Russian and South African banks join EBS Direct 09 July 2015London Reporter: Stephanie Palmer
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EBS Direct has added Metallinvest and Standard Bank as liquidity providers for EBS BrokerTec, ICAP’s electronic foreign exchange and fixed-income business.
Metallinvest will be the first Russian liquidity provider and Standard Bank will be the first South African provider, bringing the total number of providers to 24, and expanding the portfolio to include local market providers for the first time.
EBS Direct liquidity providers can now offer their customers access to a liquidity pool including both major and emerging market currencies, increasing liquidity and improving pricing and increasing certainty of execution in these instruments.
The service offers 86 currency pairs including spot foreign exchange, non-deliverable forwards and precious metals. It has seen a steep increase in daily volumes in the last year, from about $5 billion in April 2014 to $17 billion in May 2015.
Jeff Ward, global head of EBS Direct, said: "The addition of Metallinvestbank and Standard Bank help to expand and reinforce EBS Direct's position in emerging market currencies and we look forward to working with them to provide greater pricing options for our customers.”
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