1. EURHRK Trading statistics
REUTERS / Jason Lee
EURHRK Trading statistics
Ivan Ilekovic
ACI Croatia Savudrija

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

3. Spot flow by month
Source: HNB

4. Spot by participants
Source: HNB

5. 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

6. 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

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

8. Source: Thomson Reuters

9. 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

10. 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

11. Define, Achieve and Demonstrate Best Execution
What about Best Execution for “FX only...”
BestX...a Technology company providing Independent Trade Analytics that enable clients to:
Define, Achieve and Demonstrate Best Execution
Assess and Compare Quality of their FX execution
Focus on Foreign Exchange
Includes Spot
Independence
Superior Analytics
FX Relevant TCA
STP with FXT & FXall (MTF)
Venue Agnostic
Leverages TR Market Data
Partnership with BestX
- connectivity via FXT & FXALL, trades sent automatically to Best Xfor indipendent Transaction Cost Analtysis.
BestX wil leveerage FX market Data to calibrate and power their propritary models.
ASSET MANAGERS, HEDGE FUNDS and Buy Side ( Corporates / Wealth Advisors)
TR has Minority Equity Stake in BestX and a rep in their board.

12. Who is trading with whom?
- Spot total 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

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

14. Source: Thomson Reuters

15. Market share with internationals
Source: Thomson Reuters

16. Market share locals
Source: Thomson Reuters

17. Corp/Insti 2012-2016 avrg monthly

18. Spot vol/EURHRK rate

19. Liquidity/rates correlation

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