Articles tagged by EBS
EBS BrokerTec and Icap Information
Services (IIS) have launched EBS CNH Benchmark, the first fully electronic,
trade-backed reference rate for the offshore Chinese renminbi (CNH) market,
according to Icap.
The benchmark is published daily at 16:30
Beijing/8:30 GMT, and is timed ...
Thomson Reuters has
added EBS to its post-trade network, Thomson Reuters Trade Notification (TRTN),
which will enable EBS to offer complete straight through processing to its
"In addition to the existing EBS post trade capabilities, we selected
Thomson Reuters ...
Trying to decipher platform performance
during last month’s UK-inspired mayhem is almost as difficult as keeping track
with the latest shenanigans in UK politics following the vote to leave the EU –
but I’ve had a go and there ...
Michael Spencer, the group CEO of Icap, claimed to be
“cautiously optimistic” about his firms’ future prospects despite heightened
uncertainty surrounding the macroeconomic outlook for the UK and the global
In a trading statement for the period April 1 2016 to ...
Portlock Joins EBS
Mark Portlock has
joined EBS in Singapore as head of hedge fund sales.
He joins from
Commerzbank, where he was head of FX spot trading for Asia, also based in
Profit & Loss understands Portlock will report ...
EBS BrokerTec has hired Jim
Iorio as its new global head of sales and also appointed him to the firms’ executive
Based in New York, Iorio
will be responsible for all sales across both the EBS and BrokerTec ...
Gil Mandelzis has decided to step down from his position as CEO of EBS BrokerTec, and will be leaving the company in due course, Icap announced today.
In a statement issued today regarding this news, Michael Spencer, CEO of Icap, ...
Multibank platform providers need to broaden the range of
liquidity options that they offer clients in order to thrive in the diverse FX
market ecosystem, said panelists at Profit & Loss' Forex Network New York conference.
There has been much discussion ...
ICAP’s EBS average daily volumes
(ADV) were up 1% year on year in July, standing at $83 billion. Nevertheless,
volumes saw a sharp drop on a month on month basis in July, being down by 15%
compared to June, ICAP reports.
Thomson Reuters, FX Spotstream and FXCM
have all reported a month-on-month decline in FX average daily volume (ADV),
however the latter two are up on a year-on-year basis.
Thomson Reuters says spot volumes across
its platforms was $97 billion per day, 8.5% ...
Gerard Varjacques is
set to leave his position as global head of sales at EBS, according to market
spokesperson for EBS BrokerTec declined to comment on the news, Profit & Loss understands that Varjacques
has decided to leave ...
The BIS Triennial survey highlights the drop in spot volumes, but how does the platforms' performance compare over the same period?
Justyn Trenner has left his position as head of corporate development at EBS BrokerTec.
A spokesperson for EBS BrokerTec declined to comment on the news, but market sources indicate that Trenner left the firm today.
He had been head of corporate development since January 2015, having previously been the global head of liquidity optimisation and a part of the executive team at EBS.
Prior to this, Trenner was the CEO of London-based ClientKnowledge, a firm that he established in 1993
Most FX major trading venues will be glad to see the back of August – following the downbeat results from FastMatch and Hotspot, four other venues have reported a decline in volumes – two registering historic lows and a third the lowest in seven years. The numbers add up to a horrible month for the platforms and, by association, for the wider foreign exchange industry as activity levels continue to dive following June’s Brexit-inspired spike, most will be hoping for a forex rebound in September.
As EBS BrokerTec prepares for the departure of a CEO that has driven so much change at the firm and its transition to being part of Nex, Galen Stops looks at the firm’s evolving role and identity within the FX market.
News that Gil Mandelzis, CEO of EBS Brokertec, is stepping down from the role has triggered the usual speculation over a successor and the business conditions the next CEO will face. Without doubt, the next head of EBS will be taking the reins of a very different company to that inherited by Mandelzis.
