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Spot FX

Every day thousands of professional traders across the globe use the EBS Market and EBS Direct platforms to transact billions in spot FX trading volumes anonymously.

EBS Market, our anonymous central limit order book, has proven to be extremely resilient and effective during periods of market stress and volatility. EBS Direct offers bilateral disclosed liquidity, with opportunities for new relationships, added value and growth.

Spot FX is tradable via the EBS Workstation, the EBS Ai API (also available via EBS Internet Ai) and the EBS Global Access browser-based trading application.

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In addition to standard order types (Bid/Offer, Buy/Sell) EBS provides the following advanced order types on EBS Market:

EBS Iceberg Orders

EBS Iceberg orders allow traders to minimise their market impact by displaying only a portion of their overall order. They comprise a shown amount and a hidden amount, and are matched based on ‘shown price, time’ priority.

The EBS Size Randomization and Time Randomization algorithms offer the trader additional flexibility and protection when executing large orders algorithmically. Size Randomization minimises the market impact of an Iceberg order, while Time Randomization minimises the visibility of order replenishment.

EBS Iceberg orders also sit at the matching engine, eliminating any potential latency involved in order replenishment associated to in-house or third-party aggregators.

EBS Iceberg orders are available for most spot FX, precious metals and NDF pairs on EBS Market via the EBS Workstation, EBS Global Access and EBS Ai.

eFix Matching

EBS has partnered with ICAP’s Global Broking voice broking business to offer eFix Matching, an electronic FX fix service. This innovative approach to fix execution leverages ICAP’s extensive global voice broking relationships, and EBS’s technology and distribution to deliver improved global matching opportunities on EBS Market for the most liquid daily fixes. The service also fulfils a market need for increased transparency and auditability around fix execution.

Available on the EBS Workstation, EBS Global Access and EBS Ai, eFix Matching operates an anonymous central pool of fix liquidity that is fully auditable and based upon time priority matching logic. It provides immediate notification of execution and position management, and offers ticket processing options designed to satisfy compliance requirements.

Pip Discretion

Pip Discretion provides traders with the ability to execute larger amounts with less impact on the market, by allowing them to algorithmically manage an order as both a Maker and a hidden Taker, without risk of a double-fill. This functionality rewards traders who close prices and are first to put Bids/Offers in the market.

Traders define a pip range for how far they are willing to aggress should offsetting interest be entered into the order book.

The passive order (price and size) is shown to the market but the hidden aggress terms of the order are known only to the EBS matching engine and are not visible in market data.

Loop Orders

Loop Orders are a pair of corresponding passive orders where the entry leg is active and the second leg (take profit leg) is dormant. When the desired price is reached for the active order, it is executed, the dormant order becomes active and a new order is created in a dormant state. The order will be done when all loops have been completed or interrupted.

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Benefits

  • Exceptional liquidity and depth for all major currencies and precious metals
  • Access to global counterparties and an orderly market
  • Increased certainty of trade
  • Orderly, efficient and fair access to prices for all participants
  • Anonymous trading opportunities via EBS Market; relationship-based disclosed liquidity via EBS Direct
  • Market insight into true prices
  • Increased efficiency and improved risk management
  • Effective straight through processing (STP) solutions
  • Security of a proprietary network
  • Support for CLS pairs
  • Risk - Technology Rankings 2009 & 2010
  • Winner-FX-Week - Best Banks Awards 2003-2012
  • Profit - Digital Markets Awards
  • Winner-e-FX Awards 2008, 2009 & 2011; FX-Week

© 2017 EBS Service Company Limited, a NEX Group business