Volumes surge on EBS eFix Matching

EBS eFix Matching has seen a 160% uptick in average daily volumes in the year since its launch, with about a quarter of the benchmark flows going through it now being traded via an application program interface, compared with zero automation at the start.

The platform has seen greater diversification in the currency pairs traded, with the share of EUR/USD declining from 76% at launch to 46% in May this year, as pairs such as AUD/USD and GBP/USD continue to increase market share.

"With over 150 unique active participants, there has been an ecology shift in recent months towards earlier order submission to take advantage of the first-in, first-out eFix policy. This clears the risk pre-calculation window, resulting in increased fill ratios and an improved trader experience," the company said in a press release.

The eFix Matching platform was relaunched in May 2014, as a collaboration between EBS and Icap's global broking division, in response to the regulatory scrutiny surrounding currency benchmarks and the way fix orders had been executed in the past.

"We're pleased with the development of eFix Matching, which is the first electronic and voice venture within the Icap group," says David Casterton, chief executive, global broking at Icap.

Together with EBS, we have successfully brought together our respective customers to execute on the platform, which is at the forefront of Fix innovation

"Our voice brokers play a major role in building liquidity and momentum. Together with EBS, we have successfully brought together our respective customers to execute on the platform, which is at the forefront of Fix innovation," he adds.