November 08, 2021 - Banco de Credito del Peru (BCP), the largest bank and provider of integrated financial products and services to Peru’s institutional clients, has announced that it has executed its first direct USDPEN FX trade through the Cboe FX. The CBOE Swap Exectuion Facility allows BCP to transact with regulated clients in the US marketplace, leveraging CBOE’s award winning technology for NDFs (Non Deliverable Forwards) and emerging market currencies.
Founded in 1889, BCP is the leading bank in the USD/PEN onshore Peruvian market, with a commitment to develop, grow and promote the Peruvian market with international counterparts. BCP is leading the electronification of the Peruvian market, leveraging Edgewater Markets FX technology. Edgewater Markets provides BCP with advanced solutions and executions services for both onshore and offshore clients. Connectivity to CBOE was a natural extension of the BCP offering, demanded by many of their clients domiciled in the United States.
This time last year, BCP went live on Edgewater’s trading platform EdgeFXLatam, leveraging Edgewater Markets' proprietary software. Edgewater provided BCP with a bespoke pricing engine, fully electronifying the banks pricing algorithms and hedging strategies, expanding their distribution into the global NDF marketplace.
“We are thrilled to have SEF regulated clients be able to access to our pricing via CBOE”, commented Marco Merino, Head of FX trading of BCP. “Through their expansive SEF network we are able to service the US market efficiency, benefiting market participants globally. The technological advances Edgewater Markets streamlined this process for us, and we value them as a partner.”
“We are excited to continue to grow the breadth of liquidity on our SEF through this partnership with BCP. It will not only help to make us more competitive in the Peruvian marketplace, but will also improve our ever-growing Latin American offering”, added Ben Leit, Global Head of FX Sales at CBOE Global Markets.
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