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EBS BrokerTec, ICAP’s electronic foreign exchange (FX) and fixed-income arm, has launched a new non-deliverable forward (NDF) instrument, tapped TOD/TOM, amidst mounting client demand, per a recent EBS report.
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TOD/TOM stands for EBS’ solution for trading today (TOD), coupled with tomorrow’s (TOM) fixing against the one month. The new product will be utilized via straight through processing (STP), in conjunction with other trade auditing processes. EBS has opted to trade Off-SEF instruments across Asian NDFs. By extension, ... (read more)