EBS Direct may cannibalise EBS Market, says Spencer

Innovation is the way forward, he says

Michael Spencer, group chief executive, Icap

Relationship-trading platform EBS Direct may cannibalise Icap's long-standing central-limit order-book venue, EBS Market, but it will also help protect the broker from becoming "toast", said Icap chief executive Michael Spencer on a quarterly management call.

"It's a fair question, but we don't think it will. Even if it does cannibalise business on EBS Market, we had to do it because someone else would have created a platform like Direct otherwise. I firmly believe in innovation and if you don't

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