EBS BrokerTec, a provider of electronic foreign exchange and fixed income trading platforms, is adding the money market fund platform MyTreasury to its product portfolio as part of the company’s multi-product expansion strategy.
EBS BrokerTec and MyTreasury are owned by interdealer broker ICAP.
In addition, EBS BrokerTec will be including an FX offering with MyTreasury, which will be available later this year and will be branded “EBS Treasury,” say ICAP officials.
Officials add that the FX offering for corporates, which is subject to regulatory approval, will be in beta testing, beginning later this summer. “Eight banks and 10 corporates have signed up to participate in the beta launch,” according to the press release. “EBS Treasury will support FX spot, forwards and swaps, leveraging FX pricing from EBS Direct —EBS BrokerTec’s disclosed bilateral FX trading platform. Trades will be executed via a streamed request for quote (RFQ) model, a new addition to EBS Direct’s execution functionality, which will allow banks to stream tailored prices to corporates.”
The EBS Treasury offering is intended to lead to greater efficiency for corporates that currently source FX liquidity and money market fund products from multiple providers, officials say. EBS Treasury can integrate with incumbent treasury management systems.
The addition of the existing MyTreasury business into EBS BrokerTec, coupled with the integration of FX, is “another key milestone in EBS BrokerTec’s expansion, increasing its product offering to include money market funds and expanding its customer base into the corporate community for the first time,” say ICAP officials. “EBS BrokerTec will benefit from MyTreasury’s infrastructure, distribution channels and community of more than 300 corporate organizations already actively trading on it.”
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