Icap has announced a major drive to enhance access to additional electronic liquidity in the Russian rouble around the globe.
The business has launched electronic trading in the rouble on the EBS global FX trading platform, with the currency available to trade against the US dollar as the USD/RUB currency pair, with a one-day value date.
EBS is the source for global liquidity and trading in the G7 currencies including the US dollar, euro and yen, so traders can deal in the rouble on the same screen and platform as the other major global currencies.
Presenting rouble currency pairs as an EBS price panel puts the currency in front of thousands of EBS trading institutions across both emerging and developed markets, leading to increased, additional liquidity.
Darryl Hooker, emerging markets, developing currencies and precious metals manager, EBS, said: "Rouble traders have told us they need access to the electronic global book on one dealing screen and for price, depth and liquidity and for access to trading on the G7 currencies.
"Our position as the global provider for the major traded currencies, particularly the US dollar, euro and yen pairs, make us an obvious choice for these traders. EBS is ideally suited for e-trading in emerging market currencies like the Rouble.
Darren Barker, Head of Foreign Exchange, RZB, London, said: "Electronic trading in the rouble is a natural progression and will benefit liquidity and the global FX market as a whole.
"There is an expanding market in rouble trading and real opportunity to develop this in the core FX trading centres like London through e-trading.
"Visibility is key and this move will get the rouble in front of many more spot traders who can view and trade it alongside the other major currencies on EBS.
"We feel this will create significant trading opportunities for both investment and risk management. We've certainly had a lot of interest from clients in the rouble."
EBS Spot is an award-winning screen-based anonymous dealing system for professional spot traders, operating 24 hours a day, seven days a week. The continued increase in volume of deals transacted daily through EBS Spot creates unparalleled liquidity and access to a global community of traders, bringing together buyers and sellers, bids and offers in an orderly marketplace.