ICAP’s electronic trading business EBS BrokerTec has suspended the development of its white label product for foreign exchange trading, Finance Magnates has learned. The project has been suspended after almost 2 years in the works. Back in 2014, EBS hired industry veteran Paul Allmark from Thomson Reuters to lead the development of the product.
Sources familiar with the matter shared with Finance Magnates that the white label product had not been planned to become part of the core offering of ICAP’s electronic business. An ICAP spokesperson declined to comment on the matter.
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In May 2014 Allmark was appointed as Head of e-Commerce after serving as Global Head of Electronic Trading and Head of Marketplaces at Thomson Reuters. According to information obtained by Finance Magnates he will continue his tenure at EBS BrokerTec.
EBS is not likely to suffer material setbacks due to the suspension as the white label project was not part of its main strategy to expand its business. The EBS Direct product which the company launched in 2014 has been growing steadily in recent quarters and hit a milestone of $20 billion per day in January this year.
Recently EBS BrokerTec reported its March FX trading volumes, which rounded up a quarter of steady growth for the electronic foreign exchange business division of the company. EBS daily volumes averaged $96.7 billion in the first quarter which is higher by about 24 per cent when compared to the fourth quarter of 2015. That said, the numbers remain lower when compared to a year ago, when the company reported a daily average of about $113 billion.