LONDON Feb 4 EBS, ICAP's electronic foreign
exchange business, has launched precious metals trading on its
EBS Direct platform, the markets operator said on Tuesday.
London-based ICAP operates a number of electronic
platforms in a range of asset classes and instruments, as well
as acting as an interdealer-broker, matching buyers and sellers
of currencies, swaps and bonds.
EBS's users can now trade gold, silver,
platinum and palladium against the U.S. dollar and
the euro on EBS Direct, in addition to spot forex, it said in a
Hugh Whelan, director of liquidity management at EBS Direct,
said the move into trading precious metals was a "natural
extension" of its forex trading business.
Societe Generale has completed initial trades on the
platform as a liquidity provider, EBS added.
EBS, once the largest currency venue for major global banks,
has seen volumes drop sharply in recent years as major Wall
Street banks have increasingly handled trading in-house.
It launched its direct-dealing platform EBS Direct last
year, aimed at smaller and regional banks.
(Reporting by Jan Harvey; editing by Keiron Henderson)