EBS BrokerTec, the electronic Forex and fixed income business of ICAP plc (LON:IAP), announces today the launch of 12 new daily WMR fixes through the eFix Matching solution, which has enjoyed exponential growth recently, with January 29th, 2016 setting a record for matching.
The initial 12 WMR hourly fixes to be added will be 7:00, 09:00, 10:00, 11:00 12:00, 13:00, 14:00, 15:00, 17:00, 19:00, 21:00, 22:00 (all London local time). This comes on top to the existing WMR 16:00 fix already available via EBS BrokerTec.
The new fixes were rolled out in response to customer demand, as the focus on electronic execution of fixings gets increased in the current regulatory environment.
Since the start of its operations in May 2014, EBS BrokerTec’s eFix Matching solution has enjoyed exponential growth. January 2016 was the second highest average daily volume (ADV) month since launch with volumes increasing 200% compared with January 2015. The highest single day of matching took place on January 29, 2016 with $6.5 billion transacted through eFix.
Gil Mandelzis, CEO of EBS BrokerTec, says,
“Customers are increasingly looking for a central solution for fix execution which helps them achieve optimal efficiency and improved risk management. We are seeing significant growth in volumes and are pleased that eFix Matching is sitting firmly at the centre of FX market development. We thank our customers for their continued feedback and support and look forward to offering a wider array of daily fixes.”
Tony Botting, Global Head of Linear FX Trading at Credit Agricole Corporate & Investment Bank, says,
“We welcome EBS BrokerTec’s increased eFix execution solutions. Execution efficiency, with minimal risk, at the fix is an important part of our business that requires significant effort and focus. The improved efficiency and liquidity by being able to do this electronically via EBS BrokerTec will have a marked impact on the way in which we execute trades of this sort for our customers.”