ICAP completed the first-ever non-deliverable FX swap trade on the EBS platform. The trade was completed on June 13 between two large non-deliverable forward market participant banks based in Asia.
The non-deliverable FX swaps product on EBS is a new electronically traded instrument which was launched this week and is available in Asian and Latin American deliverable FX swaps (excluding Brazil). The product was designed to add ease and accuracy to a traders FX positions management. With the introduction of NDS on EBS, FX traders are for the first time able to electronically trade two fixing swaps against one month.
The launch of NDS on EBS highlights ICAPs continued commitment to delivering innovative and market leading solutions to customers by increasing the efficiency of flow and position management, David Rutter, CEO of ICAP Electronic Broking, says. The addition of non-deliverable FX swaps to the EBS platform along with the existing spot, precious metals and NDF outright products further strengthens the EBS offering for traders in both established and emerging growth markets. By introducing the transparency and efficiency of electronic trading to the non-deliverable swaps market, NDS on EBS seeks also to support the changing regulatory landscape in OTC derivatives markets.
(CM)