GL TRADE, a provider of integrated solutions for financial institutions, working in partnership with the London Stock Exchange (LSE) and its derivatives business EDX London, will hold its first joint trading forum in Moscow on 29 March. The forum will give an overview of the LSE’s International Order Book (IOB) and the newly launched EDX Russian IOB Equity Derivatives Services.
The LSE IOB is designed to enable investors to unlock the potential of the world’s fastest growing markets, including Central and Eastern Europe, Asia and the Middle East, the firm says. The service is based on an electronic order book similar to SETS but with the added option for member firms to display their identity pre-trade by using named orders, offering greater visibility.
EDX London Russian Equity Derivatives Service, launched in December 2006, enables equity and index derivatives based on IOB Russian Depository Receipt instruments to be traded on-exchange and cleared by LCH.Clearnet.
“We are excited to be able to participate at this event,” says Dean Noble, head of business development, EDX London. “The LSE’s International Order Book has seen a sharp rise in volumes with Russian Depository Receipts (DRs) accounting for 80% of the value traded. Since the launch of the Russian derivatives service, EDX London has seen over $1 billion value traded in the new derivatives by 20 different members. A significant proportion of that interest has come from the Russian domestic market,” adds Noble.
Alex Dalley, head of membership at the LSE, comments, “The exceptional growth in activity in London on our IOB over the last four years has fuelled interest in taking membership of the LSE and in direct market access options. We currently have over 120 members from 15 countries actively trading Russian DRs on our IOB, and in January 2007 the IOB saw over $30 billion worth of trading. Developments in order management, handling and routing technology continue to be pivotal in lowering barries to entry.”