Barclays Capital has joined EBS' recently launched Prime service which is designed to provide smaller financial firms in both established and emerging financial markets with access to spot prices from member banks.
The new service, which launched in May, gives banks that want to be part of the professional FX trading community access to liquidity through the vendor's electronic FX spot broking system, EBS Spot.
The service was piloted at Deutsche Bank, JPMorgan Chase and The Royal Bank of Scotland, with Barclays Capital becoming the fourth partner bank.
EBS claims that many of the 50,000+ financial institutions in the world that hold banking licences wish to trade on the best spot FX prices but are limited by credit. The Prime service enables customers to use the credit of an approved EBS Prime bank in order to trade on the spot prices.
EBS says its Prime service will enable Barclays Capital to extend access to FX liquidity and global community trading on EBS Spot to thousands of banks in both established and emerging financial markets.
Jack Jeffery, chief executive officer, EBS, says: "With an established presence in the UK and significant global profile, Barclays Capital will be able to extend access to the largest FX liquidity pool to banks in established and emerging financial markets.
"More banks that are not currently known for trading FX now have another option for accessing the exceptional liquidity and better rates on EBS Spot."
EBS Prime customers contract directly with a partner bank and pay a fee to that bank. Customers also pay a standard spot transaction brokerage fee to EBS.