EBS Direct begins initial trades with Commerzbank, Goldman Sachs, J.P. Morgan and Morgan Stanley
13 May 2013
More than 200 liquidity consumers and 20 liquidity providers signed up globally
London and New York, 13 May 2013 – EBS, ICAP’s market-leading electronic FX business, announces today that EBS Direct is now live with its Beta programme and four liquidity providers, Commerzbank, Goldman Sachs, J.P. Morgan and Morgan Stanley, have all conducted initial trades on the platform.
EBS Direct provides relationship-based disclosed liquidity alongside EBS Market, the company’s flagship anonymous matching platform for spot FX. It delivers increased trading opportunities by enabling liquidity providers to stream tailored prices direct to liquidity consumers.
EBS Direct has already signed up more than 200 customers in 44 countries and has commitment from a further 20 liquidity providers.
In parallel with the launch of the Beta programme, EBS is also continuing to develop a new order routing infrastructure which will enable EBS to further leverage its wide distribution and global footprint to offer customers a flexible, cost-effective and feature-rich solution which meets the expanding needs of the FX market.
Giovanni Pillitteri, Managing Director, Global Head of ecommerce trading at Morgan Stanley, said: "We are excited to be one of the first providers of liquidity on EBS Direct, further cementing our partnership. We look forward to continuing to deliver the benefits of this new platform to our clients."
Paul Scott, Managing Director, Global Head of eFX, at Commerzbank, said: "EBS Direct provides excellent distribution in a cost-efficient solution through a trusted platform. We are going to continue working closely with EBS to ensure we maximise our reach to serve our broad range of customers."
Christopher Chattaway, Managing Director, FX Trading at Goldman Sachs said: “Our implementation of the EBS Direct solution represents an important step in increasing liquidity distribution to our customers. We are looking forward to working closely with EBS to further develop this innovative platform."
Svante Hedin, Managing Director, FX ecommerce trading at J.P. Morgan, said: "We are pleased to be working with EBS Direct to provide liquidity to our customers on a disclosed basis. Our initial trades have gone well and we look forward to increasing the volume of trades with EBS."
Jeff Ward, Global Head of EBS Direct, said: "We have reached an important milestone in the development of this innovative, cost-effective disclosed liquidity solution. EBS’ global presence, robust footprint and trusted relationship with the market have enabled us to attract great interest in the offering, and we are excited to begin moving into live, active trading. Having now established a solid framework for EBS Direct we will work closely with our customers to ensure we continue to deliver a differentiated offering that meets the market’s evolving needs."
|Serra Balls ||Head of Public Relations ||+44 (0)20 7050 7124 |
|Guy Taylor || Communications US ||+1 212 341 9759 |
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.
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.