EBS, ICAP’s electronic FX business, announced today that the Royal Bank of Canada (RBC) has became the first Canadian liquidity provider on the EBS Direct platform. This brings the total number of liquidity providers on EBS Direct to 19, and the firm expects the move to strengthen its growth in currencies of the British Commonwealth.
ICAP says Commonwealth currencies are now amongst the most actively traded currency pairs on EBS Direct and the number of active traders of Commonwealth currencies has more than doubled year-on-year.
EBS Direct is growing at a fast pace since launching in November 2013. In July 2014 the firm reported it already had 458 liquidity consumers in 35 countries using the service, with 176 active users around the world.
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The addition of RBC will give EBS customers access to a leading liquidity provider in both major and emerging market currencies. This will create greater liquidity, better pricing and higher certainty of execution in these instruments.
Mark Burroughs, director at RBC, commented: “Working with EBS Direct will facilitate enhanced liquidity for our clients. The EBS Direct global distribution network allows us to support a wide client base with customised liquidity.”
Jeff Ward, global head of EBS Direct, said: “As the first Canadian Bank to become a liquidity provider, RBC brings tremendous value to the platform, increasing footprint in major and emerging market currencies and supporting EBS growth. We are excited to begin this partnership with them and to leverage their valuable liquidity to enhance and diversify pricing provider options for our customers.”