EBS and Bloomberg today officially confirmed that certain EBS products are to be fully integrated into the Bloomberg Professional service with effect from late Q3 2003. Under the agreement, Bloomberg users will have access to EBS Trader, the group’s conversational dealing platform that was launched in early 2002 (see Profit & Loss, March 2002), as well as certain other EBS market data products.
The companies say that the new service provides users with access to “superior market intelligence” in the form of improved market data, as well as a comprehensive and flexible dealing application with the benefits of straight-through processing. EBS’s core offering, EBS Spot, will remain the preserve of what the company terms its “market professional client base”.
Both companies are emphasising the excellent synergies of the deal and the choice [from Reuters] it provides for market professionals. Andrew Hausman at Bloomberg believes that the deal solves two specific issues that Bloomberg has faced in recent months as it has redoubled its efforts to get on the desktops of FX market professions. “We can now provide a fully integrated, state of the art direct dealing system for our customers,” he says. “As well as the benefits of the comprehensive market data that EBS, as a market leader, offers. Combined with our distribution capabilities, we believe this to be a very powerful combination that will change market perceptions.”
EBS CEO, Jack Jeffery, says that the company’s customers had identified improved analytics, the ability to build communities, more innovative use of data and the need for choice in selecting market data distributors as keys for the alliance going forward and feels that the deal with Bloomberg meets many of these needs. “During our due diligence process Bloomberg stood out clearly,” he says. “They provide a strong franchise with market data handling expertise and are innovative and forward thinking. The deal will also allow us to leverage off Bloomberg’s distribution base of more than 175,000.”
The deal is the second to be announced by EBS this month as it celebrates the 10th anniversary of its European launch in 1993, following the unveiling of EBS Prime Broker. The new products are part of EBS’s drive to become a full service provider in the FX market, as outlined by Jeffery in the July/August 2002 issue of Profit & Loss.
An in-depth report on EBS Prime Broker and the deal with Bloomberg will appear in the June issue of Profit & Loss.