Icap adds US dollar/Turkish lira currency pair to EBS

The introduction of the US dollar/Turkish lira (USD/TRY) follows increased market demand for the 'new' Turkish lira, introduced by the Turkish government in January 2005, and the currency's increasing importance in the global FX markets.

The new product marks a further expansion into emerging market currencies on the EBS trading platform. ICAP currently offers electronic trading in almost 30 currencies and precious metals as well as 35 currency pairs. Making the USD/TRY pair available on the same EBS screen as the other major currency pairs makes it easier and more efficient for FX traders to manage their positions.

Darryl Hooker, Emerging Markets Manager at ICAP Electronic Broking said: "The Turkish lira is one of the most attractive high yield currencies in the market and we have seen strong demand from our customers for this product. Offering US dollar/Turkish lira on the EBS platform offers our customers an exciting new trading opportunity and opens access to EBS for a new set of market participants,."

Kerrar Kulak, Head of Trading at BCP Geneva said: "Adding the Turkish lira to EBS recognises the increased focus of the global investor community on the lira as a key emerging global currency. The arrival of EBS in Turkey will certainly prompt a big change and further enhance liquidity, benefiting both local importers and exporters and broadening the pool of global investors active in the Turkish lira."

The new product is also available for customer access through EBS Prime - a facility that enables customer banks to view and trade on the best prices available to the world's leading FX banks on the EBS system. Access to tighter prices and a greater depth of liquidity from the world's leading market making banks offers customer banks increased revenue opportunities and liquidity, improving their competitive position in the market.