LONDON, Dec 1 (Reuters) - JP Morgan has launched electronic trading in interest rate swaps (IRS) for a range of emerging market currencies, the bank said on Friday.
It said it was the first dealer to provide the electronic facility for swaps in the Czech crown, Hungarian forint, Polish zloty and South African rand, in addition to the major currencies already available on its existing platform.
The function is accessible via the Bloomberg service.
"We believe that electronic execution and processing are key to enhancing the liquidity and transparency of the overall IRS market," Mike Stewart, JP Morgan head of CEEMEA Local Markets, said in a statement.
The move comes as investors increasingly pile into local currency fixed income markets where yields tend to be higher than on external debt markets.
IRS are used by companies to re-allocate exposure to interest-rate fluctuations, typically by exchanging fixed-rate obligations for floating rate obligations.
((Reporting by Sujata Rao London newsroom +44 20 7542 6176 sujata.rao@reuters.com))
Keywords: MARKETS JPM IRS
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