EBS, Icap’s market-leading electronic FX business, announces today that EBS Select, its non-disclosed, segmented, bilateral liquidity pool, has gone live with a beta version, with the first trade completed on 24 March 2015.
EBS Select is the third liquidity pool in the EBS product suite and complements EBS Market, the flagship anonymous central limit order book platform, and EBS Direct, the relationship-based disclosed bilateral trading platform. EBS Select represents further enhancement and diversification to the EBS multi-product offering.
30 Liquidity Consumers (LCs) and six Liquidity Providers (LPs) are participating in the beta rollout. EBS Select uses a global distribution model where LPs price from co-location centres, intra-region from New York, London and Tokyo, to local customers.
Leveraging the extensive EBS global network, an established prime brokerage business and the robust, scalable and flexible infrastructure of both EBS Market and EBS Direct, EBS Select meets the growing demand to trade non-disclosed, while retaining the advantages of trading through segmented, permissioned liquidity and the credit lines of an EBS Prime Bank.
For existing EBS customers, EBS Select can easily be accessed via the EBS API infrastructure on EBS Ai. After the beta stage it will be available via an EBS workstation or EBS Global Access, the company’s browser-based internet solution.
Jeff Ward, Global Head of EBS Direct, said: “The counterparties that an LC can trade with via EBS Select are different to those on EBS Direct, thereby offering a unique trading and execution experience. Andrew Cheesman has done a great job leading this effort, now as Global Head of EBS Select, and the launch of this beta phase is an important milestone for the product. We are very pleased to be able to offer yet another way to trade on EBS with optimum liquidity and pricing”.