ICAP/EBS – Growth of the e-OTC Ruble Markets 7 th International Ruble Settlement Forum 14 April 2009.

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Presentation transcript:

ICAP/EBS – Growth of the e-OTC Ruble Markets 7 th International Ruble Settlement Forum 14 April 2009

2 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

3 EBS/Ruble – Product split trend Ruble currency pairs trend – Jan 2008 to Feb 2010

4 EBS/Ruble – Regional split trend Ruble trading by region – Jan 2008 to Feb 2010

5 EBS/Ruble – Counterparty growth Ruble ADV and counterparty growth trends – Mar 2008 to Feb 2010

6 EBS/Ruble – Regional make/take ratios Onshore/offshore liquidity provision ratios 66% ONSHORE ] [ 36% OFFSHORE

ICAP CONFIDENTIAL7 EBS/Ruble – Currency pair development Ruble currency pair/trading opportunities development – Feb 2008 to Feb 2010

8 EBS Russia-based currency activity Russia Based Traders – Currency Split – Dec 2009 to Mar 2010

9 Ruble Pairs – Manual/Ai Split Jan 09 to Apr 09Jan 10 to Apr 10 MTD Manual Ai

ICAP CONFIDENTIAL10 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 plc 2 Broadgate, London EC2M 7UR +44 (0)