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Unlocking the potential …. steps required to:-. Become a recognised International Financial Centre Become a recognised G8 currency Become a reserve currency. 24 hour/day market. CLS end of 2014?. Transparency/Price discovery. Spread compression. RTGS (IRSF) end of 2012?.
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Unlocking the potential … steps required to:- Become a recognised International Financial Centre Become a recognised G8 currency Become a reserve currency 24 hour/day market CLS end of 2014? • Transparency/Price discovery • Spread compression RTGS (IRSF) end of 2012? • Depth • TODAY
Past performance cannot guarantee future trends… or can it? 17% 83% ADV by execution method 30% 70% ADV by location ADV 2012 v 2008 = 14,452 % increase 31% 69%
Spot Market Evolution • Real-time market surveillance • Address disruptive behaviour • Clean up market ecology • Ai policies: guidelines • Price granularity review (1/4 kopek) • Ai min order size • MQL or ‘Hold-in timer’ • Quote fill ratio • Make/Take MICEX 10-5pm EBS USD/RUB 5/100 MICEX 1/100 EBS & Reuters 24/7/365 EBS & Reuters USD/RUB 1/100 MICEX 10-7pm MICEX BKT 5pip pricing EBS creating a genuine source of liquidity
What presses your buttons? Whose buttons SHOULD you be pressing? 27 cities in 18 countries have traded RUB on EBS