EBS launches Aussie and Canadian trading packages

The move follows a similar programme for sterling launched last July designed to attract dealers away from rival Reuters (FX Week, July 7, 2003).

In the past, EBS has played a limited role in Australian dollar trading activity, said the firm, but now aims to widen coverage on its spot platform, which has traditionally been used for US dollar, euro and yen.

Roger Rutherford, regional sales manager at EBS in London, said the sterling programme resulted in a 300% increase in counterparties trading the currency in the first month. "We are anticipating strong increases in the number of Australian dollar and Canadian dollar trading counterparties as a result of our commercial launch," he said. The firm expects to make "strong headway" this year towards achieving its aim of credibility in all currency pairs, he added.

EBS Spot now offers Aussie and Canadian dollar traders single-screen access to all the major currencies and liquidity in about 38 countries covered on the system. Traders can choose their favourite currency pairs and have up to six on one page.

The package also includes special brokerage rates for all Aussie and Canadian dollar traders on EBS Spot, which is applicable to both large and small banks, said Rutherford. "They have the opportunity of free brokerage on Canadian dollar and Australian dollar trades at specific times of the day, in each market," he said.

To coincide with the launch, EBS also added a new 'Linked Amounts' feature to the EBS Spot platform on May 31, enabling users to submit a one-way or two-way price with linked amounts through a single request panel. The feature is designed to aid the management of deal sizes and to overcome liquidity issues, something traders have highlighted as particularly important for Australian and Canadian dollar trading, said Rutherford.

As part of the drive, Australian and Canadian dollar news and insights have now been added to EBS's online forum, Club House, which was launched for sterling last year. More than 350 Australian and Canadian traders are already live on the forum, said Rutherford, adding to 500 sterling traders signed up as Club House members, 80% of whom also trade Aussie and Canada.