ICAP, an interdealer broker, announced last Thursday that it is making non-deliverable forwards (NDFs) on seven Asian currencies available on its electronic foreign exchange trading platform EBS on 3 March, expanding its FX product offering.
The Asian NDFs are in Chinese renminbi, Korean won, Indian rupee, Indonesian rupiah, Malaysian ringgit, Philippine peso and Taiwan dollar, and are of one month duration.
“As the NDF markets continue to develop and become more commoditised, our clients increasingly benefit from an electronic trading solution," notes David Rutter, deputy CEO, ICAP electronic broking. "The NDF market is maturing and with this initiative, we are responding to client demand for the certainty of trade, liquidity and transparency that can best be provided via the EBS platform. These NDFs will be available to EBS clients through the same channels as ICAP’s existing spot FX product offering,” he explains.
"As emerging markets volumes continue to grow there is an increasing appetite for electronic trading in NDF currencies," comments Benoit de Vitry, global head, commodities and emerging markets, Barclays Capital.