EBS BrokerTec licenses FX Bridge’s FX options software
09 September 2015
New York, London September 9, 2015 - EBS BrokerTec, ICAP’s market-leading electronic foreign exchange (FX) and fixed income business, announces today that it has licensed software from derivatives trading technology company, FX Bridge Technologies Corp. The software will allow EBS BrokerTec to develop a relationship-based FX options solution for the professional trading community.
As part of the licensing deal, Stephen Best, former CEO of FX Bridge’s subsidiary, FX Bridge Institutional Services, has joined EBS BrokerTec as Head of FX Options, EBS Direct, and will be based in the New York office. Prior to his role at FX Bridge he held senior roles at State Street, JP Morgan, and Bank One.
The combination of FX Bridge’s technology and EBS BrokerTec’s unparalleled network and infrastructure will ensure a robust and competitive FX options offering and completes the company’s suite of OTC FX products which already includes spot, forwards, swaps and NDFs.
Gil Mandelzis, CEO EBS BrokerTec, said: “Adding FX Options to our portfolio completes our OTC FX product coverage. Three years ago we covered mostly three currency pairs in the FX Spot world, and now the company has grown to cover spot, NDFs, forwards and swaps, and FX options. We are pleased that Stephen has agreed to join EBS BrokerTec and lead this effort. His experience and knowledge will be exceptionally valuable to the management and implementation of this strategic initiative.”
Stephen Best, Head of FX Options, EBS Direct, said: “EBS BrokerTec has built a remarkably successful relationship-based business in EBS Direct over a very short period of time, leveraging its extensive network and strong reputation. The launch of FX options is an exciting and natural expansion of its offering. FX Bridge’s state of the art technology will empower our customers to access FX options through EBS Direct and I am excited to work with the team to bring these capabilities to the market.”
Joseph Cunningham, Executive Chairman FX Bridge adds, “This alliance allows EBS BrokerTec to serve their customers with the best-in-class offering in FX Options.”
About EBS BrokerTec
An award-winning ICAP Group division at the heart of the foreign exchange and fixed income global markets, EBS BrokerTec is a market-leading e-trading technology and solutions provider, offering access to multiple execution options and diverse, valuable liquidity. Constantly creating new, ground-breaking solutions, while continuously investing in proven, market-leading platforms and products, the division provides exceptional value to a globally diverse community of professional traders. For more information, go to www.ebsbrokertec.com.
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.