February 4, 2014 / 2:41 PM / 4 years ago

EBS starts precious metals trading on its EBS Direct platform

LONDON, Feb 4 (Reuters) - 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 statement.

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

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