Transcript EBS Prime Customer program

ICAP/EBS – Growth of the e-OTC
Ruble Markets
7th International Ruble Settlement Forum
14 April 2009
EBS Russian Focus
• Market of top priority
• International Rouble Settlement Forum
• MICEX
• BKT/RUB unique to EBS platform
“EBS is the only international platform pushing
hard to help globalise RUB products and expand
their offering in Russia.”
Sergey Romanchuk – President, ACI Russia
2
EBS/Ruble – Product split trend
Ruble currency pairs trend – Jan 2008 to Feb 2010
3
EBS/Ruble – Regional split trend
Ruble trading by region – Jan 2008 to Feb 2010
4
EBS/Ruble – Counterparty growth
Ruble ADV and counterparty growth trends – Mar 2008 to Feb 2010
5
EBS/Ruble – Regional make/take ratios
Onshore/offshore liquidity provision ratios
February 2010
Taker - Offshore
Maker - Offshore
26%
[
]
66% ONSHORE
36% OFFSHORE
Taker - Russia
Maker - Offshore
10%
Taker - Offshore
Maker - Russia
42%
Taker - Russia
Maker - Russia
22%
6
EBS/Ruble – Currency pair development
Ruble currency pair/trading opportunities development – Feb 2008 to Feb 2010
February 2008
February 2010
BKT/RUB
(4.4% )
EUR/RUB
(4.7% )
USD/RUB
(100% )
USD/RUB
(91% )
ICAP CONFIDENTIAL
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EBS Russia-based currency activity
Russia Based Traders – Currency Split – Dec 2009 to Mar 2010
EUR/USD (84%)
USD/RUB (10%)
USD/RUB (10% )
USD/JPY (2%)
EUR/RUB
BKT/RUB
EUR/CHF
USD/JPY (2% )
GBP/USD
EUR/JPY
USD/CHF
AUD/USD
EUQ/USD
EUR/SEK
GBP/JPY
USD/CAD
USQ/CHF
EUR/USD (84% )
8
Ruble Pairs – Manual/Ai Split
Ruble Pairs – Manual/Ai Split
Jan 09 to Apr 09
Manual
BKT/RUB
BKT/RUB
EUR/RUB
EUR/RUB
USD/RUB
USD/RUB
Jan 10 to Apr 10 MTD
Ai
9
In conclusion
• Year on year - trading counterparts on RUB have doubled
- RUB trading volumes have doubled
- Russian revenues have doubled
- uptake in RUB trading from regions outside of EMEA
• EBS’ suite of RUB offerings accommodate volatile markets (BKT/RUB)
and more sedate/range bound markets (spot USD/RUB & EUR/RUB) –
The OTC players don’t disappear, they simply alter their trading styles
• Russian counterparts market make 66% of the time, but of equal
significance offshore counterparts market make 34% of the time
• The Central Bank “bands” have been traded through after MICEX trading
hours on EBS in the OTC market
ICAP CONFIDENTIAL
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ICAP plc
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+44 (0)20 7000 5000
www.icap.com