e-FOREX : INTERVIEW
Operating in local markets is made easier by a genuine understanding of the key issues – infrastructural, regulatory, cultural and historical – facing each specific market, and being able to offer a tailored, relevant solution or proposal. What makes EBS successful in establishing itself in new markets is the strength of our leadership and track record, significant forward planning and resource investment, as well as our ability to maintain focus and patience as less-developed, less-liberal FX markets grapple with and then over time begin to embrace the benefits of electronic OTC trading.
We also have the advantage of being able to leverage partnerships with local ICAP voice businesses, as well as domestic institutions. In Brazil, for example, we’re working closely with the banks and regulators to develop the markets there.
We’re also currently exploring the possibility of offering execution in local emerging market currencies, such as the Brazilian real and Indian rupee.
Can you give us some examples of where ICAP is making longer term investments in new “Greenfield” marketplaces around the world to improve settlement infrastructures and help promote electronic trading?
Again, Russia springs to mind. Te Russian payment system poses a considerable challenge to efficient ruble settlement and for a long time there was little information available to market participants about its unique requirements.
ICAP has taken proactive steps to address this situation and in 2007 founded the International Ruble Settlement Forum (IRSF). Trough the forum we aim to facilitate a commitment between
all correspondent ruble banks in Russia to use BESP, a real-time gross settlement system created by the Central Bank of Russia, which goes a long way to solving the great majority of payment issues associated with the current BRPS payment system.
Te IRSF is now a regular event, held twice a year, alternating between London and Moscow, and has the support of all major ruble market participants. ICAP will be hosting the eleventh IRSF in London on 24 April.
What feedback have your clients been giving you on where they would like the resources of ICAP to be focused on further specific development of your e-FX products in the near to medium term?
Since 2003 we’ve conducted annual customer satisfaction surveys, which provide us with benchmark data to track our performance and help us understand what we should focus on delivering.
Te most recent surveys report that liquidity is the number one priority across all our customer groups, while manual traders in particular have indicated that they want us to continue developing new order types that will help them compete in an increasingly automated trading environment.
So continuing to examine market behaviour in order to ensure that EBS remains the core source of deep liquidity in this new, more automated world is absolutely paramount.
Looking ahead what steps will ICAP be taking to maintain your competitive edge in FX and differentiate your services in the electronic trading space?
We take our position at the heart of the OTC financial markets very seriously and work hard to ensure we never stand still.
“In Brazil, for example, we’re working closely with the banks and regulators to develop the markets there.”
We’re committed to a consultative approach and ongoing engagement with our large, diverse customer base to ensure their requirements are anticipated, understood and satisfied. We’re
continuing to meet regularly with our customers and are striving to deliver intelligent solutions that create an even better trading experience on EBS.
I think all market participants can expect to face a number of challenges over the course of the next 12 months but we believe our plans for the coming year will go a long way to helping us and our customers maintain an edge in an increasingly competitive marketplace.
80 | april 2012 e-FOREX
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