EBS announces new dealing rules
10 July 2012
London and New York, 10 July 2012 – EBS, ICAP’s market leading electronic FX platform, today announces that it has published new Dealing Rules for its customers and is relaunching the EBS brand.
The new EBS Dealing Rules, part of a wide-ranging review of the business, have been developed following extensive consultation with the entire EBS community.
Over a three-month period EBS worked continuously with more than 30 institutions representing both the sell-side and the buy-side before circulating a draft and soliciting feedback from its entire customer base. Following further input and discussion with the entire community, EBS is now publishing the final version of the Dealing Rules.
The Dealing Rules is an extensive document which now includes a new Ai policy and guidelines section, combines the EBS Prime rules, Spot rules, NDF rules and Counterparty Support Obligations and includes enhancements such as increased quote fill and hit fill minimum targets and an updated ’out-of-region’ quoting policy.
The rules apply equally to all EBS market participants and are focused on incentivising liquidity enhancing behaviours while eliminating behaviour that could be considered disruptive.
Going forward EBS will review the dealing rules at least once a year with the EBS community.
Updating the Dealing Rules is one element of EBS’s overall approach and is the first in a series of planned enhancements which are being introduced to the system. New surveillance and monitoring systems; systemic controls and new initiatives being developed in close collaboration with EBS customers will be announced in the coming months.
Gil Mandelzis, CEO of EBS, commented:
"EBS's global network and deep liquidity are very important to our clients. As such, we have encountered great passion and extensive collaboration from both banks and buy-side firms in updating the Dealing Rules and strengthening the overall clarity and robustness of EBS. We are grateful for all the support and enthusiasm and we look forward to making more announcements about our progress in the coming weeks, consistent with our commitment to being the most extensive pool of genuine, executable liquidity to all market participants globally."
|Brigitte Trafford||Director of Corporate Affairs||+44 (0) 20 7050 7103|
|Alex Dee||Head of Investor Relations||+44 (0) 20 7050 7123|
|Andrea Coleman||Maitland||+44 (0) 20 7395 0420|
The award-winning EBS platform provides efficient and fair access to global markets for more than 2,800 spot FX, precious metals, NDF and NDS (Non-Deliverable FX Swaps) traders in over 50 countries around the world. The EBS system delivers anonymous, transparent, reliable and highly liquid trading opportunities, as well as authoritative real-time and historical market data. EBS provides 24-hour access to unparalleled liquidity and depth and supports a wide range of forex trading strategies, as well as both API and manual trading for banks and non-bank professional trading organisations. Customers access the EBS platform through its EBS Spot, EBS Spot Ai (automated FX interface), EBS Prime and EBS Global Access (browser-based) services. For more information, go to www.ebs.com. .
ICAP is the world’s leading interdealer broker and provider of post trade risk 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 our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.