EBS, ICAP’s electronic FX platform, is making system and policy changes following consultation with its customers on both the buy and the sell side.

The changes, which follow the publication of EBS’s new dealing rules on 10 July, are designed to strengthen the resilience and improve the trading environment in the FX market.

The key updates are:

• Price granularity: moving to half pips and full pips in a selection of core pairs

• Revised quote and hit fill ratio targets to be set on a pair by pair basis

• New approach for enforcement of fill ratio policies, including cancellation of financial surcharges for non-compliance

• New quoting guidelines for Asia trading hours

Over a three-month period EBS worked collaboratively with its community, seeking views and feedback on how to enhance the system and so create a more balanced, liquidity enhancing environment. EBS engaged in detailed consultation with both the buy side and the sell side in order to identify changes that will strengthen the robustness of EBS and the overall FX market.

The changes will be implemented on 17 September 2012.  

Bob de Groot, global head of spot trading at BNP Paribas, says: “EBS has a long history at the centre of the FX market and has established strong relationships with its customers. The changes now being implemented will further strengthen trust and confidence in the platform.”

Gil Mandelzis (pictured), chief executive officer of EBS, says: “EBS has a unique role at the heart of the foreign exchange market and we recognise how important it is to respond to its changing dynamics. We are very grateful for the support we have received throughout this process from all major sell and buy side participants and the entire EBS community in order to strengthen EBS’s robustness, resilience and leadership in the market. While today marks an important milestone for us, it is part of an overall plan of continuous improvement, innovation, thought leadership and very close collaboration with our community which will continue as we design further enhancements.”