Unlocking the potential …
steps required to:Become a recognised International Financial Centre
Become a recognised G8 currency
Become a reserve currency
24 hour/day market
CLS
end of 2014?
RTGS
(IRSF)
• TODAY
end of 2012?
•Transparency/Price
discovery
•Spread compression
•Depth
Past performance cannot guarantee
future trends… or can it?
Counterparts
17%
Onshore
Offshore
83%
ADV by execution method
30%
Ai
70%
Manual
ADV by location
ADV 2012 v 2008 = 14,452 % increase
31%
69%
Onshore
Offshore
•Real-time market surveillance
TIMELINE
MICEX BKT 5pip pricing
MICEX 10-7pm
•Address disruptive behaviour
EBS USD/RUB 5/100
EBS & Reuters USD/RUB 1/100
EBS & Reuters 24/7/365
MICEX 1/100
MICEX 10-5pm
Spot Market Evolution
•Clean up market ecology
•Ai policies: guidelines
•Price granularity review (1/4 kopek)
•Ai min order size
•MQL or ‘Hold-in timer’
•Quote fill ratio
•Make/Take
FUTURE
EBS creating a genuine source of liquidity
What presses your buttons?
Whose buttons SHOULD you be pressing?
27 cities in 18 countries have traded
RUB on EBS