Sri Lanka’s foreign exchange (FX) market has introduced a new FX matching platform as part of the Central Bank of Sri Lanka’s (CBSL) initiative to deepen and enhance the domestic FX market.
The platform, accessible to all licensed commercial banks, the National Savings Bank, and CBSL, aims to improve price discovery, transparency, and efficiency in FX transactions. The domestic market has chosen BMatch FX matching platform (BMatch) by Bloomberg to facilitate this process.
BMatch currently supports spot transactions in US Dollars against the Sri Lanka Rupee, allowing market participants to place anonymous orders within a central limit order book. It also facilitates the entire trade lifecycle, from pre-trade price transparency to post-trade straight-through processing. The real-time executable quotes on BMatch will enhance price discovery, enabling participants to make more informed decisions. Additionally, CBSL has oversight functionality through BMatch to fulfill its regulatory responsibilities.
By improving interbank price discovery, the platform will contribute to more market-reflective and competitive pricing, benefiting the retail FX market by offering clients better information and competitive rates.
CBSL emphasized that this initiative reaffirms its commitment to developing Sri Lanka’s FX market, expecting the platform to play a key role in enhancing market transparency and liquidity.