Logistics firm LBC Express Holdings Inc (LBC) has adopted Bloomberg’s Foreign Exchange electronic trading platform (FXGO) to support its treasury function as it continues to expand and boost growth.
LBC, which is listed on the local stock exchange, is a market leader in retail and corporate courier and cargo, money remittance, and logistics services.
It has a growing network of over 6,400 branches, hubs, warehouses, partners and agents across 30 countries.
“As LBC seeks to expand and grow, Bloomberg FXGO is a platform that will allow us to make FX trading, hedging and investment decisions quickly,” Enrique Rey Jr., Chief Financial Officer of LBC Express Holdings Inc said.
“We can now access real-time executable pricing from multiple banks, click and trade various FX instruments on the best price provided as well as use compliance and reporting tools for effective tracking,” he added.
Bloomberg’s FX solutions provide real-time pricing information integrated with news, data and analytics for traders to monitor markets, analyze trends and generate trading ideas.
A commission-free trading platform for both corporates and banks, Bloomberg FXGO provides access to liquidity from over 500 providers worldwide for financial institutions, corporations, money managers and hedge funds across all major FX instruments including spot, forwards, options, non-deliverable forwards (NDFs) and deposits.
“By selecting Bloomberg’s FX solutions, LBC has set a new benchmark for corporate treasury in the Philippines,” Grant Coombe, APAC FX sales strategy, Bloomberg, said.
“Today, nearly 75 percent of FX trading globally is done electronically, which will continue to increase especially in emerging markets as e-trading improves deal capture and risk management,” Coombe added.
Last year, Bloomberg launched its tri-party ticketing system for the interbank community in the Philippines, providing real-time access to brokered foreign exchange forward transactions to market participants.
The system allows brokers to seamlessly trade with clients and report their trades, hence improving operational workflow and enhancing market transparency.
Bloomberg is also the official calculating agent for the Philippines interbank reference rate and provider of the FX forwards trading platform.