London, New York, 28 September 2016 - EBS BrokerTec, ICAP's market-leading electronic foreign exchange (FX) and fixed income business, announces today that it has gone live with EBS Live Ultra, its fastest FX data product to date. EBS Live Ultra has two data interval rates: 100 milliseconds, the same as the current EBS Live service but with lower latency, and a 20 milliseconds service, five times faster than the EBS Live data product.
A direct response to EBS customers' desire for ever-improving data provision, EBS Live Ultra delivers data to the spot FX market in real time. A low latency service, it will significantly improve price discovery, enhance the lit FX market and increase market transparency, efficiency and liquidity. EBS Live Ultra will support the maintenance of a continuous order book and is likely to reduce reliance on market practices such as Last Look, as there will be less need to review client execution.
EBS Live Ultra is available at no additional cost over the existing EBS Live service. However, to support positive market behaviour and encourage all market participants to contribute to improved data for the overall market, customers who wish to receive EBS Live Ultra will need to satisfy certain participation criteria to access EBS Live Ultra at its fastest publication interval*.
Tim Cartledge, Chief Strategy Officer for EBS BrokerTec, said: 'EBS Live Ultra ensures transparent price discovery and increased liquidity which is essential to a healthy FX market ecosystem. We believe sophisticated consumers of data should have an obligation to help create that data and keep the market working. Our participation criteria ensures that access to market-leading data comes with market positive behaviour rather than as a result of deep pockets.'
EBS Live Ultra responds to customers' desire for ever-improving data provision in order to improve market transparency and efficiency. Improved pricing through EBS Live Ultra is also likely to lead to less reliance on market practices such as Last Look.
EBS Live Ultra data is derived from EBS Market, EBS BrokerTec's central limit order book. Customers wishing to use the service, and meeting the requirements, will have minimal additional technology requirements, helping to ensure fast roll out of the service.
Liam Hudson, Global Head of FX eCommerce, Bank of America Merrill Lynch, said: 'We welcome efforts by the market to increase the availability of data. The EBS Live Ultra service will improve price discovery for its users, and in turn, the ability to price client trades.'
Alex Gerko, Co-CEO, XTX Markets, said: 'Streaming market data increases transparency and benefits all market participants, even those who are not using it directly. EBS Live Ultra will have a positive impact on the overall market ecology both on the platform itself and in the broader spot FX market.''
*Participation criteria for access to EBS Live Ultra at its fastest publication interval (currently 20ms):
EBS Market customers must:
1.Deal as a price maker at least $200 million per day
2.Deal as a price maker for at least 40% of their weekly traded volume