EBS BrokerTec adds new TOD/TOM instrument to NDF offering

EBS BrokerTec, the Forex and fixed income arm of ICAP plc (LON:IAP), announces today the addition of a new non-deliverable forward (NDF) instrument – one month against the fix, to be called TOD/TOM.

EBS Market is offering an electronic solution for trading today (TOD) and tomorrow’s (TOM) fixing against the one month. The EBS Market platform ensures TOD/TOM trades are all executed at the same industry-leading standard as the rest of the products on the platform.

The new TOD/TOM product will be easy to use with automated straight through processing, trade auditing processes and pre-screened credit. In the first phase of the launch customers will initially be able to trade Off-SEF instruments across Asian NDFs. On-SEF instruments and Latin American NDFs will be offered in subsequent months.

The new TOD/TOM product is a complementary instrument to the one-month outright. The launch comes in response to client demands for consolidated liquidity that makes trading execution and risk management more efficient.

Commenting on the launch, Darryl Hooker, Co Head of EBS BrokerTec Markets said:

“The EBS Market platform has established itself as key to trading NDFs electronically and has seen meaningful support from clients which is reflected in strong volume and counterparty growth. We have taken the lead in automating what has until now been a very manual process, and believe the new TOD/TOM product will fit seamlessly with the existing NDF offering. In particular we see real interest from clients already trading in the one month outright product.”

You can view the full announcement from ICAP by clicking here.

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