French investment bank BNP Paribas executed the first Brazilian real interest rate swap on electronic trading platform provider Tradeweb.
BNP Paribas said commerce represents its growing electronic footprint in emerging markets.
The bank was also the first institution to previously execute Singapore dollar, Hong Kong dollar and Mexican peso interest rate swaps on Tradeweb in 2020.
“This pioneering BRL commerce is the latest of many electronic firsts for BNP Paribas in emerging markets, as we remain committed to driving innovation in Latin America, providing our clients with top-notch service and liquidity,” said Renato Theodoro, responsible for currency trading for local markets. Americas markets and commodities at BNP Paribas.
This is the second emerging market to be executed by a large institution on the Tradeweb platform. In March, Goldman Sachs traded the first Indian rupee interest rate swap on Tradeweb after the currency was launched on the platform.
India has joined the growing list of currencies covered by the Tradeweb platform, including Chile, China, Colombia, Czech Republic, Hong Kong, Hungary, Mexico, Poland, Singapore, South Africa. South and South Korea.
“Tradeweb is delighted to add the Brazilian real to its growing list of over a dozen currencies available in emerging market interest rate swaps,” added Manny Villar, Head of Emerging Markets for Tradeweb.