EBS Prime Customer program

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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
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EBS/Ruble Product split trend
Ruble currency pairs trend Jan 2008 to Feb 2010
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4
EBS/Ruble Regional split trend
Ruble trading by region Jan 2008 to Feb 2010
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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
8
EBS Russia-based currency activity
Russia Based Traders Currency Split Dec 2009
to Mar 2010
9
Ruble Pairs Manual/Ai Split
Ruble Pairs Manual/Ai Split
Jan 09 to Apr 09
Jan 10 to Apr 10 MTD
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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 dont 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
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