Bank Indonesia Adopts Refinitiv Auctions for Domestic NDFs

Bank Indonesia Adopts Refinitiv Auctions for Domestic NDFs
13.02.2020 11:53 am

Bank Indonesia Adopts Refinitiv Auctions for Domestic NDFs

Banking

Bank Indonesia (BI) has adopted Refinitiv Auctions for Domestic Non-deliverable Forwards (NDFs), as Central Banks increasingly rely on electronic tools to ensure their markets function in an orderly, efficient manner. Refinitiv Auctions is an innovative platform that combines a trading venue, real-time view of bid submissions, market surveillance and processing capabilities.

Domestic NDFs are a monetary policy instrument employed by the Central Bank to enhance financial markets. It also provides an alternative hedging instrument for market participants. In addition, the Indonesian Rupiah-settled NDFs auctions are run on a daily basis over Refinitiv Auctions to support a stable exchange rate.

With Indonesian member banks, brokers and the Central Bank onboard, Refinitiv Auctions underpins efficient performance of NDF auction tenders. The solution helps BI automate trade processes in a secure environment.

Refinitiv Auctions facilitated over $1.225 trillion in 2019 while seeing rapid volume growth and adoption with a 27% year on year increase in customers, and is now used by Central Banks and Corporates in Europe, the Middle East, Africa and Asia. Refinitiv is able to address Central Banks and Corporates auction needs on data residency and infrastructure costs by offering its solution uniquely on either a hosted or deployed basis. Support is now also in place for Islamic Finance Shari'ah compliant auctions for both Central Banks and Corporates.

"We highly appreciate the collaboration between Bank Indonesia and Refinitiv to ensure that monetary operations in Indonesia can be done in more efficient way through Auctions," said Nanang Hendarsah, Head of Monetary Management Department at Bank Indonesia.

"The launch of Refinitiv Auctions for domestic NDF operations is a great example of our long-lasting partnership with Bank Indonesia, driving innovation in Asian financial markets. With Auctions catering to multi-purpose auction techniques, bringing more transparency and efficiency to monetary policy execution mechanisms in emerging and frontier markets, we are pleased to be supporting Bank Indonesia as they stand at the forefront of innovation in financial technology," said Stuart Brown, Global Head of Emerging and Frontier Markets at Refinitiv.

Related News

Metro Bank will waive overdraft interest on a temporary basis

Metro Bank announces that from 1 March to 30 June 2020, personal current account customers will not be charged any interest for using their overdraft. This will happen... Read more »

Sygnum Bank launches digital CHF token

Sygnum Bank announced the launch of its digital CHF token (DCHF). This CHF-pegged settlement token is the first to be issued by a regulated Swiss bank with a full digital asset... Read more »

ABN AMRO extends support measures for businesses affected by coronavirus

Last week ABN AMRO announced that, for Commercial Banking clients with a credit facility of up to 2.5 million euros, payment of principal and interest will be deferred... Read more »

Temenos Offers Customers Free Access to its Digital Learning Platform During the COVID-19 Crisis

Temenos (SIX: TEMN), the banking software company, today announced a free digital learning initiative, opening access to the Temenos Learning Community Online, its cloud-based... Read more »

CaixaBank will cancel rent payments on the homes it owns during the state of alert

CaixaBank, headed by Chairman Jordi Gual and Chief Executive Officer Gonzalo Gortázar, continues to help its customers and, as of April this year, will offer rental payment... Read more »

Revolut Business: 63% of SMEs haven’t switched business account provider in five or more years

Revolut Business, an innovative global business account built for growth, speed, ease and... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel