EBS launches two new rupee products in India
27 February 2013
Spot USD/INR and INR Fix available for onshore customers
London and Mumbai, 28 February 2013 – EBS, ICAP's market-leading electronic FX business, today announces the launch of two new products on EBS Market, its flagship anonymous platform in India.
The first trade in EUR/USD was executed by a major Indian private sector bank on the EBS Market on 24 January and spot USD/INR (US dollar/Indian rupee) is now available for onshore bank customers to trade. The Indian rupee is already one of the top 20 most traded currencies globally and this is set to increase when it becomes fully convertible.
In a first for an electronic trading platform in India, the INR Fix is now also available for onshore bank customers to trade on the EBS Market and will provide traders with the ability to match corresponding interests to buy and sell trades.
In addition to spot USD/INR and the INR Fix, banks in India that satisfy eligibility criteria now have the opportunity to trade all G7 currencies available on the EBS Market, in addition to a wide range of emerging market currency pairs.
Ashok Gautam, Head of Global Markets at Axis bank, Mumbai said: "EBS provides access to unparalleled liquidity and depth for FX globally and is a welcome addition in India for the professional trading community. It is a tremendous development in the onshore rupee market for market participants to have the ability to trade both the spot INR and fix alongside the G7 pairs through EBS."
Digant Bhansali, Vice President at ICAP India, commented: "ICAP recognises that emerging markets are one of the prime growth areas in FX and that India is one of the cornerstones of that growth. The launch of the EBS Market platform in India leverages the expertise and local market knowledge of ICAP India, which has been successfully established in the country for more than a decade, with the world's leading electronic FX trading platform."
Darryl Hooker, Global Head of Emerging Market Sales at EBS, said: "India is a market with tremendous growth potential and this marks an exciting new development for EBS, with more than twenty banks now ready to access the largest source of genuine, executable spot FX liquidity. EBS Market customers in India will be able to trade in a stable environment that promotes fair access for all participants, on a system supported by robust, proven technology."
|Serra Balls ||Head of Public Relations ||+44 (0)20 7050 7124 |
|Alex Dee ||Head of Investor Relations ||+44 (0)20 7050 7123 |
|Andrea Coleman ||Maitland ||+44 (0)20 7395 0420 |
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.
About ICAP India
ICAP plc has a presence in India in the fixed income and foreign exchange markets under the common brand of 'ICAP India Private Limited'. The Forward Rupee business established in 1997 has grown to become amongst the largest FX brokers in India. The Fixed Income business established in 1999 acts as an interdealer broker in the Indian Government Bonds, Corporate Debt and Interest Rate Swaps markets. Each desk is independently recognised as the number one broker in the market. The India operation has a total of 65 staff. ICAP plc has a 51% share holding in ICAP India Private Limited.
ICAP is the world's leading interdealer broker and provider of post trade risk 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 our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.