The announcement on February 12 by Icap that its spot foreign exchange platform, EBS, had launched rouble trading appears to have been warmly received by most market participants. A day later, Euroclear, the pan-European central securities depositary, said that it would now accept the rouble as a settlement currency.
Asked for his view on EBS’s decision, a senior figure at a major emerging markets player says: “It looks good to me. It should really compress brokerage as the currency makes the shift from NDF (non-deliverable forward) to deliverable.
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