ICAP plc (IAP.L), the interdealer broker and operator of the spot FX trading platform EBS, announced that BNP Paribas has joined as a new EBS FX Prime Bank. This is the first time BNP Paribas has been active in the FX market as a Prime Bank.
EBS Prime extends the ability to trade in the core spot FX market to other bank and non-bank professional traders, including hedge funds, through a prime brokerage relationship. An EBS Prime Bank offers customers the ability to view and trade on the prices available to the worlds leading FX banks, giving gives access to tighter prices and greater depth of liquidity. This helps customers increase their trading activity and facilitates improved revenue opportunities.
The number of customers trading through EBS Prime continues to increase as new participants, particularly algorithmic traders, join the market. The total number of active EBS Prime customers has risen to over 300 floors.
We welcome BNP Paribas as a new EBS Prime Bank, says David Faulkner, global prime manager, ICAP Electronic Broking. The recent increase in EBS Prime Banks further underscores the value added by the EBS Prime Bank model to the market and our customers.
Joining EBS as a Prime Bank is an important part of BNP Paribas strategy to build out our prime brokerage offering, says Nathaniel Litwak, head of marketing for FX Prime Brokerage at BNP Paribas. Our ambition is to become a top 5 FX house globally and our Prime Brokerage business is a vital part of realizing that ambition. Our current strength and potential for future growth in FX prime brokerage stems from factors including our strong balance sheet and a credit rating that makes us a particularly desirable counterparty.
D.C.