EBS BrokerTec, the electronic Forex and fixed income business of ICAP plc (LON:IAP), announced today that it has licensed software from trading technology company FX Bridge Technologies Corp. The software will enable EBS BrokerTec to develop a relationship-based FX options solution.
As part of the agreement, Stephen Best, ex-CEO of FX Bridge’s subsidiary, FX Bridge Institutional Services, has joined EBS BrokerTec as Head of FX Options, EBS Direct. He will be based in New York. Prior to FX Bridge, he held senior roles at State Street, JP Morgan, and Bank One.
Gil Mandelzis, CEO EBS BrokerTec, said: “Adding FX Options to our portfolio completes our OTC FX product coverage. Three years ago we covered mostly three currency pairs in the FX Spot world, and now the company has grown to cover spot, NDFs, forwards and swaps, and FX options. We are pleased that Stephen has agreed to join EBS BrokerTec and lead this effort. His experience and knowledge will be exceptionally valuable to the management and implementation of this strategic initiative.”
Stephen Best, Head of FX Options, EBS Direct, said:
EBS BrokerTec has built a remarkably successful relationship-based business in EBS Direct over a very short period of time, leveraging its extensive network and strong reputation. The launch of FX options is an exciting and natural expansion of its offering. FX Bridge’s state of the art technology will empower our customers to access FX options through EBS Direct and I am excited to work with the team to bring these capabilities to the market.
Joseph Cunningham, Executive Chairman FX Bridge added: “This alliance allows EBS BrokerTec to serve their customers with the best-in-class offering in FX Options.”
To view the official press release by ICAP, click here.