ICAP’s EBS to Launch FX Outrights and Swaps on EBS Direct in Q4

ICAP's market-leading electronic FX business EBS will bolster its offering with new foreign exchange instruments. The firm announced today that a beta product will be available sometime in the fourth quarter of 2015 with the launch of FX Outrights and Swaps on EBS Direct. The offering is still subject to regulatory approvals.

The market for the contracts will be made possible with the participation of eight major Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term providers (LPs). According to EBS, the firm has been receiving interest from a number of customers with 30 liquidity consumers (LCs) participating in the initial beta phase of the launch. The LCs are divided in groups of 10, with three groups for each region in which EBS is operating.

The new product launch is actively led by the Global Head of FX Forwards at EBS Direct, Seamus O’Sullivan. He joined the firm in February 2015 and is already actively pushing the division into a new direction.

Commenting in the announcement, Global Head of e-risk and Spot FX at Commerzbank, Paul Scott, 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.”

The CEO of EBS-BrokerTec, Gil Mandelzis, added, “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.”

“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,” added John Estrada, Global Head of eFX Trading at Credit Suisse.