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EBS Market Moves to Real-Time FX Market Data

EBS BrokerTec announces today that it is
redesigning its FX market data service, EBS Live, and will move to streaming
real-time market data. The ‘EBS Live Ultra’ feed will provide “significantly
improved price discovery and transparency, enhancing EBS BrokerTec’s status as
the premier venue for market reference data in its core pairs”, the firm says. 

Commenting on the new service, Gil Mandelzis, CEO of
EBS BrokerTec says: “This is a meaningful development for customers who will
now be able to receive significantly more granular data and substantially
further enhanced price discovery on the EBS Market platform. EBS is already the
market’s reference point for the world’s most liquid currencies, but by
delivering continuous data we will remove the need for low latency connectivity
to respond to time sliced data, which tends to create race conditions amongst
participants. This in turn will improve the overall ecology of the platform.”

Liam Hudson, global head of FX e-commerce, Bank of
America Merrill Lynch, says: “With EBS moving to streaming data, both
transparency and price discovery will significantly improve on the platform. In
general, streaming market data only stands to benefit the foreign exchange
markets by improving transparency and in turn, the quality of data used to
price client trades.”

Alex Gerko, co-CEO, XTX Markets, adds: “Streaming
market data is definitely a benefit to the market ecology, especially for the
primary venues. It creates and promotes greater price transparency, which
negates the predatory behaviour of some market participants as it allows the
broader market to have access to, and quickly reference, real-time pricing
data.”

By providing continuous data, EBS BrokerTec expects
market practices such as ‘last look’ to be less prevalent in the market. “With
pricing more clearly and reliably available, in real time, there’s less likely
to be the need, or justification to review client execution on last look
venues. This will have a positive effect on the market’s ability to rely on firm
venues for execution purposes,” says Mandelzis. 

The EBS Live Ultra feed will be delivered over
multicast via a new binary protocol, to ensure simultaneous efficient delivery,
available late summer, the firms says.

 

Julie Ros

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