EURHRK Trading statistics REUTERS / Jason Lee EURHRK Trading statistics Ivan Ilekovic ACI Croatia 2017 - Savudrija

Total XHRK spot vol (<=T+2) Source:HNB

Spot flow by month Source: HNB

Spot by participants Source: HNB

EURHRK on Reuters - Total EURHRK flow traded (2016) - 157 Blns EUR - Dealing, Matching, Fxall - 252 Entities traded - 158 Banks, 78 corp/insti, 8 Brokers, 8 Central Banks - 348 Dealing codes Source: Thomson Reuters

Volumes by instrument 2016 Spot up by 10.65% YoY Swap up by 1.44% YoY Outright down by 49% YoY Depo down by 24.7% YoY Source: Thomson Reuters

Reuters Matching Drop in EURHRK Matching of 17% YoY 65-70 % market share, 4banks 25 year birthday Source: Thomson Reuters

Source: Thomson Reuters

RAM Ratio – Reuters aggressor-maker (2015/16) Matchsides Aggressor ratio Market maker ratio Local 809 36.90 63.10 604 53.72 46.28 230 75.61 24.39 596 36.66 63.34 146 73.74 26.26 112 67.82 32.18 International 200 24.53 75.47 120 36.17 63.83 55 60.43 39.57 56 50.88 49.12 76 20.83 79.17 57 25.00 75.00 Source: Thomson Reuters

Fxall and EURHRK Corporate driven , tier 2 banks as market takers 25 Global banks as market makers 65 corporates FOC for market takers MIFID regulated – registered MTF First local market maker – Privredna Banka Zagreb Source: Thomson Reuters

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Who is trading with whom? - Spot total 36.51 Bln - Local/Local fell 10% ag 2015 - Intl/Intl rose 5% ag 2015 (5.22 Bln) - Intl/Intl trade more in USDHRK (70/30) Source: Thomson Reuters

Who is trading with whom? - Swap total 78.37 Bln Intl/Intl fell 12% ag 2015 Local/Intl fell 22% ag 2015 - Intl/Local rose 33% ag 2015 Source: Thomson Reuters

Source: Thomson Reuters

Market share with internationals Source: Thomson Reuters

Market share locals Source: Thomson Reuters

Corp/Insti 2012-2016 avrg monthly

Spot vol/EURHRK rate

Liquidity/rates correlation

Key takeaways We need more volatility 2. Most of EURHRK liquidity is with Thomson Reuters