bloomberg.com.
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ots Originaltext: Bloomberg LP London
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Loren Riegelhaupt of Sloane & Company, +1-212-446-1871 for Bloomberg