EBS BrokerTec Markets

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EBS BrokerTec Markets
EBS Brokertec.jpg
Founded 1999
Headquarters New York
Key People Seth Johnson, CEO; Dan Cleaves, Darryl Hooker,
Products Trading platform for fixed income and FX markets
Website www.icap.com

EBS BrokerTec Markets is NEX Group's (formerly ICAP's) electronic foreign exchange (FX) and fixed income business which serves customers from more than 50 countries.

The BrokerTec platform facilitates electronically traded US and European fixed income contracts including US Treasuries, European Government Bonds and European Repo. EBS is one of the largest FX markets for spot FX, non-deliverable forwards and precious metals.[1]

History

EBS was founded in 1990 by a 13-member bank consortium that included currency dealers UBS, Citigroup, HSBC and JP Morgan Chase. It was sold to ICAP in 2006, in a deal valued as high as $825 million.[2]

ICAP acquired BrokerTec, a fixed income electronic trading platform, in May 2003, and in 2014 combined it with EBS, its FX trading platform, to form EBS BrokerTec Markets.[3] The BrokerTec CLOB business was called BrokerTec Market. In August 2015 Dan Cleaves and Darryl Hooker were appointed to co-head EBS BrokerTec Markets.[4]

The original founders of BrokerTec were seven of the world’s eight biggest fixed-income dealers: Citigroup, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley. BrokerTec launched its commercial operations in June 2000 and over the years it expanded its product base to offer trading in more than 20 fixed income products, both cash and repo.

In May 2003, BrokerTec was acquired by ICAP Plc. In September 2003, BrokerTec and ICAP launched the first of its combined voice and electronic liquidity pools offering comprehensive fixed income interdealer brokerage.[5]

In January of 2017, BrokerTec Europe agreed to acquire a controlling majority stake in e-MID SIM SpA “e-MID”, the first Italian electronic central limit order book platform for interbank deposits and overnight indexed swaps.[6]

Surviellance

NEX Group chose Nasdaq's Smarts market surveillance technology to provide the technology to monitor its FX and fixed income trading venue EBS BrokerTec for fraud and market abuse.[7]

Products and Services

EBS

  • EBS Market, a platform for anonymous trading of spot FX, non-deliverable forwards, and precious metals.
  • EBS Direct, a platform for liquidity providers to stream tailored prices directly to customers with which they have pre-established relationships.

BrokerTec

Anonymous electronic matching platform for the fixed income markets, including:

  • US Treasuries
  • US Repo
  • European Government Bonds
  • European Repo

BrokerTec facilitates both API and manual trading for institutions, banks and non-bank professional trading organizations.[8]

Key People

References

  1. EBS at a glance. NEX.
  2. ICAP Agrees to Buy Electronic Currency Broker EBS. Bloomberg.
  3. ICAP to combine EBS and BrokerTec business. ICAP.
  4. TRADERS ON THE MOVE: EBS Forms Exec Team, RJO Hires FX Head. Traders Magazine.
  5. Our History. BrokerTec.
  6. BrokerTec Europe to acquire e-MID SIM SpA. Finextra.
  7. Nasdaq to help NEX spot fraud and market abuse. Financial News.
  8. BrokerTec Market. BrokerTec.