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It also enables users to choose their trading partners and includes non-banks. EBS Direct pulls together prices from multiple venues so that traders can see more of the market. Once that is done and the speed performance of the platform is significantly enhanced, Im expecting the growth trajectory to continue.Ĭurrency trading around the world has fragmented between many different platforms, according to the Bank for International Settlements.
ICAP EBS UPGRADE
We effectively throttled the platform in the short term while we upgrade the speed dynamics of it, he said. There were signs that EBS Direct struggled to weather fast moving markets, resulting in rejected client orders, ICAP Chief Executive Officer Michael Spencer said today in a conference call. The company has dominated the market for foreign-exchange trading between banks along with Thomson Reuters Corp.
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ICAP created the venue as it looked for ways to fight back against declining demand for its EBS Market platform, where trading takes place anonymously. However the platform, which discloses the identity of parties to a transaction, had average daily volume of about $19 billion last month, roughly unchanged from September. The EBS Market connects buyers and sellers of currencies in over 50 countries across six continents.EBS Direct, launched a year ago, had a single-day record of $28 billion, the broker said in a statement Wednesday. It provides two trading platforms – EBS and BrokerTec. Its unit EBS BrokerTec is an electronic wholesale trading platforms and solutions business in forex and fixed income. It acts as a wholesale broker on the forex, commodities, credit, interest rates, and emerging markets. ICAP is a leading markets operator and provider of information and risk mitigation services. This will have a positive effect on the market’s ability to rely on firm venues for execution purposes,” according to Mandelzis.ĮBS Live delivers directly to customers spot forex data from the liquidity and diversity of counterparties trading on the EBS Market platform. “With pricing more clearly and reliably available, in real time, there’s less likely to be the need, or justification to review client execution on last look venues.
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The new feature is expected to have a positive effect on the market as a whole. The real-time continuous market data will provide EBS Market users with better price discovery and transparency. This in turn will improve the overall ecology of the platform.” “EBS is already the market’s reference point for the world’s most liquid currencies, but by delivering continuous data we will remove the need for low latency connectivity to respond to time sliced data, which tends to create race conditions amongst participants. “This is a meaningful development for customers who will now be able to receive significantly more granular data and substantially further enhanced price discovery on the EBS Market platform,” said Gil Mandelzis, CEO of EBS BrokerTec. The new EBS Live Ultra feed will be delivered over multicast via a new binary protocol and will be launched in late summer 2016. The company is redesigning the platform’s market data service, EBS Live. EBS BrokerTec, a unit of UK-based institutional brokerage and market operator ICAP, said on Monday it is moving its EBS Market trading platform to real-time streaming forex market data.