Centralized Credit FX Market Place R5FX Launches Indian Rupee Trading
The launch coincides with the official two-day visit by Indian Prime Minister Narendra Modi to the UK capital
Centralized credit foreign exchange marketplace for emerging markets currencies, R5FX, has announced that it is adding the Indian rupee to its offering. Earlier this year, the company launched live trading on Latin America currencies, namely the Brazilian real, the Chilean peso and the Colombian peso.
Increasing demand from investors keen to trade emerging markets currencies has been cited by ICAP (LON:IAP) as a key factor driving growing trading volumes to its electronic trading platform EBS.
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The launch coincides with a two-day visit by Indian Prime Minister Narendra Modi with scheduled talks set to focus on international trade relations between the UK and India.
India is investing in the UK more than in the remaining European Union states combined
Looking at the major G20 economies, the UK is holding the top investor spot, while India is investing in the UK more than in the remaining European Union states combined.
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In July, the FinTech startup R5FX announced a technological partnership with smartTrade to deploy its solution to the market. It is aiming to overcome the traditional challenges when trading emerging market currencies, such as the different instruments through which they are traded.
Demand for Indian rupee trading is rapidly growing and the launch can be associated with stronger financial ties between the UK and Asia’s fastest growing economy.
Commenting on the launch, the CEO of R5FX, Jon Vollemaere stated, “Launching Indian rupee during Diwali marks the next phase of our roll-out, as we continue to improve liquidity and add more emerging market currencies to the R5FX marketplace.”
Our immediate next step is to build Indian rupee liquidity during the London trading day
“Moving forward, we will continue to innovate and launch additional currencies, to deliver on our promise of a world-class dedicated emerging market platform. Our immediate next step is to build Indian rupee liquidity during the London trading day.”
Indian rupee trading is available on both InterBank and OpenMarkets liquidity pools. InterBank is designed for bank traders only, whilst OpenMarkets is open to all institutional FX traders, from banks and non-banks.
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