EBS BrokerTec is continuing its push into the foreign exchange market by adding new software and a leading industry executive to its ranks.
ICAP’s market-leading electronic foreign exchange (FX) and fixed income business, EBS BrokerTec, is now licensing trading software from derivatives trading technology company, FX Bridge Technologies Corp. The software will allow EBS BrokerTec to develop a relationship-based FX options solution for the professional trading community.
As part of the licensing deal, Stephen Best, former CEO of FX Bridge’s subsidiary, FX Bridge Institutional Services, has joined EBS BrokerTec as Head of FX Options, EBS Direct, and will be based in the New York office. Prior to his role at FX Bridge he held senior roles at State Street, JP Morgan, and Bank One.
According to a release, the combination of FX Bridge’s technology and EBS BrokerTec’s unparalleled network and infrastructure will ensure a robust and competitive FX options offering and completes the company’s suite of OTC FX products which already includes spot, forwards, swaps and NDFs.
“Adding FX Options to our portfolio completes our OTC FX product coverage,” said Gil Mandelzis, chief executive at EBS BrokerTec. “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.”