According to an announcement made by London headquartered inter-dealer broker ICAP, the company’s new platform for electronic trading of foreign exchange, EBS Select, is going live with a beta version.
In contrast to EBS Direct, which is providing a relationship-based disclosed liquidity, EBS Select is a non-disclosed, segmented, bilateral liquidity pool. The first trade on the beta version of the new electronic trading venue was transacted on the 24th of March, 2015.
ICAP’s EBS is now a full product suite comprised of three solutions
ICAP’s EBS is now a full product suite comprised of three solutions. EBS Market is an anonymous central limit order book platform. EBS Direct is a relationship-based disclosed bilateral trading platform. The newest addition, EBS Select, further diversifies the product suite by providing additional options for trading counterparties.
In the beta version of the EBS Select platform, there are a total of six liquidity providers and thirty liquidity consumers. Prices from liquidity providers are distributed to local clients though co-located data centres in New York, London and Tokyo.
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The counterparties that a liquidity consumer can trade with via EBS Select are different from those on EBS Direct
Commenting in the announcement, the Global Head of EBS Direct, said, “The counterparties that a liquidity consumer can trade with via EBS Select are different from those on EBS Direct, thereby offering a unique trading and execution experience.”
The new offering by ICAP aims to meet growing demand for trading non-disclosed liquidity while still getting segmented, permissioned liquidity and the credit lines of an EBS Prime Bank.
Existing customers of EBS can access EBS Select through the EBS API infrastructure on EBS Ai. After the beta stage concludes, trading will be available via the EBS Workstation and EBS Global Access platforms.