ICAP EBS On Verge of Launching Real-Time FX Market Data

A report from Reuters, citing the EBS Chief Strategy Officer, says that EBS BrokerTec, ICAP's electronic 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 and fixed income business, is about to launch the ‘EBS Live Ultra’ service, which is a redesigned edition of its premium FX market data service, EBS Live.

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The ‘EBS Live Ultra’ feed will move to streaming real-time market data and will provide significantly improved price discovery and transparency through updating its snapshot of the market five times more regularly, EBS Chief Strategy Officer Tim Cartledge said.

Although EBS FX volumes in August 2016 fell to yearly lows, EBS BrokerTec is still seen as the premier venue for market reference data in its core pairs.

The new service is in response to demand from customers who continue to debate over some market practices such as Last Look Last Look Last look is defined as the process where liquidity providers (LP) are rendered the chance to reject trades within a specific period. Generally, this practice by brokers is used to mitigate risk while rendering more favorable terms to the LP. This is due to significant risk that can arise from poorly concocted price quotes that can be used as an advantage by latency arbitragers. Not all last look settings are the same.Last look settings tend to vary by client, trading platform, a client’s connec Last look is defined as the process where liquidity providers (LP) are rendered the chance to reject trades within a specific period. Generally, this practice by brokers is used to mitigate risk while rendering more favorable terms to the LP. This is due to significant risk that can arise from poorly concocted price quotes that can be used as an advantage by latency arbitragers. Not all last look settings are the same.Last look settings tend to vary by client, trading platform, a client’s connec Read this Term where dealers can often decide in the smallest time frames whether or not to reject/reprice an order when comparing the price against the changing backdrop of the market.

ICAP Plc, which has seen its share of currency trading shrinks in recent years, says the revamp of its $50,000-per-month service will not give anyone an unfair advantage as it only promotes greater price transparency.

According Tim Cartledge, the unique offering of EBS Live Ultra is that it allows the broader market to have access to, and quickly reference, real-time pricing data while placing an obligation on the most sophisticated users to help create data for the good of the wider market.

"Access to the fastest data requires an obligation to help benefit all participants, rather than limiting access to it to those with the deepest pockets. We are offering a new 20 millisecond market data feed but we are not asking clients to pay any more for it," Cartledge concluded.