ICAP Global Broking and EBS launch eFix Matching – an electronic FX Fix service
09 April 2014
London/New York, 9 April, 2014 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that EBS, ICAP’s market-leading electronic FX business, has partnered with ICAP Global Broking, ICAP’s voice broking division, to launch eFix Matching, an electronic FX Fix service.
With this new service, ICAP voice brokers will leverage EBS technology to identify Fix interest and facilitate Fix matching.
eFix Matching will utilise ICAP’s global network and customer relationships as well as EBS’s technology and distribution to create an electronic central pool of fix liquidity delivering improved matching capabilities for the most frequently used daily Fixes.
eFix Matching will be available in the coming weeks on the EBS Workstation and through EBS Ai.
The benefits of eFix Matching include:
- Increased Fix order execution opportunities through unprecedented access to counterparties originating from ICAP Global Broking relationships and EBS’s extensive distribution capabilities
- Fully electronic, auditable Fix order execution
- First In First Out (FIFO) matching logic
- Immediate notification of execution and position management
- Ticket processing options designed to satisfy compliance requirements
- Cost-effective access to an anonymous, central pool of Fix liquidity
Nichola Hunter, Co-head of EBS Market, said: "eFix Matching fulfils a market need for increased transparency and auditability around Fix execution. We are very excited to be working with the ICAP voice teams to deliver a differentiated product that has the potential to become the deepest source of liquidity for Fix execution in the FX market. ICAP voice broking teams have a wealth of experience and knowledge together with a willingness to work in tandem with the new and developing electronic environment of eFix Matching. This project will allow ICAP collectively to further meet the demands of our customer base around the various daily fixings."
Simon Bond, Managing Director of ICAP Global Broking, added: "ICAP’s global voice expertise together with EBS’s electronic reach will allow customers access to unprecedented liquidity in the new electronic eFix Matching pool. Our customers’ requirements over the various daily fixings remain of paramount importance both to ICAP Global Broking and to EBS, and we see eFix Matching as an important part of our future business."
For further information, please contact:
|Serra Balls ||Acting Head of Communications, ICAP ||+44 (0) 20 7050 7103 |
|Guy Taylor ||US Communications, ICAP ||+1 212 341 9759 |
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. Group companies provide services that match buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information, please go to www.icap.com.
ICAP’s award-winning EBS business is at the heart of electronic spot FX trading and remains the core source of genuine, executable spot FX liquidity and independent benchmark pricing for professional trading counterparties in all market conditions. EBS’s platforms deliver reliable, efficient and effective access to spot FX, precious metals and NDF traders globally, in both established and emerging markets, offering optimal price discovery and execution, and support a wide range of FX trading strategies, as well as API and manual trading. For more information, go to www.ebs.com.
About ICAP Global Broking
ICAP Global Broking offers wholesale market participants broking services to assess trading availability and successfully execute trades for a wide range of asset classes including rates, FX, commodities, emerging markets, credit and equities.