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ICAP/EBS – Growth of the e-OTC Ruble Markets

ICAP/EBS – Growth of the e-OTC Ruble Markets. 7 th International Ruble Settlement Forum 14 April 2009. EBS Russian Focus. Market of top priority International Rouble Settlement Forum MICEX BKT/RUB unique to EBS platform.

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ICAP/EBS – Growth of the e-OTC Ruble Markets

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  1. ICAP/EBS – Growth of the e-OTC Ruble Markets 7th 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 3

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

  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

  7. EBS/Ruble – Currency pair development Ruble currency pair/trading opportunities development – Feb 2008 to Feb 2010 ICAP CONFIDENTIAL

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

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

  10. 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 CONFIDENTIAL 10

  11. ICAP plc 2 Broadgate, London EC2M 7UR +44 (0)20 7000 5000 www.icap.com

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