ICAP (IAP.L), an interdealer broker, announced an exclusive market data partnership for retail FX between ICAP Electronic Broking, operator of the EBS platform for spot foreign exchange, and City Index, a provider of leveraged retail equity and FX products. City Index is the owner of FX Solutions, a retail FX provider.
This new partnership will allow FX Solutions to integrate data from EBS, the leading interbank FX platform, to support its pricing engines.
“This will give retail clients confidence in the integrity of FX Solutions prices, which is a major factor when dealing in off-exchange products,” says Tom Plaut of FX Solutions. “The EBS platform is where prices originate in the major currency pairs, and we are proud that ICAP has selected FX Solutions as its exclusive retail FX market data partner.”
Neither FX Solutions nor its clients will have access to transact on the EBS platform.
In addition to the market data partnership, FX Solutions will also leverage ICAP Electronic Broking’s global sales infrastructure to assist in promoting FX Solutions’ turnkey retail white-labelling platform to wholesale market participants. FX Solutions’ white labelled platform provides the wholesale market with a business solution for accessing the retail FX community.
“Partnering with City Index in leveraged equity products has been a good decision for many of Europe’s leading retail brokers,” says Clive Cooke, CEO of City Index. “We hope that this latest development will attract banks that are now recognising the opportunity offered by retail FX.”
“EBS is the leading source of price data in the spot FX markets and as such we believe that our market data partnership with City Index will greatly support the development of the retail FX market,” says David Rutter, deputy CEO of ICAP Electronic Broking.