Trading platform EBS appoints new head of e-commerce
LONDON May 19 (Reuters) - Currency trading platform EBS has appointed former Thomson Reuters executive Paul Allmark as head of global e-commerce, an important role in a market struggling with falling volumes and a row over alleged manipulation of benchmarks.
With banks saying they now do as much as 90 percent of foreign exchange trading by machine, "e-commerce" bosses who tend to oversee such interfaces with clients are increasingly becoming major players in the structure of the industry.
ICAP-owned EBS, the major venue for trade by banks and other major institutions in dollars, yen, euros and Swiss francs, has seen volumes in its core currency trading business collapse this year.
It is also one of the many industry firms examining different technical solutions in response to a row over manipulation of market benchmarks.