ICAP has taken two of its units and integrated then to form a new unified electronic FIX service for foreign exchange.
The two units, ICAP’s EBS electronic trading group and its Global Broking group, its voice broking division, have launched eFix Matching, an electronic FX FIX service.
Similar to the equities market which has seen large brokers offer a combination of high- and low-touch trading services (aka one-touch), the FX broker is now looking to streamline operations and give more flexibility to its institutional clients. With this new service, ICAP voice brokers will leverage EBS technology to identify FIX interest and facilitate FIX matching.
eFix Matching will utilize ICAP’s global network and customer relationships as well as EBS’s technology and distribution to create an electronic central pool of fix liquidity delivering improved matching capabilities for the most frequently used daily Fixes.
eFix Matching will be available in the coming weeks on the EBS Workstation and through EBS Ai.
eFix Matching includes:
– Increased Fix order execution opportunities through the combination of the high- and low-touch desks
– Fully electronic, auditable Fix order execution
– First In First Out (FIFO) matching logic
– Immediate notification of execution and position management
– Ticket processing options designed to satisfy compliance requirements
– Cost effective access to an anonymous, central pool of Fix liquidity
