EBS, ICAP's market-leading electronic FX business, announces today that EBS Direct has averaged month-on-month growth in average daily volumes of 70% since launching in November 2013.
EBS Direct now has 458 liquidity consumers in 35 countries committed to using the service, with 176 active users. New functionality and further currency pairs have also been added to the platform since launch, adding to the demand for this product.
Last month, ANZ became the most recent liquidity provider to be added to the platform. Completing their first trade on 10 June, ANZ also became the first Australian bank liquidity provider on EBS Direct and as such the first in the Southern Hemisphere. The addition of ANZ to EBS Direct gives customers access to a leading liquidity provider, whose market making strengths include the Australian and New Zealand dollar, spot Asian currencies including CNH, and broad support for other spot FX pairs. ANZ's participation will create deeper liquidity, better pricing and higher certainty of execution in these instruments for customers.
Alongside other enhancements, EBS Direct more recently added a volume weight average price (VWAP) view and slippage functionality, to assist customers in filling orders at the best available price at the time of execution. The VWAP view supports efficient price discovery by providing a more accurate indication of available inventory. New optional slippage functionality allows customers to predefine how many ticks through the bid and offer they are willing to trade, ensuring greater probability of successful execution.
Luke Marriott, Global Head of Wholesale FX at ANZ, commented: "With the growing importance of AUD and CNH in the FX and world markets, ANZ are working with EBS Direct to facilitate enhanced liquidity for our clients in these and other key pairs. This underlines our commitment to international growth in the FX market as we look to compete on a global scale. As users of the platform, we appreciate the value of relationship based liquidity i.e. better execution through deeper liquidity and tighter pricing. The EBS Direct global distribution network is impressive - it allows regional banks like us to support the trading needs of a much wider client base with customised liquidity than would otherwise be possible."
Jeff Ward, Global Head of EBS Direct, said: "We've seen tremendous growth both in volumes and customers on EBS Direct, exceeding our expectations at this stage. We're continuing to make enhancements to the platform and form strategic partnerships with liquidity providers to grow our customer offering. ANZ's decision to adopt EBS Direct as a key trading channel to price clients is further testament to its value as a global platform. It also supports our strategy of growing our FX offering, and expanding both our regional and global footprint."
EBS Direct provides relationship-based disclosed liquidity alongside EBS Market, the company's anonymous matching platform for spot FX, precious metals and NDFs. It delivers increased trading opportunities by enabling liquidity providers to stream tailored prices direct to liquidity consumers.