EBS, a leading provider of electronic trading platforms and technology services in foreign exchange markets, today announced that it has conducted the first ever African NDF trade conducted on a Central Limit Order Book (CLOB) trading platform.
The USD/KES (Kenyan Shilling) 1-month NDF trade was executed on EBS Market on October 23, between Bank of America and Citi.
Following growing client interest to trade African currencies electronically, EBS has also added the following 1-month NDF currency pairs to its established NDF business: USD/ NGN (Nigerian Naira), USD/ZMW (Zambian Kwacha), USD/GHS (Ghanaian Cedi).
"As capital markets in Africa continue to evolve, EBS is well positioned to support the switch to a fully electronic solution, with genuine liquidity and trades executed anonymously between market participants on our CLOB platform", said Jeff Ward, Global Head of EBS. "Having successfully grown our Asian NDF franchise over the past five years, we see huge opportunity in expanding into African NDFs and will work with clients to build liquidity and add further currency pairs in the near future."
Source: CME Group
