First Russian and South African LPs on platform bring expansion in local market coverage
EBS BrokerTec, ICAP's market-leading electronic foreign exchange (FX) and fixed income business, announces today the addition of Metallinvestbank as the first Russian liquidity provider (LP) and Standard Bank as the first South African LP on the EBS Direct platform. This brings the total number of LPs on EBS BrokerTec's fully disclosed, relationship based FX platform to 24 and expands its LP portfolio to include local market providers.
As LPs on EBS Direct, Metallinvestbank and Standard Bank can now offer their customers access to a leading liquidity pool in both major and emerging market currencies, including the Russian ruble and South African rand, increasing liquidity and improving pricing and certainty of execution in these instruments.
Sergey Romanchuk, Head of FX&MM at Metallinvestbank, commented: "As the first local Russian LP for EBS Direct we will be able to offer our counterparties enhanced liquidity in the ruble and other key currencies. Access to EBS Direct's global distribution network will allow us to support our customers with customised liquidity at a time when reliable pricing and execution is more important than ever."
Tim Hutchinson, Head of eFX, Global Markets at Standard Bank, said: "As a leading market maker in the South African rand, it is vital for us to be present where our customers choose to transact, and EBS Direct is a significant avenue which is continuing to grow in popularity. Based in Johannesburg, our 24 hour trading desk is well positioned to provide customers with access to the best liquidity and our regional expertise."
EBS Direct currently offers 86 currency pairs including spot FX, NDFs and precious metals. It has proven to be an excellent vehicle for growth in pairs that historically have been 'non-core'. The EBS BrokerTec global footprint alongside the customised, tailored liquidity available through EBS Direct enables reliable pricing for emerging and local markets.
Jeff Ward, Global Head of EBS Direct, said: "The addition of Metallinvestbank and Standard Bank help to expand and reinforce EBS Direct's position in emerging market currencies and we look forward to working with them to provide greater pricing options for our customers. EBS Direct has helped to shift the playing field for EBS BrokerTec and allowed the market to see the business as a strong pricing provider beyond EBS BrokerTec's traditional G3 currencies."
EBS Direct has seen average daily volumes increase from $5 billion in April 2014 to $17 billion in May 2015. The platform now has 24 liquidity providers and over 350 liquidity customers using the service with an additional 200 new customers in the pipeline.