London based ICAP has just announced that it has changed pricing of the EURCHF cross on its EBS trading platform. Under the new dealing rules, the EURCHF will be priced in ½ pips rather than in tenths. The change aligns the EURCHF with other major currency pairs where pricing had move to half pips earlier in year following EBS’s overhaul to its dealing rules in September. The EURCHF change will take effect on November 26th.
The EURCHF has been a target of intervention by the Swiss National Bank for over a year with the cross currently being supported by a 1.2000 price floor. As a result, according to a spokesperson at ICAP, the move away from decimalization in the EURCHF was delayed as EBS monitored trading activity in the cross and analyzed whether a change to ½ pips would have any negative effects to liquidity and pricing.
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In addition to the EURCHF changes, ICAP stated that it has received positive feedback from users of the EBS trading platform as they reported seeing greater liquidity at the top of book and larger orders are being filled more cost efficiently.