EBS BrokerTec, ICAP’s market-leading electronic foreign exchange (FX) and fixed income business, announces today that it has licensed software from derivatives trading technology company, FX Bridge Technologies Corp.
The software will allow EBS BrokerTec to develop a relationship-based FX options solution for the professional trading community.
As part of the licensing deal, Stephen Best, former CEO of FX Bridge’s subsidiary, FX Bridge Institutional Services, has joined EBS BrokerTec as Head of FX Options, EBS Direct, and will be based in the New York office. Prior to his role at FX Bridge he held senior roles at State Street, JP Morgan, and Bank One.
The combination of FX Bridge’s technology and EBS BrokerTec’s unparalleled network and infrastructure will ensure a robust and competitive FX options offering and completes the company’s suite of OTC FX products which already includes spot, forwards, swaps and NDFs.
Gil Mandelzis, CEO EBS BrokerTec, said: “Adding FX Options to our portfolio completes our OTC FX product coverage. Three years ago we covered mostly three currency pairs in the FX Spot world, and now the company has grown to cover spot, NDFs, forwards and swaps, and FX options. We are pleased that Stephen has agreed to join EBS BrokerTec and lead this effort. His experience and knowledge will be exceptionally valuable to the management and implementation of this strategic initiative.”
Stephen Best, Head of FX Options, EBS Direct, said: “EBS BrokerTec has built a remarkably successful relationship-based business in EBS Direct over a very short period of time, leveraging its extensive network and strong reputation. The launch of FX options is an exciting and natural expansion of its offering. FX Bridge’s state of the art technology will empower our customers to access FX options through EBS Direct and I am excited to work with the team to bring these capabilities to the market.”
Joseph Cunningham, Executive Chairman FX Bridge adds, “This alliance allows EBS BrokerTec to serve their customers with the best-in-class offering in FX Options.”