ICAP's EBS to offer outright forwards
ICAP the worlds largest inter dealer broker is expanding its FX product range on the popular EBS interbank Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. EBS is a leading cross asset FX trading platform covering major currencies including EUR USD.
EBS currently offers spot and NDF's and is looking to diversify its offering away from the tradiional bid/offer mathcing service.
David Rutter, London-based chief executive of Icap's electronic broking division, says the firm plans to make further announcements in the middle of 2012 about the launch of the new service, which will focus on short tenors of below one month. Rutter did not give details about which currency pairs the outright forwards would be offered on.
He says the launch is a result of increasing fragmentation in the foreign exchange market, a phenomenon that has led Icap to increase investment in EBS's global infrastructure to provide additional services to its banking clients. The investment is significant: according to Icap's 2011 annual report the group spent 12% of its revenue on technology, equal to about £200 million ($316 million).
According to Rutter, Icap may expand its offering further: "We are developing EBS so that it would not only just function as a pure Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term exchange, but in addition offer streaming forex rates to specific clients of the banks... We want to offer additional services to banks so that they could pick and choose clients within our EBS framework," he says.
In additon to EBS, ICAP operates UK based spread betting firm - City Index.
Forexmagnates team covered institutional trade volumes in the latest quarterly report - Q4 2011.
ICAP the worlds largest inter dealer broker is expanding its FX product range on the popular EBS interbank Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. EBS is a leading cross asset FX trading platform covering major currencies including EUR USD.
EBS currently offers spot and NDF's and is looking to diversify its offering away from the tradiional bid/offer mathcing service.
David Rutter, London-based chief executive of Icap's electronic broking division, says the firm plans to make further announcements in the middle of 2012 about the launch of the new service, which will focus on short tenors of below one month. Rutter did not give details about which currency pairs the outright forwards would be offered on.
He says the launch is a result of increasing fragmentation in the foreign exchange market, a phenomenon that has led Icap to increase investment in EBS's global infrastructure to provide additional services to its banking clients. The investment is significant: according to Icap's 2011 annual report the group spent 12% of its revenue on technology, equal to about £200 million ($316 million).
According to Rutter, Icap may expand its offering further: "We are developing EBS so that it would not only just function as a pure Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term exchange, but in addition offer streaming forex rates to specific clients of the banks... We want to offer additional services to banks so that they could pick and choose clients within our EBS framework," he says.
In additon to EBS, ICAP operates UK based spread betting firm - City Index.
Forexmagnates team covered institutional trade volumes in the latest quarterly report - Q4 2011.