Royal Bank of Canada will become the first Canadian liquidity provider (LP) on the EBS Direct currency platform making markets in commonwealth currencies.
With the addition of RBC, the total number of LPs on EBS Direct hits 19. By adding more liquidity providers, EBS Direct can offer traders greater liquidity, better pricing and higher certainty of execution in these instruments.
Commonwealth currencies are now amongst the most actively traded currency pairs on EBS Direct, the FX trader said. Furthermore, the number of active liquidity consumers trading Commonwealth currencies has more than doubled year-on-year. RBC as an LP will further bolster this growth and give customers access to a leading liquidity provider in both major and emerging market currencies.
“As the first Canadian Bank to become an LP, RBC brings tremendous value to the platform, increasing our footprint in major and emerging market currencies and supporting EBS growth,” said Jeff Ward, global head of EBS Direct.
EBS plans to upgrade the Direct venue with new technology this year as it plans to bring on 100 new customer, both of which will help increase liquidity and best execution.