Gil Mandelzis, EBS-BrokerTec
"FX Outrights and Swaps are a very significant part of the market in which EBS has never participated."
London, New York, Singapore - EBS, ICAP's electronic FX business, has announced that it will beta launch FX Outrights and Swaps on EBS Direct in Q4 2015, subject to regulatory approvals.
Eight major liquidity providers (LPs) have agreed to support the beta launch and EBS has already received significant interest from customers, with a plan for 30 liquidity consumers (LCs) to participate in the beta launch globally, ten LC's per region.
The launch of FX Outright & Swaps will support Request for Stream (RFS), a new addition to EBS's execution functionality. The introduction of Outrights and Swaps, along with RFS on the EBS Direct platform is a development in product functionality that customers will also be able to use for other instruments as they become available.
EBS Direct customers will be able to access FX Outrights and Swaps through EBS's HTML5-based integrated trading platform. The new EBS platform, due to launch in Q3 2015, will provide customers with an integrated view of EBS's products and services, new analytics and access to its liquidity, in a single screen.
Seamus O'Sullivan, global head of FX Forwards, EBS Direct, who joined EBS in February 2015, is leading this initiative.
Gil Mandelzis, CEO of EBS-BrokerTec, said: "FX Outrights and Swaps are a very significant part of the market in which EBS has never participated. This launch is an exciting and material addition for EBS - now a multi-product FX service provider - and the latest introduction of many new initiatives and services that we will launch in 2015 and 2016."
Paul Scott, global head of e-risk and Spot FX at Commerzbank, said: "Having worked closely with EBS Direct over the past two years, we are pleased that they are launching this important asset class on their platform and we look forward to participating in the beta launch."
John Estrada, global head of eFX Trading, Credit Suisse, said: "Credit Suisse is pleased to participate in the beta launch of FX Outrights and Swaps on EBS Direct. This asset class is of crucial importance to our customers and we look forward to being able to offer them an additional source of pricing through EBS."
Avinash Rao, global head of G10 STIRT, Standard Chartered, said: "We look forward to a productive partnership with EBS Direct in the expansion of their platform's product offering and client base."