Emerging MarketsICAP is active in many emerging markets across Asia, Latin America and Africa. We are active in supporting emerging economies with trading and development of their FX, interest rate, government bond and corporate bond markets.
Emerging market activity has seen some slowdown following many years of very strong growth, however ICAP has been investing selectively in the market, notably in Brazil. ICAP agreed to acquire Arkhe, a leading independent broker in Brazil, in November 2008. We expect to complete this transaction in mid 2009.
We also entered into a joint venture with the Banco Centroamericano de Integracion Economica, a multilateral bank in Honduras formed by Central American governments. These actions have strengthened ICAP’s presence in Latin America, where it has offices and staff in Argentina, Brazil, Chile, Colombia, Ecuador and Mexico. ICAP also introduced new Latin American NDF FX contracts in the Argentine peso, Chilean peso, Colombian peso and Peruvian nuevo sol.
The Central European economies have slowed in line with the global economy but we are seeing positive development in the Russian rouble market as well as increased trading in Gulf Cooperation Council currencies in the Middle East.
In Africa, we successfully concluded bond transactions in several countries, including Nigeria, Kenya, Zambia and Mauritius, and we are developing the business throughout Africa from our office in South Africa.
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