etc

The role of the IDB.Paul Guire

17-19th June,World Bank Conference,

Johannesburg.

ICAP

etc

The characteristics of an IDB.

IDB’s disseminate & present price information to market practitioners.

IDB’s prices are unbiased , derived only from market driven forces.

IDB’s do not take positions. IDB’s are regulated and are obliged to

share equally and in a timely way the price activity.

IDB’s generally can tap into a global network across a wide spectrum of products.

etc

The product range for a globalIDB.

Foreign Exchange - Spot , Forwards , NDF’s, FX options

MMKTS - Deposits , CD’s , Commercial paper.

Derivatives - Fra’s, IRS’s , Swaptions. Repos – Govt Bonds , Domestic debt,

Emerging debt Fixed Income - New

Issues,Primary,Seconadary, Bond options. Commodoties / Energy - Fwd Contracts,

Options Equities - Execution, derivatives,futures.

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The power of networks !

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The domain of the IDB.

Central Banks Corporates

Hedge FundsBuy-side Customers

InvestmentHouses

Foreign Banks

CommercialBanks

Domestic Banks

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For or against IDB’s ? IDB’s deliver market transparency. IDB’s provide timely price information. IDB’s speed of distribution is exponential. IDB’s provide consolidated pricing-often with mkt depth. IDB’s can offer both voice and system solutions. IDB’s market products over a wider network.

Dealers can profit from opaqueness .

Individual dealers have confined networks.

Invariably the choice with dealers is one or the other.

Dealers offer only prices from their own inventories.

Dealers rely on limited distribution from a salesforce.

Dealers exploit anomalies of knowledge.

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The first growth !Foreign

exchange

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Activity creates interest….Interest creates

activity = Liquidity

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Liquidity sprouts confidence

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The differing approaches.

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The ICAP approach !

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The global E-product range.

*US Treasury off the runs.*Sovereign and Supranational

Eurobonds.*Corporate Bonds.*Japanese Government

Bonds.*Australian $ Government

Bonds.*UK Government (Gilts)

Bonds.*Emerging Market

Eurobonds.*Eurobond New Issues.

*ZAR Government bonds (Most recent launch)

*Spot foreign Exchange

*Forward foreign exchange

*Central bank FX exchange Auctions.

*Domestic bond primary Auctions

*Equities

*US Treasury Benchmarks.

*US $ Agencies.*European Govt Bonds.*European Govt Bond

Repo.*German Mortgage

Bonds.*Sovereign &Supra

Repos

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ICAP’s Global Reach

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Thank You

www.icap.c

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