etc the role of the idb. paul guire 17-19 th june, world bank conference, johannesburg. icap
TRANSCRIPT
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The role of the IDB.Paul Guire
17-19th June,World Bank Conference,
Johannesburg.
ICAP
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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.
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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
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