The competitors in the Forex ECN business will jointly provide FX rate fixings in major currencies.
In what seems like a move meant to fend off upstart bank-backed competitors such as ParFX and FastMatch, Thomson Reuters and ICAP’s EBS unit have announced that they will jointly release 30-minute FX rate fixings. Currently, Thomson Reuters and EBS each separately report FX fixed rates, every 30 minutes.
Thomson Reuters and EBS claim that the new blended 30-minute fixing, which brings together liquidity from both platforms, will provide the most accurate picture of live-traded prices, increasing transparency in the FX market.
For the complete press release on this Thomson Reuters and EBS cooperation click here.
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