ICAP's EBS FX Platform Updates Dealing Rules

ICAP’s EBS electronic FX trading platform said it has published new dealing rules for its customers and is relaunching the EBS brand, the company said today.

The new EBS Dealing Rules are part of a wide review of the business, and have been developed following extensive consultation with the entire EBS community, said the FX platform operator.

EBS provides access to global markets for more than 2,800 spot FX, precious metals, NDF and NDS (non-deliverable FX Swaps ) traders in over 50 countries around the world.

The news from ICAP's EBS comes on the heels of consolidation in the FX space. Yesterday, Thomson Reuters announced its acquisition of FX Alliance yesterday, bringing together two companies with products in the foreign exchange marketplace. Both companies have relationships with bank liquidity providers in the FX asset class.

Over a three-month period, EBS said it worked continuously with more than 30 institutions on both the sell-side and the buy-side before circulating a draft and soliciting feedback from its entire customer base. Following further input and discussion with the entire community, EBS is now publishing the final version of the Dealing Rules.

The Dealing Rule is an extensive document, which now includes a new Ai policy and guidelines section, combines the EBS Prime rules, Spot rules, NDF rules and Counterparty Support Obligations and includes enhancements such as increased quote fill and hit fill minimum targets and an updated ’out-of-region’ quoting policy.

The rules apply equally to all EBS market participants and are focused on providing incentives for liquidity enhancing behaviors while eliminating behavior that could be considered disruptive, said EBS.

Going forward EBS will review the dealing rules at least once a year with the EBS community.

This is the first in a series of planned enhancements which are being introduced to the system, said EBS. New surveillance and monitoring systems; systemic controls and new initiatives being developed in close collaboration with EBS customers will be announced in the coming months.

Commenting on the update of the Dealing Rules, Gil Mandelzis, CEO of EBS, said“EBS's global network and deep liquidity are very important to our clients. As such, we have encountered great passion and extensive collaboration from both banks and buy-side firms in updating the Dealing Rules and strengthening the overall clarity and robustness of EBS. We are grateful for all the support and enthusiasm and we look forward to making more announcements about our progress in the coming weeks, consistent with our commitment to being the most extensive pool of genuine, executable liquidity to all market participants globally.’’ Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio