EBS Launches API Streaming of Quant Analytics

EBS is launching a new API streaming service on its quant analytics platform. The new functionality is expected to launch in the second quarter of 2019 and will stream trade information, market impact and alpha calculations on a trade-by-trade basis to clients. 

Profit & Loss has previously reported how, using benchmark data taken from the entire EBS ecosystem, the analytics platform is designed to provide insights that allow clients to analyse trade flows, optimise execution efficiencies and benchmark their performance against the EBS community, including statistics on averages for like-for-like trades.

This launch means that, instead of market participants having to use a screen to get all of their information, they can access all of the same analytics electronically via an API,” Tim Cartledge, global head of FX and head of product at EBS, tells Profit & Loss.

He adds: “This is something that many of our clients have asked for because there’s a lot of data – liquidity providers will have hundreds, if not thousands of clients, and liquidity consumers will have numerous liquidity providers – and it’s a very manually intensive task to keep all of this data updated by hand. When I was at a bank we had teams of people analysing client flows, tweaking spreads and parameters. What we’re offering for the first time is the ability to use our data to automatically calibrate your clients as an LP or automatically calibrate your execution panel with your counterparties as an LC. It’s further automation of an e-business.”

Giovanni Pillitteri, head of e-FX market making at HC Technologies, comments: “As trades occur, the real-time analysis of spreads, market share, hold times and post-trade mark-outs across the EBS community will be invaluable in improving our trade execution performance on a day-to-day basis.”

The API streaming will be available to all EBS clients that trade via EBS Direct and EBSMarket. The new functionality will initially apply to outbound analytics of EBS trades only but will extend to an inbound service where clients can upload external trades to the Quant Analytics platform later in 2019.

Discussing the next stage of development for EBS’ quant analytics platform, Cartledge emphasises the importance of gaining more penetration amongst buy side firms.

“The liquidity providers, on both the bank and non-bank side, are all over this. The challenge is getting more uptake from the LCs, and this is part of an industry-wide issue as there are still a lot of LCs who ought to care about their execution more than they currently do. We need to get more LCs using our analytics platform because the ones that do are getting good results from it,” he says.



Colin Lambert

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