The fixed income and foreign exchange subsidiary of ICAP plc (LON:IAP), EBS BrokerTec, has started a strategic partnership with FX Bridge Technologies Corp. The broker has licensed a software solution which will permit it to delve into a new direction for those clients interested in FX options.
The solution will permit EBS BrokerTec to provide relationship based trading for FX options. Commenting on the announcement, Gil Mandelzis, CEO of 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.”
As part of the licensing agreement, the broker dealer also receives a talented executive for its team. Joining the firm will be Stephen Best, who formerly served as CEO of FX Bridge Institutional Services. His new position at EBS BrokerTec will be as Head of Options, based in the New York office of the firm.
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Mr Best commented on the announcement: “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 has started its business primarily by providing technology to more retail focused operators, making the deal with such big institutional player as EBS a key breakthrough with regards to delivering its services to professional clients.
The synergy between FX Bridge’s technology and EBS BrokerTec’s infrastructure will contribute to a more complete product offering. The firm has already expanded from spot and forwards into swaps and NDFs.