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EBS, Gain trading rouble on FX trading platforms

Reuters - UK Focus

NEW YORK, Dec 16 (Reuters) - Russia's rouble traded on two separate foreign exchange trading platforms on Tuesday despite extreme volatility in the currency.

EBS, owned by London-based broker and Gain Capital (NYSE: GCAP - news) said it is business as usual in terms of rouble trading. The ICAP subsidiary has been a major provider of liquidity for the rouble the last few years.

In the case of Gain, the company said it increased the margin requirement for trading in the U.S. dollar/rouble to 20 percent from 2 percent. This means that customers who want to deal in the currency pair should deposit at least 20 percent of the total funds required for the trade.

The rouble fell by up to 25 percent on Tuesday despite Moscow raising official interest rates to 17 percent from 11.5 percent overnight, prompting speculation there would be moves to halt a further exodus of capital. (Reporting by Gertrude Chavez-Dreyfuss)