18 January 2018
visit http://response.ncr.com

EBS signs Bank of China to spot liquidity service

12 January 2006  |  1598 views  |  0 Source: EBS

EBS today announced that the Bank of China (Beijing) has become its latest EBS Spot customer.

EBS Spot covers the world's established and emerging money markets, delivering stability and reliability, facilitating unbiased, orderly access to the global FX market. Every day 2000 traders on 800 floors use EBS Spot to trade an average of USD$120 billion in FX transaction, in addition to 500,000 oz of gold and four million oz of silver.

As an EBS Spot customer Bank of China (Beijing), which conducts the largest volume of FX transactions in China, has the advantage of accessing the purest source of the world's Spot FX prices. Through EBS Spot Bank of China (Beijing) will gain access to unparalleled depth and liquidity in the G7 and other leading currencies due the volume of transactions conducted on the system.

EBS Spot facilitates an orderly market by providing global counterparties access to the latest market prices through an anonymous screen-based technology. Designed by traders for traders, EBS Spot permits viewing and executing transactions on the screen at the same time, and has the benefit of showing a panel of six pairs per price allowing traders to buy and sell at a price they want, when they want it.

Bank of China (Beijing) will install five desks on their trading floor in Beijing in January 2006.

KC Lam, Head of Sales Asia Pacific, EBS says: "Spot FX trading has grown by 60.5% between April 2001 to April 2004 and with gold prices at record levels, banks in China are seeking FX partners that help them to capitalise on the opportunities in the market."

"We're delighted that Bank of China (Beijing) has chosen to work with EBS and are confident that the EBS Spot system will help Bank of China (Beijing) to increase revenues by allowing it to directly enter the interbank FX market and access the tighter pricing and global liquidity."

Mr. Xiaofan Sun, Global Head of FX, Bank of China (Beijing) explains: "As a leading bank in China with a growing presence globally, it's imperative for us to partner with the right FX facilitator. The installation of EBS Spot ensures that our FX traders maintain their competitive edge by gaining access to the G7 currencies at the best prices. This is the first step to building a long and successful relationship with EBS."

The announcement of Bank of China (Beijing) as an EBS Spot customer is the latest in a series of high profile client wins for EBS in China and the Asia Pacific region, having recently announced the significant partnerships with Agricultural Bank of China, China Construction Bank Corporation, Bank of Communications, and CITIC Industrial Bank as EBS Spot and EBS Prime customers. In addition, in May 2005 EBS signed Bank of Tokyo-Mitsubushi as its first Asia-based EBS Prime Bank, and Standard Chartered became the 18th Prime Bank in September 2005.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.niceactimize.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
10584 views comments | 32 tweets | 36 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10086 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9666 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9211 views comments | 17 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8165 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job