Philippines extends FX market trading by 30 minutes


Posted at Oct 02 2012 10:12 AM | Updated as of Oct 02 2012 06:12 PM

MANILA - The Philippines has extended daily onshore currency trading hours by 30 minutes, which the banking industry said would align the market with the rest of Asia and better address the needs of investors and business. 

The Bankers Association of the Philippines (BAP) said that from October 1 the afternoon trading session on the Philippine Dealing System would run from 2:00 p.m. to 4:00 p.m. (0600 to 0800GMT). Afternoon sessions previously opened at 2:30 p.m. 

The morning session was unchanged at 9:00 a.m. to 12:00 p.m. (0100-0400 GMT). 

The changed trading hours also apply to the forwards, swaps and options markets, said the BAP, which partly owns the country's electronic currency trading platform. 

The Philippine peso has gained nearly 5 percent against the U.S. dollar this year to be the second best-performing currency among emerging Asian economies, only bettered by the Singapore dollar.