EBS trading environment improves following move away from decimalisation

13 November 2012

London, 13 November 2012 – EBS, ICAP’s market-leading electronic FX platform, today announces significant improvements in the quality of its trading environment following its move away from decimalisation.

EBS was the first platform to move away from decimalised pricing in some of its major currency pairs. The change was implemented in September, following a detailed and extensive consultation period with the entire EBS community and other key market participants. This was part of a wide-ranging programme of changes to further promote and reward genuine liquidity on the platform and discourage disruptive behaviour.

EBS has been closely monitoring the impact of these changes and gathering extensive feedback from the trading community. It has now been seven weeks since the changes were implemented, and the results show a consistent, positive and meaningful change in the trading environment including:

More orders at best bid/offer price
Detailed data analysis shows more orders at each price point, with significantly greater average depth at the best bid/offer in EBS’s major currency pairs.

Reduction in price flashing at top of book
EBS has also seen a substantial reduction across all half pip major currency pairs at new best price points being cancelled in less than 500ms without having been dealt.

Top of book spreads
The touch spreads have also continued to improve week on week since the move to half pips.

Moving EURCHF from tenths to half pips

On the back of the success of the initial rollout EBS is also announcing that it will be moving EURCHF from tenths to half pips on 26th November.

This completes EBS's transition away from decimalised pricing for all its major pairs.

Simon Jones, Global Head of FX eTrading, Citi:
"We have seen and experienced a much more orderly market since EBS's move to half pips in September and our own analysis shows large sizes are now cheaper to execute than they were before."

Chris Purves, Global Head of FX E-Commerce, UBS:
"The move to half pips has been welcomed by EBS participants and the wider FX market and the changes have already created a more orderly market and greater depth of book."

Alex Gerko, Head of FX Trading, GSA:
"By increasing the cost associated with obtaining the top of book position, EBS has improved the provision of genuine liquidity from both the manual and algo communities. This has resulted in an almost overnight improvement in the microstructure of the market, which is already reflected both in top of books spreads and market depth."

Gil Mandelzis, Chief Executive Officer, EBS:
"The transition of the public FX markets into ever faster, smaller size trading environments has proven to be disruptive to genuine liquidity and takes away from the fundamental purpose for which these markets were created to begin with. EBS is the first platform in the FX market to move away from decimalisation and we are very pleased with the results so far. We will continue to evolve the EBS trading environment and will announce additional measures and initiatives to further ensure EBS is the most attractive market for genuine liquidity providers and enhancers."

- ENDS -

Serra Balls Head of Public Relations +44 (0) 20 7050 7124
Andy Donald Maitland +44 (0) 20 7395 0475

About EBS
ICAP's award-winning electronic EBS platform is at the heart of global spot FX trading and remains the core source of genuine, executable spot FX liquidity for professional trading counterparties in all market conditions.

EBS delivers impartial and effective access to spot FX, precious metals and NDF traders globally, offering optimal price discovery and execution, and supports a wide range of FX trading strategies, as well as API and manual trading. For more information, go to www.ebs.com.

About ICAP
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.

Notes for Editors

EBS currency pair price granularity



Full Pips


Half Pips




*Already a full pip pair or tenth pip pair

Contact Us

Bryony Scragg
Head Of Media Relations
bryony.scragg@nex.com +44 20 7818 9689 LinkedIn
Bryony scragg
Casey Sheets
Media Relations (US)
casey.sheets@nex.com +1 212 521 4627 LinkedIn
Casey Sheets


Loading related stories.


Browse media and documents
which are available to download.

Images & Video


Keep up with the latest coverage
of NEX and its industry experts.

See all articles