EBS Market launches End of Month Indian rupee Non-Deliverable Forward
05 January 2015
London, Singapore, New York, 5 January 2015 – EBS, ICAP's market-leading electronic FX business, announces today that it has completed a pilot and will launch the first purely electronic over-the-counter, end of month (EOM) non-deliverable forward (NDF) contract on the EBS Market platform.
The Indian rupee (INR) contract, which is initially being launched off-SEF will be a liquid fixed date contract which replicates the structure of a futures contract and aligns with INR futures dates. The liquidity and tenor will be particularly appealing to customers that do not have access to a futures exchange for executing orders and hedging. The EOM INR NDF offers open access to all EBS participants that are able to trade off- SEF and will complement the existing 1 month O/R.
EBS will offer two fixed date EOM contracts at any time, with settlement dates set for the last business day of that month and the following month respectively.
Commenting on the new offering, Christopher Soriano, Global Head of NDFs at EBS said: “We’ve invested heavily to build our NDF offering and as a result, have seen significant growth. This has allowed us to respond to customer demand for specific products such as the EOM NDF, which is a natural progression from our existing 1 month outright offering. The EOM NDF is well-suited to electronic trading and customer feedback has been positive. We expect it to be an additive source of liquidity that will gain traction and build towards similar offerings in other NDF pairs.”
The EBS NDF offering has seen significant growth over the last 12 months as emerging market currencies move to electronic trading alongside overall increased liquidity and volumes. Volumes in the INR NDF account for approximately a third of EBS’s current total NDF volumes.
|Bryony Scragg ||Communications UK ||+44 (0) 20 7050 7124|
|Guy Taylor ||Communications US ||+1 212 341 9759|
|Michelle Gathercole ||Argentus PR ||+44 (0) 20 7397 2949|
ICAP's award-winning EBS business is at the heart of electronic spot FX trading and remains the core source of genuine, executable spot FX liquidity and independent benchmark pricing for professional trading counterparties in all market conditions.
EBS's platforms deliver reliable, efficient and effective access to spot FX, precious metals and NDF traders globally, in both established and emerging markets, offering optimal price discovery and execution, and support a wide range of FX trading strategies, as well as API and manual trading. For more information, go to www.ebs.com.
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.