Olfa Trade, a leading IT solutions firm for the banking and financial services industry has announced its dedicated connection linking London to Moscow thus giving traders using Seamless FX, its bespoke ECN service, fast and seamless accessibility to G10 currency trading.
“This direct line is a huge improvement for Russia. It will allow a super fast execution, and dramatically reduce the rejection rate Russia is suffering from on a regular basis even though it’s a fast growing market, becoming more and more important in FX everyday, said Fabrice Benouaich,” CEO of Olfa Trade in a comment to Forex Magnates.
Russia, part of the BRICS, is gradually liberalizing its economy and becoming a free and open business environment for foreign investors. The move by Olfa Trade highlights the growing importance of Russia and the wider region in international trade and commerce.
Olfa Trade offers its institutional trading platform, Seamless FX, which is an ultra low latency order matching portal. Clients using the multi bank trading platform will be able to trade the G10 with low latency and avoid downtimes and frozen quotes, in addition the new connection gives 99.99% availability which will reduce rejection rates. Olfa Trades M9-LD4 connection is based on Ethernet over MPLS 1G circuit.
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Since the 1997-98 Russian economic crisis the world’s tenth largest economy (by GDP according to the United Nations) has strengthened its currency. In the midst of the crisis the Central Bank of the Russian Federation decided to abandon the “floating peg” policy and float the ruble freely. By 21 September 1998 the exchange rate had reached 21 rubles for one US dollar, meaning it had lost two-thirds of its value of less than a month earlier.
The ruble is currently trading at 31.36 against the USD.
The ruble is traded on leading dealer to dealer portals such as Reuters and EBS, its recent adoption of real-time gross settlement (RTGS) and its proposed inclusion in the CLS will complement its role as a genuine tradable currency. On the country’s main trading bourse, average daily trading volume in 2012 was more than (USD) $14 billion in FX spot and swaps, with the lions share of transactions going to USD RUB.
The institutional foreign exchange market suffered immensely in 2012 due to the global economic slow down and the on-going european debt crisis. Volumes were as low as 30% from record trading in the volatile months of August and September 2011. Olfa Trade is bullish on the market and expects trading volume to increase with its new initiatives.