Redline Trading Solutions has announced the availability of a new InRush feed handler for the new high performance EBS Live Ultra market data feed.
“What’s significant about this announcement is that we now have a key FX market venue delivering this high performance market data feed and this means that firms can use a solution like Redline to exploit that gain in performance,” comments Mark Skalabrin, CEO of Redline.
He says that he views this as part of a broader trend that is occurring in the FX market whereby banks, hedge funds and proprietary trading firms are increasingly looking for ways to increase their performance and reduce their latency.
EBS BrokerTec has officially launched EBS Live Ultra, which it says is its fastest FX data product to date. The product, which was first unveiled in February 2016, has two data interval rates; 100 milliseconds, the same as the current EBS Live service but with lower latency, and a 20 milliseconds service, five times faster than the EBS Live data product.
The move represents an attempt by EBS raise transparency levels for all market participants as well as to bolster liquidity provision on the EBS Market platform and support the maintenance of a continuous order book.
The latest batch of monthly volumes to be reported by the multibank FX platforms are more mixed, after Hotspot, FastMatch and Gain GTX all posted month-on-month and year-on-year increases in their September volumes earlier this week.
Although volumes on EBS, FXSpotStream and CME Group all recovered from August – when trading volumes were significantly down across the board – activity on the first two of these platforms was down year-on-year, while CME posted only a marginal increase in comparison to September 2015.
Fluent Trade Technologies (Fluent) is now supporting the EBS Live Ultra spot FX data feed and is actively connecting EBSBrokerTec clients to the new service.
“This is a potential game changer for the way the FX market consumes live data, but firms need to be prepared.
“Our focus will be on simplifying connectivity to this important market data feed for our clients, so they can focus on their trading strategies to take advantage of the opportunity EBS Live Ultra presents,” says David Faulkner, head of business development at Fluent.
CME, EBS and FXSpotStream have all released October volume data, and, as was the case with the first group to report, the news is very mixed.
EBS says FX volume averaged $83.8 billion in October, 3% higher than September’s $81.7 billion and a fraction higher than October 2015’s $83.1 billion.
Meanwhile the outlook was gloomier at CME Group where the Merc reported average daily turnover of 771,000 contracts in FX products, 5% higher than October 2015 but down 20.4% on September’s data. Profit & Loss estimates ADV at CME in FX products to be $88 billion in notional value across futures and options on futures.
It was a different picture at FXSpotStream, however, where the platform registered $17.1 billion ADV, up 24.5% from October 2015 and also up 10.3% month-on month.
Last week’s Icap results saw a sell of in the share price due to the under-performance of the Nex Group. Normally I wouldn't bother myself with share price movements (and I won't now to any degree) but any move that reflects market expectations for the Nex Group is interesting, not least because it could inform the price of any potential takeover bid. Nex is, in many ways, a proxy for the OTC industry so is it right that stock markets seem bearish (for this five minutes at least) over FX and OTC markets?
Market sources tell Profit & Loss that Simon Winn has left EBS Brokertec where he was head of sales for Asia-Pacific.
The sources add that Laurence Timmons, who recently relocated from London, where he was global head of fund sales, to Hong Kong, will be assuming the role.
Winn joined EBS in August 2014 from rival platform 360T, having spent two years there after a three year stint at Commerzbank. Prior to Commerz, Winn worked at Integral and before that he worked for 11 years at Societe Generale.
The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.
Following the release of the first set of volume data from three platforms at the start of the week, a new set from three providers reinforces the impression that December was a decent month for those responsible for providing trading venues.
The newly-branded Nex Group says average daily volume (ADV) on its EBS platform was $89.6 billion in December, while CME Group handled 892,000 FX contracts (around $92 billion) and FXSpotStream reported a daily average of $18.4 billion on a 21 trading day basis.
The second group of FX platforms to report average daily volume (ADV) for January has generally matched the month-on-month increase reported elsewhere but has suffered a year-on-year drop.