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access to roughly 10 per cent of EURUSD prices

English translation: Restricted market access given credit line restrictions

14:18 Feb 14, 2005
English language (monolingual) [PRO]
Bus/Financial - Finance (general) / FX
English term or phrase: access to roughly 10 per cent of EURUSD prices
An EBS Spot bank in Asia with limited access to the market increased its average daily trading volume on EBS from USD 2.5 million to USD 30 million using EBS Prime.

Before it became an EBS Prime Customer, this bank had bilateral credit with 40 EBS Spot floors resulting in access to roughly 10 per cent of EURUSD prices.

What does this 'access to roughly 10 per cent of EURUSD prices ' in the second sentence mean?
Edward LIU
Canada
Local time: 11:06
Selected answer:Restricted market access given credit line restrictions
Explanation:
First of all, EBS is a foreign exchange trading platform, so this *is* about the EUR/USD FX market. Given the inherent counterparty risks in FX trading (a spot EUR/USD trade means two payments in different time zones - a lot can go wrong in between, as demonstrated by Herstatt and Barings), having credit lines with key market participants is crucial for market access. The bank in question was previously only accepted as a trading counterparty by 40 trading participants, as a result of which 90 percent of the pricing action in that currency pair was 'off limits'.
Selected response from:

Ralf Lemster
Germany
Local time: 17:06
Grading comment
Thank you very much for your expertise.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +1Restricted market access given credit line restrictions
Ralf Lemster
2 +210% of the trading volume
Charlesp
1access to roughly 10 per cent of the exchange earnings from Euros to Dollars
Clauwolf


Discussion entries: 2





  

Answers


41 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +2
access to roughly 10 per cent of EUR/USD prices
10% of the trading volume


Explanation:
I'll guess - meaning 10% of the volume on this paticular trading platform. But beware, this is only a quess from the information you have provided.

Charlesp
Sweden
Local time: 17:06
Specializes in field
Native speaker of: English
PRO pts in category: 27

Peer comments on this answer (and responses from the answerer)
agree  George Thomson: access to approximately 10% [...]
28 mins
agree  David Knowles: It could be 10% of the number of stocks traded, but your interpretation is more likely. I'm not sure about EURUSD - is it Eurodollar or "stocks denominated in Euros or USD"? It doesn't seem to be the EUR:USD exchange rate.
50 mins
neutral  Ralf Lemster: Close - it could well be 10% of the trading volume, although the emphasis is on the pricing action (BTW re David: this *is* about EUR/USD FX...)
1 hr
  -> Admittedly, a bit of a guess on my part.
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49 mins   confidence: Answerer confidence 1/5Answerer confidence 1/5
access to roughly 10 per cent of eurusd prices
access to roughly 10 per cent of the exchange earnings from Euros to Dollars


Explanation:
:) Just a guess

Clauwolf
Local time: 12:06
Works in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 23
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
access to roughly 10 per cent of eurusd prices
Restricted market access given credit line restrictions


Explanation:
First of all, EBS is a foreign exchange trading platform, so this *is* about the EUR/USD FX market. Given the inherent counterparty risks in FX trading (a spot EUR/USD trade means two payments in different time zones - a lot can go wrong in between, as demonstrated by Herstatt and Barings), having credit lines with key market participants is crucial for market access. The bank in question was previously only accepted as a trading counterparty by 40 trading participants, as a result of which 90 percent of the pricing action in that currency pair was 'off limits'.


    Reference: http://www.ebs.com/
Ralf Lemster
Germany
Local time: 17:06
Specializes in field
Native speaker of: German
PRO pts in category: 143
Grading comment
Thank you very much for your expertise.

Peer comments on this answer (and responses from the answerer)
agree  Charlesp: very good and comprehensive answer
2 days 16 hrs
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