EBS, a global FX venue that enables customers to price, manage, execute and distribute – all in one place. The firm has today announced that it was branching into the aspect of FX outrigths and swaps on its EBS direct platform expected to launch in the final quarter of this year, after duly subjected to regulatory approvals.
The firm has already garnered support from eight major liquidity providers as well as significant interest from customers. It plans for thirty liquidity consumers for participation in the beta phase launch globally across three regions, with ten per region. Once the new FX Outright & Swaps is fully launched, it will adequately support EBS's "Request for Stream (RFS)", a new addition to EBS’s execution functionality.
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.”
Other stakeholders and industry experts also commented thus:
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.”
The plan for EBS to launch FX Outrights is spear headed by the lead man Seamus O’Sullivan, Global Head of FX Forwards at EBS Direct.
EBS’s next generation HTML5-based integrated trading platform will allow the company's clients to access FX Outrights and Swaps, providing customers with a full range of other products as well as analytics and access to trusted liquidity lines. All these from a single platform.