Interdealer ICAP has announced the addition of spot Indian rupee (USD/INR) and INR Fix trading on the EBS Market Trading Platform , its flagship anonymous platform in India. Trading on EBS Market began last month with an initial launch of all G7 securities being available. The addition of rupee products is meant to provide local traders a greater offering to meet their onshore banking needs.
The recent launch of EBS Market is part of ICAP India’s move to provide electronic trading for a greater range of products. According to ICAP India, the 40 person unit is the largest interdealer of Government Securities, Corporate Bonds, and Fixed Income Derivatives in the country. Beyond Spot FX trading, ICAP India expects to also launch electronic trading in Interest Rate Swaps, FX Forwards and Corporate Bonds in the future.
EBS launches two new rupee products in India 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."
